First home dream now a possibility in Melbourne’s inner north

Bespoke Melbourne developer SMA Projects is tackling rising house prices for first home buyers, negotiating longer settlements of up to nine months and allowing residents to move in and pay a monthly nominal fee which is credited against the eventual settlement.

With purchaser power at its lowest point in 10 years according to the Urban Development Institute of Australia, SMA Projects is seeking to combat weak wage growth, higher cost of living and tighter lending through buyer initiatives across its landmark Yorkshire Brewery project.

For many first home buyers, there remains a strong desire to purchase a home within the confines of Melbourne’s CBD that can provide an instant connection with the local area and the cultural experiences and amenities that accompany it.

This is particularly apparent in Melbourne’s inner-northern corridor where young people are seeking not only a home but a lifestyle as well. With its iconic coffee culture, artisanal markets and world-class hospitality offerings, this area is one of the city’s most sought-after suburbs for purchasers.

Located at 1-21 Robert Street Collingwood, the Yorkshire Brewery is a contemporary residence that has been expertly redeveloped to transform the former heritage-listed site into 356 luxury apartments and townhouses.

“The creative and amenity-rich offering of Melbourne’s inner-north makes this area a haven for residents,” said SMA Projects development manager Robert Murphy.

“Recently voted as one of Melbourne’s healthiest suburbs to live in and one of the easiest suburbs to actively commute from, you can see why a suburb like Collingwood is in demand.

“In offering purchasing opportunities to buyers who are seeking this eclectic lifestyle ensures we can strengthen the character and built environment of these suburbs.

“Taking into consideration the rising house prices in Collingwood, SMA Projects has sought to actively collaborate with buyers to help them enter the property market at a stage where timing or their financial situation was considered a barrier.

“The initiative has been well received by first home buyers who have responded positively to the flexibility and accountability that SMA Projects as an established developer has been able to offer.”

Following the positive responses SMA Projects received to the initiative at the Yorkshire Brewery, it will be looking to employ a similar tactic at its new development, Fitzroy Ltd.

Located at the enviable address of 250 Gore Street, the seven-storey development Fitzroy Ltd perfectly embodies the suburb’s lifestyle-centric approach through a fusion of modern liveability and industrial design.

Interested purchasers of Fitzroy Ltd can negotiate flexibility in the payment of their deposit whilst construction is occurring. Assisting those currently saving for their first home, this initiative helps alleviate the significant upfront financial outlay that traditionally comes with settlement.

“Where first home buyers have been traditionally priced out of these inner-city suburbs, SMA Projects is proud to help realise their dream of home ownership sooner than they may have otherwise anticipated,” said Murphy.

“SMA Projects takes a holistic approach to its developments to cater to purchasers at different stages of their lives.

“SMA Projects is committed to working closely with our purchasers to reach a mutually beneficial agreement that ensures both parties achieve the best outcome.

“Acknowledging the current demands of first home buyers while also considering the future needs of young families, downsizers and the elderly will ultimately create a more sustainable development that will enrich Fitzroy and contribute to its vibrant community,” he said.

Fitzroy Ltd marks SMA Projects’ third project on Gore Street including the elegantly-designed residential development The Lyric which is currently under construction and completed project Veludo.

Demolition for Fitzroy Ltd is due to begin in December 2018, with construction commencing early 2019. Completion is expected by December 2020.

Source: SMA Projects