Melbourne-based developer SMA Projects is spearheading a new initiative to help first home buyers enter the market and realise their home ownership dream sooner.
In an attempt to combat rising living costs and tighter lending restrictions, the developer has introduced longer settlements and monthly nominal fees to be credited against an eventual settlement.
The initiative which has been trialed at SMA's Collingwood project, The Yorkshire Brewery, a heritage-listed redevelopment comprising 356 apartments and townhouses.
The developer is now looking to employ a similar model at its new development, Fitzroy Ltd, located on tightly-held Gore Street in Fitzroy.
SMA Projects development manager Robert Murphy noted Melbourne’s inner-northern corridor was a popular option for many first home buyers, seeking not only a home but a lifestyle as well.
“In offering purchasing opportunities to buyers who are seeking this eclectic lifestyle ensures we can strengthen the character and built environment of these suburbs,” Murphy said.
While affordability has eased slightly in Melbourne, with house prices falling by 5.4 per cent since the start of the year, the city remains substantially more expensive than other capitals for those trying to enter the market.
“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.”
Fitzroy Ltd will mark the developer's third project on Gore Street including the The Lyric residential development, which is currently under construction, and completed project Veludo.
Demolition for Fitzroy Ltd is due to begin next month, with construction commencing early 2019 and completion expected late 2020.