Small lots growing in popularity with Sydney buyers: Creation Homes
The great Australian dream of a home on a quarter-acre block has taken a hit in Sydney due to the affordability crisis and need for low maintenance living.
Small-lot housing, identified as the “missing middle” amid the affordability crisis, is gaining popularity with buyers leaning towards a minimalist trend.
Developer Creation Homes (the home building arm of Metro Property Development), says it is witnessing a rapid uptake of its smaller size lots in Southwest Sydney projects.
Fifty small lots of the 250 between Creation Homes’s Catherine Field and Spring Farm projects have been snapped up in the past four months, it said.
Two-bedroom homes starting at $480,000 and spanning 120 sqm are the most popular along with the three-bedroom designs priced from $565,000 for 225 sqm.
“We are seeing a lot of people opting for smaller blocks which suggests a trend towards minimalist living in the house and land sector,” said David Mann of Metro Property and Creation Homes.
“Obviously the smaller price tags are a big draw card but people also have the opportunity to declutter and make better use of their space with the added bonuses of spending less time maintaining the property, cleaning and mowing huge lawns are rarely used.”
Some small lots are available at its recently released Orchard Heights estate in Spring Farm, with land sizes starting from 300 square metres.
The first release of the smaller models at the site includes six lots under 350 square metres and prices range from $627,100 to $677,900.
“Since it proved to be so successful we’ll definitely continue to roll-out the smaller lot model, initially focusing on our projects in North-West and South-West Sydney and eventually to other areas across Sydney as well,” said Phil Leahy.
According to Creation Homes, another emerging trend for buyers is to forgo the traditional full model home inspection before purchasing, an approach similar to off-the-plan apartment sales.
“We’re noticing that people are now more than happy to commit to buying after seeing finishes boards and part-models of kitchens and bathrooms like you’d most commonly see with off-the-plan apartment sales,” said Phil Leahy.
The Melbourne developer started building homes in 2010 and has delivered more than 1,000 dwellings in the last 12 months. It was recognised in 2013 with a BRW Australia’s 7th Fastest Growing Business award.
Metro Property Development is a wholesale homebuilder and has delivered more than 5,000 homes and apartments across Australia and has a future development pipeline valued at more than $3.1 billion.
The NSW business is opening a display office at the new location of Brookhollow Avenue in Baulkham Hills later this month.