Senior Buyers Advocate Mark Ribarsky, shows us how Victoria Terrace houses are still an iconic part of Melbourne, as they continue to amaze us with their beauty. He will also outline some of the benefits of these houses, but also the things that you need to be aware of before buying this style of house.
These houses are well known for its balconies and elaborate lace features. The terraces were mainly built in Melbourne, in particular the inner suburbs, like Parkville, Fitzroy, Middle Park and Albert Park. They were built in the 1850s and had an architectural style of Paris and London, where they were built in an attempt to house Melbourne’s growing population, because of the Victorian gold rush.
By the end of the 19th century many of the Victorian Terrace houses were in some of the worst condition and because of this, it was classified as the poorest areas of Melbourne. By the 1920’s they seized construction of Victoria Terrace house, and were replaced with housing commission buildings.
Ever since the 1960’s the terraces have just grown in popularity, and only continues to grow rapidly with median house prices around $1.9 million. It seems to be that the more original a terrace is, the more people value it.
Benefits of Buying a Victorian Terrace.
Even though you may be living on a small block of land with a Victorian Terrace, it is easy to achieve the indoor/outdoor living style, by adopting bi-fold doors and double-glazed glass. You can also consider being environmental friendly and sustainable by installing solar panels on the roof of the house.
The typical location for a Victorian Terrace house has a proximity of 10km from Melbourne’s CBD, which is surrounded by many cafes, restaurants, public transport, community infrastructure, parks and hotels. A terrace becomes a lot more valuable if it has a view of a historically reliable streetscape.
All the original Victorian Terraces that have been built have either been modernised or kept with the original Victorian look, however there seems to be a huge demand for them. With limited supply and a consistent demand for these houses provides landlords with long-term capital growth.
Stability of Demand:
The attraction of these terraces is because they are original and hold a unique style, however some houses are required to be renovated. Many architects have many ways to open up the spaces to modernise it while keeping the authenticity.
The Victorian Terrace houses reach a certain demographic as well, as they tend to attract people that are busy with work or family, and do not have the time to maintain a garden. However, it still allows people to enjoy the beauty of being outside while being in their own house.
What Needs to be Considered Before Purchasing a Terrace
Planning and Changes:
Most of the Victorian Terraces have a heritage overlay attached to it, meaning you must get a planning permit from the government or local government, if you wish to have any external or internal changes to the property. The point of the heritage overlay is to protect the scarcity value, but also to have historical buildings that are a part of Melbourne’s culture.
Condition of the Building:
Victorian Terraces are historical and old, and were classified as a ‘spec house’ back in the days. It is important to talk to experts about the condition of the house before purchasing it. You also need to ensure you get a pest inspector who understand the Victorian Terraces houses. Lastly be cautions of any moulds in the house.
If interested in any Victorian Terrace houses, Wise Real Estate Advice can put their best team forward to ensure you snatch up the perfect house for the right price.
By Mark Ribarsky.