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TOWNHOMES UNLOCKING AFFORDABILITY FOR FIRST HOME BUYERS

The migration of the popular inner city townhome into Melbourne’s outer suburbs is providing strong affordability wins for first home buyers and bringing prices to well below the average median.

Recognising the need for an affordable first home buyer product that delivers on style and quality, Melbourne developers MAB and GPC have successfully introduced townhome living into Victoria’s largest mixed-use community, Merrifield in Mickleham.

After a successful launch of more than 30 curated townhomes earlier in the year, MAB and GPC are now taking registrations for the first release of its ‘Crafted townhomes by Merrifield’ range, a series of boutique turn-key townhomes created by skilled architects and constructed by industry leading builders – to be available from a fixed price of $385,000, or $375,000 for eligible first home buyers. That is $204,900 under the median house and land package price of $579,900 across the City of Hume for first home buyers.

The first series of contemporary double storey terrace homes have been designed by award-winning architectural practice Rothelowman Architects for Soho Living and feature striking, modern designs that offer two to three bedrooms, generous living spaces and landscaped yards.
Merrifield Project Director Matthew Planner said the initial townhome release had successfully tested the market and found a strong demand for this style of living in Melbourne’s outer suburbs.

“The first release showed that there is a strong desire among young buyers for a stylish turn-key townhome that delivers contemporary design to suit a modern urban lifestyle, but is also very competitively priced,” he said.

“Our Crafted townhome range aims to deliver architecturally designed terraces at an affordable price point in a great location, which is truly compelling for buyers in Melbourne’s northern growth corridor.

“Importantly, being a fixed price and turn-key solution, these townhomes have also been created to make buying a first home or investment easy and stress free.”

Merrifield townhome purchaser Kristy Prasad, 21, purchased for exactly that reason – as well as a few more. A first home buyer, Kristy bought a three-bedroom townhome with partner Brayden Carriera, seeing it as a great opportunity to get on the property ladder at an affordable price.

They will move into their home next year when it is completed and have welcomed the idea of a townhome that is strong on great design but light on in terms of maintenance and upkeep.

“It is the ultimate home for us. The cleaning and upkeep will be much easier than in a large family home and we love that everything will be new, and we don’t have to renovate,” she said.

“The designs are really clever, making good use of space and maximising storage. They look really beautiful and luxurious, with their contemporary design and colour schemes.

“We’ve also found buying-off-the-plan a lot less stressful, as everything will be done for us and we’ve been able to make some small changes so we get the perfect home.”

The couple are also excited about being able to have a yard without having to buy a more expensive house and land package, as they’re planning to add two dogs to their brood.

Mr Planner said one of the secrets of the success of the townhome product to date had been its location only moments from Merrifield’s planned City Centre and the broad range of amenity already on offer, including regular farmers’ markets, public transport, local parks, a café, child care and convenience store.

The new Merrifield City Centre will put townhome buyers within walking distance of a shopping centre, with stage one set to include a supermarket and a variety of specialty stores, and due to open in 2020 – around the same time the first owners receive the keys to their new Crafted townhomes.

The townhomes are also close to planned medical and health facilities as well as community and educational facilities – including two primary schools – anticipated to open as early as 2021.

“The townhome is traditionally associated with inner city living and, in Merrifield, is appropriately positioned in a vibrant urban context, which resonates with our buyers who want to be close to it all,” added Mr Planner.

Mr Planner said the turn-key feature was also of great appeal to first-time buyers, some of whom can feel overwhelmed at the complexity of a property purchase and all the options that can come with it.

“We’ve found many of our customers are happy to put their trust in the experts and outsource the tough decisions – they connect with well-considered and resolved design right from the outset,” he said.

“The ability to simply turn the key and move into a beautiful new townhome speaks to them.”

The ‘Crafted townhomes by Merrifield’ has commenced selling in Merrifield and prospective buyers are encouraged to register online to receive updates.

MAB signs fresh food exporter at Merrifield

Words by Tim Boreham, The Age
October 20, 2018

Following paint maker Dulux’s pioneering move to their site in 2015, the developers of the sprawling Merrifield Business Park in Melbourne’s outer north have signed their third key occupant for the 330 hectare complex.

