APARTMENTS with high amenity in Melbourne’s inner west are gaining the attention of homeowners in the outer suburbs, according to developer Growland.
The company’s chief executive, Ronald Chan, said phase one of Victoria Square, its six-tower $600 million masterplanned precinct in Footscray, had significant interest from Caroline Springs, Sunshine and St Albans, with homeowners looking to upgrade their properties and move into Melbourne’s inner ring.

“We are finding our buyers are looking for residences to support their idea of modern living — beautiful apartments surrounded by extensive food, entertainment and retail options that are only a short journey from the CBD,” Mr Chan said.

“Interestingly, we are seeing a substantial number of buyers trade their suburban home that might be 25km from the CBD for one of Victoria Square’s inner-ring apartments, such is the strength of these lifestyle drawcards.

“This reaffirms to us that buyer sentiment is changing rapidly.

“Five years ago, the overwhelming majority of buyers were keen to settle down into a family home and traded location for a big backyard.

“Now we’re seeing depth in the market, while this dream still exists, a strong segment of the market is recognising the inherent value in an inner-city apartment thanks to the incredible lifestyle convenience and amenity it can offer.”

Traditionally recognised as a working class suburb, Footscray was in the midst of change, with savvy buyers recognising the value the suburb offered, Mr Chan said.
CoreLogic data shows the median house price has grown 50.9 per cent to $800,000 and the median unit price has grown 26 per cent to $400,650 in the past five years.

Phase one of Victoria Square, the new six-tower $600 million masterplanned precinct in Footscray, will launch to public on the weekend with 70 per cent of apartments already sold.

Playing a pivotal role in Footscray’s rejuvenation, Victoria Square by Australian-based developer Growland has been popular with first home owners, upgraders and savvy investors due to its high quality architectural offering, affordable price points, and the exponential interest in Footscray’s property market.

Once a paragon of Melbourne’s working class, Footscray is undergoing significant gentrification that will see its value increase drastically in the coming years.

Evidence of the area’s growing appeal came from Core Logic data, which showed house prices in the area have grown by 8.82 per cent in the last 12 months, and apartment prices by 9.52 per cent in the same period.

Research think-tank Urbis reported that Footscray’s median apartment price experienced the highest annual price growth compared to other suburbs in the same radius from Melbourne’s CBD.

Growland CEO Ronald Chan, says Footscray’s strong potential is finally coming to light, and savvy buyers are recognising the opportunity the suburb presents.

“Buyers today are astute. They know that as Melbourne prices continue to grow, buying in a relatively affordable suburb like Footscray, where there are significant drivers for growth, is a wise investment option,” Mr Chan said.

‘It’s an inner-ring suburb that is seeing billions of dollars of private and government investment, so there’s no doubt it will flourish in the years to come.”

As a cultural hotspot in Melbourne’s West, the suburb of Footscray is eclectic and vibrant. What was once an industrial area, thanks to its recent regeneration Footscray is fast joining the ranks of suburbs like Fitzroy and Collingwood with an emerging reputation as alternative, artsy, and downright cool.

Footscray’s diverse community and its rich migrant history contributes to the area’s upbeat community spirit and provides the basis for Footscray’s unique dining scene. In addition to a range of ‘Insta-worthy’ cafés, the local eateries offer various international options, ranging from authentic Vietnamese fare, modern American barbeque and traditional Ethiopian feasts. The ingredients are most likely sourced from Footscray’s large, fresh food markets known for their affordable produce and exotic items – think lotus flowers and cassava roots. Plans are currently in the works for The Little Saigon Market to undergo a $5.4 million redevelopment following the fire that closed the local institution in 2016.

Apart from offering some of the best pho in Melbourne, Footscray is home to the flagship 8-bit burger outlet that serves up juicy, brioche bun burgers to lines of devout customers. Yet, Footscray’s old-school appeal still prevails through long-standing establishments such as T. Cavallaro & Sons’ pasticceria. Opening in 1956, the family business has cultivated a reputation for their traditional Sicilian cannoli – a perfectly flaking pastry that is filled with rich ricotta or chocolate custard and finished with a light dusting of icing sugar. The rich tapestry of cuisines makes Footscray an epicurean delight and Melbourne’s ultimate food destination.

Deemed ‘The Festival City’, Footscray annually hosts the St. Jerome’s Laneway Festival, which sprawls across the banks of the Maribyrnong River and features world-class music artists. Melbournians flock from all corners of the city for the chance to see artists like Flume, Lorde, and Tame Impala, while revelling in the underground arts scene. To meet the increasing demand for cultural pursuits, a new Sun Theatre venue is set to open in 2019 on Albert Street. Art house and local films will be screened alongside Hollywood blockbusters in the 8-screen complex. Before the new cinema opens, pop-up rooftop sessions will run throughout the warmer months.

