Townhouse market untapped in Canberra

Downsizers, first home buyers and even families looking for a low-maintenance property – there are a lot of buyers drawn to the benefits of townhouse living. Unfortunately, supply remains low in the ACT, particularly in established suburbs, and it’s a market experts believe should be tapped into.

“We’re building plenty of standard dwellings and a lot of apartments but townhouse space is quite deficient throughout Canberra, particularly in inner and middle ring suburbs,” Housing Industry Association executive director for ACT and southern NSW Neil Evans says.

“We’ve been advocating for quite a while now that we need more housing choice in Canberra.”

The good news is new suburbs, such as Lawson and Denman Prospect, are incorporating townhouse accommodation into their mix of housing. These suburbs provide great options for young buyers keen to take their first step on the property ladder in a well-located area.

However, for downsizers who are hoping to stay in the suburb they’ve lived in for many years, there’s very little available, according to Independent Property Group director of Project Planning David Shearer.

“2016 will see a continued supply of townhouses being offered in new suburbs, however the supply across all of Canberra’s established suburbs will be exceeded by the supply on offer in just one new suburb,” Mr Shearer says.

“So we have reasonable supply on one hand, and very little on the other.”

Mr Shearer says there are new townhouse developments on the horizon, but he would like to see policies updated to allow for townhouse redevelopment in established suburbs.

“The ACT government controls the supply of new land sales and also control planning and taxation (lease variation change) policy in established suburbs,” Mr Shearer says.

“Current planning and taxation policy actively discourages or disallows townhouse redevelopment in established suburbs, which is a travesty for anyone hoping to downsize close to where they live now.”

Though few and far between, townhouse developments in established suburbs have proven to be extremely popular with downsizers. Aranda’s Elevate development, completed in December, offered a rare opportunity to many of the area’s longtime residents.

For Tony and Angela Hillier, who had lived in Aranda for 47 years, it meant they were able to move into their ideal home just 500 metres away.

The project was completed by MIND Developments, a partnership between DNA Architects and Bellevue Building.

Bellevue Building director Andrew Mills says the townhouses have been designed to cater for all demographics, including those who wish to age in place. The staircases, for example, can accommodate a stair climber.

Each townhouse was also fully customisable. The Hillers have converted one of the bedrooms into an art studio with a polished concrete floor and will soon be installing a wine cellar.

“It’s turned out to be exactly what we wanted,” Mr Hiller says.

Peter Blackshaw agent Rowan Glanville says all homes at Elevate sold prior to construction. The majority of the buyers were from Aranda and the neighbouring suburb of Cook, while nine out of 10 of the buyers were downsizers.

“We’re seeing a lot of apartments, but many of our clients are after some segregation and their own street address,” Peter Blackshaw agent Rowan Glanville said.

“They’re looking to downsize their land, but not their living space.”

Mr Evans says developments such as Elevate represent the “perfect scenario” for Canberra’s ageing population.

“People build relationships and networks, they don’t want to move to a suburb on the other side of town when all their connections and family are in a suburb like Aranda,” Mr Evans says.

He says the surge of townhouse development in new suburbs is also welcome as it is well suited to the younger market.

“It’s not just seniors who might look at a townhouse,” Mr Evans says.

“A lot of young people can afford a small townhouse on a small block, but not a large house. Because of their affordability they will be in demand. I think more choice, more affordable housing and not having only apartments as an affordable choice would be great for the city and the people who live in it.

Top tips for townhouse buyers

• The first home buyers grant has been well-publicised, but seniors may also be eligible for assistance with the over 60s home bonus scheme. For eligible applicants, duty is payable at a concessional rate. Details can be found on the ACT Revenue Office website.
• HIA’s Neil Evans says separate title townhouses are highly sought after because it means no body corporate fees, but it also allows more freedom for future renovations and changes to the home.
• Ensure the townhouse will cater to your needs. Gardeners, for example, should make sure the courtyard gets plenty of sunshine.
• Older home buyers should also look to ensure hand rails, grab rails and fold down seats can be easily installed and they should also be mindful of potential hazards around the outside of the building. “If you’ve got that recipe you can have a pretty enjoyable retirement,” Mr Evans says.

Complex aims to have broad appeal

Evolure, a residential development in the new Belconnen infill suburb of Lawson, will cater for a range of buyers with its mix of townhouses and apartments.

As one of the suburb’s first projects, developer Victory Homes designed a complex aimed at everyone from first home buyers to growing families.

The 48 homes include  33 one, two and three-bedroom apartments in one three-storey building, with 15 three and four-bedroom townhouses  in a separate building. Each home was designed to accommodate residents’ changing needs, with spacious, versatile open floor plans.

Independent Projects agent Graham Bush says the development has appealed to buyers who want to live in a new complex, close to existing infrastructure.

“There are lots of units and townhouses in Molonglo Valley and Gungahlin, but with Lawson, the infrastructure is already there as it’s in the middle of established suburbs,”  Bush says.

His daughter has bought  her first home in the development, a ground-floor apartment with a large courtyard. Tammy, pictured, loves the location, close to both Belconnen and the city, as well as the views of the nearby reserve that will never be built out.

She  says buying an off-the-plan home has  been helpful because  it gives her extra time to save towards her deposit. Completion is expected in mid to late-2017.

The Evolure display suite is open on Saturday and Sunday from 10am to 4pm. One bedroom apartments start from $295,900 and three-bedroom townhouses start from $539,000. Phone Independent Projects Graham Bush and Robert Potts on 0427 225 823 or 0408 626 096. EER: 5.

No need to compromise

2/9 Bentham Street, Yarralumla
$1.3 million

If you need proof that townhouse life doesn’t have to mean compromising on space, style or quality, then look no further than this luxurious residence in Yarralumla.

Situated close to the local shops, this magnificent architect-designed home features a range of luxurious inclusions, minus the hassle of a large suburban block.

It is spread across two levels and offers three master-sized bedrooms, one is situated on the ground floor for added convenience, while the other two are accessed via the stunning floating staircase. Each bedroom features a well-appointed en suite, built-in wardrobe and private courtyard or balcony.

An open-plan living area flows from the entry, and includes a modern kitchen overlooking the lounge and dining spaces. The kitchen features quality appliances, a built-in microwave and granite bench tops. This space opens up to the outdoor courtyard through floor-to-ceiling glass and offers direct views to Black Mountain.

This seamless extension of the living area is tiled and surrounded by low-maintenance greenery. Enhanced by the complex’s common gardens, you’ll never be short of quiet leafy corners to relax and enjoy the view.

Other features include a study nook on the upper floor, underground double car parking, underfloor heating and ducted reverse-cycle airconditioning.

Number 2/9 Bentham Street, Yarralumla, is open this Saturday from 11-11.45am and Wednesday from 5.30-6pm. It will be auctioned on Saturday, February 6, at 2pm, on-site. Phone Luton Properties Woden agent Richard Keeley on 0418 620 735. EER: 2.5.