The family-owned Steritech, which treats fresh produce bound for export markets, has acquired two hectares for an undisclosed price and plans to build a 3648 square metre screening facility to complement its existing Brisbane site.

Steritech CEO Murray Lynch said the site was located strategically, given its proximity to Melbourne Airport and the Hume Freeway which provides overnight access to Sydney Airport.

It is also near Melbourne’s new fruit and vegetable market at Epping.

“With Melbourne being Australia’s largest hu for horticultural trade, the new facility will play a key role in driving the future growth and sustainability of the entire horticultural sector,” he said.

In February WA-based small goods supplier D’Orsogna signed up for 10,858 sq m at the site, as part of a $41 million expansion.

Dulux meanwhile has begun making water-based paints at its completed $175 million facility.

Claimed to be Melbourne’s biggest planned business precinct, the Merrifield Business Park is being developed by MAB Corporation and Gibson Property Corporation.

In its favour, Colliers reports that the northern Melbourne market shows few signs of abating after recent record high transactions.

In its June half industrial update, the agent says yields for both prime and secondary grade property abated an average 25 percentage points, to 6.25-7.25 per cent.

The firm cites Frasers Property’s sale of 23 Scanlon Drive Epping, which recently sold for $15.7 million on a 6.2 per cent yield.

“The transaction settled 30 days after purchase, demonstrating that regardless of perceived weakness investments are in high demand in the current market.”

Based on two highly comparable transactions, the firm estimates that selling prices in the north soared by 47 per cent in the 18 months to June 2018.

In late 2016, a 2100 sq m lot at Epping’s Connect North Business Park sold for $272 sq m. Also in Epping, a 2140 ha lot at Alliance Business Park (another MAB project) recently fetched $480 sq m.

However northern suburb industrial rents have remained “relatively flat” at $80 sq m for prime property and $60 sq m for secondary locations, the results of a lack of transactions to spur rent reviews.

More broadly, Colliers says national industrial valuations are likely to remain supported as Australia enters its 28th year of uninterrupted economic growth.

The firm says the average net face rent on Sydney industrial property edged up 2.8 per cent over the year, to $144 sq m (delivering a skinny yield of 5.26 per cent).

In Melbourne, average rents rose 0.9 per cent to $108 sq m, yielding 6.06 per cent.

Ministerial Event at Merrifield

MAB and GPC were pleased to recently host at Merrifield, the Victorian Governments announcement to provide funding of $1.55million for the creation of the Merrifield West Northern Community Hub as part of the 2018-19 Children’s Facility Capital Program. The Hon. Jenny Mikakos Minister for Families and Children, officially announced the funding with further support from Ros Spence Member for Yuroke and Hume Mayor Councillor Geoff Porter in attendance.

The new Merrifield West Northern Community Hub is expected to open in 2021 and will provide three preschool rooms with capacity for 198 preschool positions. It will also feature five maternal and child health services/visiting specialist services consulting rooms, along with a dedicated waiting area and multipurpose activity rooms to support early years and community activities. The facility will also provide flexible arts and cultural spaces where a range of activities and events can take place to contribute towards creating a strong and inclusive community for residents.

Hume Mayor Councillor Geoff Porter said he was thrilled with the Victorian Government’s announcement, adding that it recognised the growth taking place in the Mickleham area.

“In 2018, the population of Mickleham is 7,244 and by 2035, this will grow to more than 48,000 residents,” Cr Porter said. Growing communities like Mickleham need new quality facilities to meet the demands of a changing community and to provide opportunities to bring residents together.

Media release originally published by Hume City Council, 15th October 2018.

Picnic In Pinnacle Event Gallery and Video

Hundreds flocked to the opening of Pinnacle Park on Saturday 6 October to enjoy an afternoon filled with food, fun and picnic rugs! ‘Real Dinosaurs’ was a crowd favourite bringing along a life-sized T-Rex named Toby. Kelly Sports and Kool Kidz also kept the kids entertained, while adults enjoyed incredible live music from talented singer/songwriter Georga Jane Byrne as well as FREE wine tasting by Marnong Estate.

There was a lot more action on the day so make sure you watch our video and check out the photo galley below!

Thank you to all who participated in the Merrifield Instagram competition! The winner of the $200 Visa gift card has been announced, however make sure you follow @merrifieldmelbourne for more chances to win!