Ideally positioned within the metropolitan inner-ring, Footscray’s proximity to the CBD is proving to be attractive to young professionals and families who seek convenience without the intense bustle of city living. The transport network serves locals well – the Footscray Train Station underwent a significant upgrade in 2014 and has become a major transport link to Regional Victoria. Southern Cross Station in Melbourne’s CBD is now only a nine-minute journey via the train line. Footscray’s liveability and accessibility will only improve with time as it transforms into a progressive, urban hub.

City planners are cognisant of the growing appeal of Footscray and aim to match the influx of residents with improved amenity and architecturally impressive developments. Yet, Footscray remains relatively affordable as it undergoes a dynamic regeneration process. The streetscape is balanced against one of the last remaining examples of a true Edwardian-style garden – Footscray Park spans over 15 hectares with valley views offering a refreshing combination of urban and rural vistas, a lifestyle affordance that is rare with metro living.

Want to find out more? Visit http://www.vic-sq.com.au

Near on a year after being submitted, Footscray’s last major development within the Joseph Road Precinct is all but reality.

Last week it was recommended by internal planners that Maribyrnong Council’s City Development Special Committee issue a Notice of Decision to Grant a Permit for the multi-towered development which accounts for the last ‘super site’ within the 17 hectare renewal area. 2 Neilson Place is the final piece of the puzzle within the vast formerly light industrial land holding which constitutes the Joseph Road Precinct.

Over recent years six separate scheme within the precinct have gained approval, amounting to some 3,300 new apartments.

Carrying a cost of development of $180 million, 2 Neilson Place is positioned to add another 500 plus apartments to Joseph Road Precinct. Of these, 5% are to be allocated as affordable housing.

Set across 6,323 square metres, 2 Neilson Place also adds 620 square metres of retail floor space, 3,418 square metres of office space and capacity for a childcare centre. A variety of amenities are anchored by podium and tooftop open spaces.

Well beyond the preferred maximum building height of 12 storeys, “consideration has been given to reducing the heights, however any reduction in height would not make any significant difference to the urban environment of Joseph Road.” This is in response to earlier approvals in some instances reaching 32 levels.

With the planning aspect of Joseph Road Precinct all but complete, the challenge for developers is to now deliver the thousands of approved apartments.

Promising an incredible lifestyle precinct in increasingly popular Footscray, Victoria Square is tapping into the area’s energetic transformation.

Developer Growland is creating the kind of mixed-use precinct from which both new residents and the existing community will benefit. And the scale is one that’s unprecedented in Footscray.

Says Ronald Chan, Growland CEO, “The Joseph Road precinct, and Footscray at large is undergoing an intense transformation, with $2.6 billion worth of public and private investment planned through to 2021. Growland’s promise is that Victoria Square will deliver a vibrant new precinct through will add to the urban character of Footscray.”

Once completed, Victoria Square will include six residential towers, underpinned by a vibrant mix of retail to add genuine lifestyle value to the area.

Explains Mr Chan, “We know how important the culture of Footscray is. That’s why we’ve chosen to integrate 3,000sqm of retail into Victoria Square to support its future growth, adding restaurants, cafes, and a shopping precinct for the wider community.”

This level of retail and amenity will have an additional benefit to the area, as a catalyst to boosting the local economy and increasing job opportunities.

The types and price range of Victoria Square’s apartments will encourage a diverse mix of residents to the project. Priced well below Melbourne’s median for a one-bedroom apartment, the one bedroom plus study options start at just $298,000 and ensure Footscray’s established residents are not priced out of the development.

Prices at the affordable end of the property market could rise by up to $18,000 from July in Victoria, when stamp duty concessions for first-home buyers begin, according to a prominent buyer’s agent.

The state government has ­announced a housing affordability package that will remove stamp duty for first-home buyers for properties up to $600,000, and offer stamp duty concessions for properties worth between $600,000 and $750,000.

But concerns have been raised that putting stamp duty savings in buyers’ pockets could mean they are able to bid more for properties, driving up prices and pushing home ownership further out of reach for those still trying to save a deposit.

WBP Property Group executive chairman Greville Pabst said that given first-home buyers in the state already receive a stamp duty concession of 50 per cent, they would be set to save the remainder from July 1 for properties under $600,000.

He estimates that prices will rise by about 2 to 3 per cent as a result­. For a $600,000 property, a 3 per cent rise would add $18,000.

“You give it to them, they’re going to spend it,” he told The ­Australian.

“And particularly in regional areas … because not only do they get stamp duty savings, there’s also the addition of the grant,” he said, noting that the First Home Owner Grant for new homes will double to $20,000 from mid-year.

The state government also ­announced plans for an extra 100,000 lots in Melbourne’s growth corridor as part of the package earlier this year.

