The introduction of innovative and cost-effective
townhouses in Tulliallan estate pays off, winning
HIA Victorian Affordable Housing Award 2018
Despite the rate of price growth in Melbourne’s greenfield market continuing to moderate over the last six months, for many first home buyers, house and land packages have become increasingly unaffordable.
RPM buyer analysis reveals the average household income in Melbourne’s new estates is $80,000, and, with tighter lending conditions, many would-be purchasers are unable to buy a detached home on a 400 square metre block for approximately $550,000.
In most new estates in Melbourne’s growth corridors, the emergence of medium density product such as townhouses is changing the development landscape.
Increasingly developers are introducing innovative, attractive townhomes into their product mix to cater to price-sensitive buyers priced out detached housing options but still want a product configuration comprising three bedrooms, two bathrooms and car accommodation, albeit on a smaller block.
The evolution of medium density product in the greenfields is a growing market trend that buyers are embracing. In fact, 2016 Census data revealed a 117% increase in semi-detached, terrace or townhouse product in the growth corridors in the last five years. RPM estimates there is approximately 10% of medium density housing throughout greenfield estates in the growth corridors, which will continue to rise.
Such is the confidence of developers in the growth of this type of housing stock, estates are now featuring townhouse display homes. RPM worked with Sienna Homes to build and open a 4 bedroom townhouse as a display at the Tulliallan estate so buyers were able to experience the quality and feel of the townhouse product.
The Tulliallan masterplan included 969 lots plus 81 townhouses in the sold out estate. Five medium density sites included a mix of townhouse product with 3 and 4 bedroom doubles and singles. Built by Homebuyers Centre and Sienna Homes, the townhouses maximised space and light offering practical and versatile floorplans.
The Tulliallan townhouses have earned Sienna Homes the HIA Victorian Affordable Housing Award 2018, recognising a home or housing development that demonstrates innovation in the design and construction of the home, which assists in delivering an affordable product.
Sienna Homes’ townhouse display home in Tulliallan estate exemplifies the quality workmanship, design efficiency, visual appeal, environmental efficiency, innovation and cost effective delivery of an affordable home, while meeting government requirements.
The townhome exceeded the judging criteria due to its 6-star energy certificate, innovative use of space, affordable development and professionalism, boding well for the future townhouse products in Tulliallan estate.
A well-designed, well-priced master plan with product diversity also drives higher rates per square metre and allows developers to cater to a broader mix of buyers, which is critical to maintaining sales velocity.