Walk around any inner-city suburb of Melbourne, and you’ll come across an abundance of townhouse developments.
As the city recovers from the COVID-19 pandemic, homeowners are prioritising buying or renting homes that feature spacious living features and a backyard. This huge shift in home buyer’s mindset is exactly why a townhouse development may just make the most financial sense in 2021.
Last December, Australia’s Centre for Population stated that by 2030, 6.2 million people will live in Melbourne. This would make Melbourne the most populated city in Australia, surpassing Sydney’s current record of 6 million people. This enormous rise in residents means many things, but one thing in particular for property developers – there will be a market for multi-unit developments, in particular townhouses.
Beyond these statistics, the demand for townhouses is already present. Townhouses allow residents to get the best of both worlds – all the advantages of a home without the hassle of having to maintain a large block of land. They are also available in popular locations where a single home may be out of one’s price range.
As the population grows and more residents are looking for affordable housing in ideal locations, townhouses will become especially popular in Melbourne. It makes sense to get in now before the townhouse development market becomes saturated.
You Can Take Full Advantage of a Large Block of Land
One of the biggest benefits of a townhouse development is that you can build a few residences on one block of land. By building two or more homes on a single property, you’ll generate additional sources of cash-flow, either from selling the townhouses or turning them into rental properties. Another alternative is to move into one of the townhouses and either sell or rent out the other residences.
At Mavi Built, we recommend building in high-demand locations that are close to amenities and public transport. Finding an empty block of land that meets this criteria can be tough, so another option is to look for a property with an old, existing house that can be knocked down to make way for your boutique townhouse project.
How to Make Your Townhouse Development a Fail-Safe Investment
The key to a successful townhouse development is quality and design. Of course, you should be savvy and cost-effective with your design and features, but this should never come at the expense of quality, otherwise you won’t attract buyers or renters to your property. You want to focus on simplicity, spaciousness and modern style.
A dedicated builder with many years of experience will be able to guide you through the best way to construct a financially successful townhouse project.
If you’re looking to build a boutique townhouse development in Melbourne, get in touch with the expert team at Mavi Built today. We’ve got many years of experience building highly lucrative townhouse developments and we’d love to chat about your vision.
Disclaimer: The information published in this article is of a general nature only and does not consider your personal objectives, financial situation or personal needs. Where indicated, third parties have undertaken research and we make no warranty as to the accuracy, completeness of reliability of this information. We recommend obtaining independent advice before you act on the content.