In the midst of a heated debate over housing affordability, developer Growland believes it has struck the right balance between the scale of its $600 million Victoria Square development and attractive amenity to be able to offer its one-bedroom apartments at an “affordable” $298,000. This is well under Melbourne’s one bedroom median price of $330,000, according to CoreLogic.

Also, 90 per cent of the 900 apartments to be built in the project will be under $600,000, thus qualifying for the Victorian first home buyers’ grant which comes into effect on 1 July.

“The timing is good,” says Project Director James Harrison. “Not only was the project designed at a time when the industry believed it would be subject to new design rules setting a 50sq m minimum for one-bedders, but the value is even greater given virtually all first home buyers of these apartments will qualify for the grant.”

The Victorian government didn’t in the end proceed with implementation of that 50 sq m limit, but Growland is proceeding anyway and the one-bedders will be comfortably over that minimum at 61 sq m.

Construction starts on the first two towers containing 400 apartments “at the end of the year,” says Harrison.

Growland’s ability to offer its apartments at an affordable price has been helped by the fact that the group bought the site in Footscray, in Melbourne’s inner west, five years ago, at a price well below what it would have cost today. “We got it before the big uplift,” says Harrison, “and this is a key factor in us being able to offer the apartments at very competitive prices.”

The first stage of Footscray’s new $600 million project, Victoria Square, is providing one of the last remaining opportunities to enter the popular inner ring suburbs at an affordable price.

Victoria Square’s first tower is offering 61 square metre one-bedroom plus study apartments at $298,000 – well below Melbourne’s median price for a one bedroom unit, which according to CoreLogic currently sits at $330,000.

According to the Real Estate Institute of Victoria, Melbourne’s median unit price rose to over $585,000 in the December 2016 Quarter. As prices shoot up in Melbourne’s north, south and east, attention is turning towards Melbourne’s western suburbs.

Footscray in particular has emerged as a highly desirable area to first home buyers and astute investors who are recognising the inherent opportunity in its location.

Urbis research stated Footscray has seen the lowest median unit price but the highest annual unit price growth over the last decade when compared with other suburbs in Melbourne’s inner ring such as Brunswick, Richmond, and Yarraville.

Growland CEO Ronald Chan, who is the developer behind Victoria Square, said as affordability becomes an increasingly pressing social issue, projects such as Victoria Square were a vital piece to solving the puzzle as they provide achievable price points for first time buyers.

“The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living,” Mr Chan said.

Affordability is the buzz word, and has been for some time in regards to Melbourne’s property scene. It’s quite hard to escape the plethora of articles on the pressing issue at the moment, and understandably so.

One such article in this week’s AFR goes in depth on the housing affordability issue (link is external), touching upon both the detached housing and apartment sector, and the differences between the two from a local perspective. In this malaise of unaffordability, one developer has taken steps to position their pending development as a genuine opportunity to secure an inner-city apartment at an affordable price.

Growland’s first stage within Footscray’s Victoria Square development will see 61sqm one-bedroom plus study apartments priced at $298,000. Any buyer actively looking to enter the market will be aware that the apartment size versus price outcome at Victoria Square is skewed in favour of the buyer.

In a recent media release, Growland’s CEO Ronald Chan addressed the affordability quandary:

The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living. It is vital that the next generation has access to quality homes, with considered, long lasting architecture, but at a price that is achievable in relation to today’s median household incomes.

Young people also need to be able to live at a reasonable distance to where they work. Melbourne’s employment precinct has traditionally been concentrated to the CBD, meaning the inner ring suburbs are incredibly important to Melbourne’s future growth.

This is the first release since the highly-anticipated project received masterplan approval in 2016, under its previous name, Joseph Place. The first tower is offering 61sqm one-bedroom plus study apartments at $298,000 – well below Melbourne’s median price for a one bedroom unit, which according to CoreLogic currently sits at $330,000.

According to the Real Estate Institute of Victoria, Melbourne’s median unit price rose to over $585,000 in the December 2016 Quarter. As prices shoot up in Melbourne’s north, south and east, attention is turning towards Melbourne’s western suburbs.

Footscray, in particular, is rapidly transforming into a vibrant, activated area; highly desirable to first home buyers and astute investors that are recognising the inherent opportunity in its location.

Research by think tank Urbis states Footscray has seen the lowest median unit price but the highest annual unit price growth over the last decade when compared with other suburbs in Melbourne’s inner ring such as Brunswick, Richmond, and Yarraville.

Ronald Chan, CEO of Growland, the developer behind Victoria Square, says as affordability becomes an increasingly pressing social issue, projects such as Victoria Square are a vital piece to solving the puzzle as they provide achievable price points for first time buyers.

“The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living,” said Chan.