When Less Is More

The Age

Saturday August 16, 2008

Katherine Townsend

Katherine Townsend finds a demand for fewer flats in a block.

PROVIDING somewhere smaller for ageing baby boomers to move to has been one of the biggest trends of Melbourne's middle-ring real estate over the past 15 years.

Developers have tried tempting empty-nesters with apartments, townhouses, warehouse conversions and mini-houses, usually by attaching the "boutique" label to the projects. But while areas such as Brighton seem filled with medium-density developments, cashed-up-yet-conservative buyers in areas such as Hawthorn have found relatively little aimed at them.

Now, a three-storey, seven-apartment block only 500metres from the Yarra will, according to Marshall White marketing agent Marcus Chiminello, provide the low-density, high-quality housing that retirees from areas such as Hawthorn, Canterbury and Camberwell expect.

"All the research shows that the downsizing market from these areas doesn't want to live in a high-density development," Mr Chiminello says.

This block at 28 Manningtree Road, near the corner of Power Street and Burwood Road, is by Kokoda Property and Mr Chiminello says the developer could have put more apartments on the block but "people wanted smaller numbers".

Prices start at $1.8million and rise to $2.5 million.

A rooftop penthouse has already been sold, but the six apartments remain for sale.

Each ranges from 177 square metres to 216 square metres, with extra outdoor space and two basement car parks and storage areas. These are roughly the size of suburban homes in middle-ring suburbs.

The single-level apartments will have stone-floored halls with timber-panelled walls, and living areas will have European oak parquetry floors beneath three-metre-high ceilings. Finishes and appliances are almost all imported: Calcutta marble in the kitchen and en suite, and Miele appliances, including stove, washing machine and dishwasher, in the kitchen.

All of the apartments have three bedrooms - the main with a large en suite and walk-in wardrobe - a family bathroom, separate laundry and a large combined kitchen, living and dining room opening to a terrace or balcony.

The elegant living area has sets of french doors opening on to a bluestone-flagged terrace.

The development is expected to be finished before June next year and will include lifts from the basement car parks, and security systems.

Clayton apartments

Address: 6 Arnott Street, Clayton

Price: $225,000-plus

Private sale

Agent: TBM, Caulfield, 9525 9222

Melway: 70 F12

Student accommodation in the suburbs has plenty of investor appeal. Monash's Clayton campus has 27,000 students and many need to live nearby. A new apartment block only a 500-metre walk from the university will appeal to investors and student tenants.

The 14 apartments being built in Arnott Street will have one and two bedrooms. Some will have two storeys and the added advantage of large terraces and a communal roof-top garden.

There are 11 one-bedroom apartments ranging from 34 to 50 square metres, and three two-bedroom apartments of about 68 square metres.

TBM marketing agent Greg Bakanursky says prices for a one-bedroom apartmentwill start at $225,000 and the two bedrooms at $330,000. He says there has been interest from investors, owner-occupiers and parents of students at Monash.

Building is about to begin and should be finished within 18 months.

-- KATHERINE TOWNSEND

Hawthorn apartments

Address: 28 Manningtree Road

Price: $1.8 million-$2.5 million

Private sale

Agent: Marshall White, 9822 9999

Melway 45 C11

© 2008 The Age

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