Heritage overlays, wide streets a hallmark of Melbourne fringe heritage homes: HTW

Melbourne's city fringe is spoilt for choice when it comes to classic Australian heritage style with a wide range of Victorian terraces, Edwardian houses, art deco units and bank houses as well as heritage listed warehouses and factories, according to Herron Todd White.

Herron Todd White's residential report for the heritage market noted due to the rising amount of mid to highrise apartments being built in Melbourne, it is no surprise that developers have also targeted heritage sites in the north which offer charming facades, accompanied by new and high quality interiors, with a recent example being The Stables at 185 Weston Street, Brunswick East (pic above).

"The development of 411 apartments and townhouses across six buildings constructed on a vacant 1.2 hectare site that was the previous home of Northern Bakeries and later Tip Top Bakeries retains a portion of the original façade. The development is the winner of the 2015 National UDIA award for Excellence in Urban Renewal, the 2014 Victorian UDIA Award for Excellence in Urban Renewal and the winner of the 2014 Australian Property Institute Heritage Property Award," the report said.

"In recent years, we have encountered a large number of renovations or extensions involving Victorian and Edwardian townhouses, with the front façade and front rooms remaining intact, but improved via paint and some renovation work, but the back half being demolished and rebuilt, occasionally adding a second level to the rear of the property.

"$1,915,000 can get you a 4-bedroom, 2-bathroom, historic bank house within the Garden City Reserve in Port Melbourne. $800,000 in Collingwood can get you a heritage protected 2-bedroom, 1-bathroom, 2-storey townhouse.

"Good gains can however be made on the sale of renovated heritage styled properties, especially if the renovation is executed well. As previously mentioned these styles remain in high demand and rarely struggle to find a new owner."

The report said renovation and extensions of period homes with heritage overlays have become increasingly popular within the inner eastern suburbs, with one area in particular seeing a significant amount of period homes with heritage overlays is the Gascoigne Estate located in Malvern East.

"Bound by Tooronga, Burke, Wattletree and Manning Roads, this estate was developed between 1880 and 1910 and is made up of mainly renovated and extended Federation, Victorian and Edwardian homes with many dwellings still incorporating the quintessential red brick construction with timber fretwork typically seen in this era," the report said.

"Current home owners and potential purchasers are drawn to the wide, tree lined streets with houses that incorporate period features with modern everyday living. The area is well serviced by parks including Central Park, shopping, schools and public transport making it appealing to a wide variety of residents. The entire estate is covered under heritage
overlay HO133 which serves to protect the regional significance of the Federation and inter-war suburban development.

"Any works performed on dwellings within the estate are required to retain the original façade in order to preserve the historical significance of the estate. Many of the dwellings within the estate have been either recently renovated or extended, with only a handful of dwellings remaining in their original condition. Buyers are willing to pay a premium to secure these properties to enable them to undertake their own renovations to suit their personal style."