West Melbourme

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As the Australian <a href="https://www.urban.com.au/news/the-future-of-the-australian-property-market-post-covid-19-according-to-icd-propertys-sal-quah">property market </a>weathers a period of significant uncertainty, buyers are flocking to the affordable and desirable lifestyle offered in Melbourne’s western growth corridor, with the region setting a benchmark for community-focused living. 

North, West, South-east and Sunbury Growth Corridor Plans were introduced in 2012 by the <a href="https://vpa.vic.gov.au/wp-content/Assets/Files/GCP%20-%20Chapter%207%20Sunbury-Diggers%20Rest%20Corridor%20Plan.pdf">Victorian Planning Authority</a> to manage the growing population of the region. Each of these identified corridors aims to deliver affordable housing, employment, all-inclusive town centres, along with wide-open spaces that are expected to eventually accommodate close to half of Melbourne’s new housing. 

With the rest of the state forecasting a market downturn as a result of COVID-19, developers in Melbourne’s west are witnessing a resurgence of buyers who are eager to capitalise on low-interest rates and <a href="https://www.urban.com.au/news/everything-you-need-to-know-about-australias-25000-homebuilder-grant">government stimulus package</a>s. This <a href="https://www.urban.com.au/news/new-housing-development-aims-to-cater-to-overwhelming-population-growth-anticipated-for-geelong">accelerated population growth</a> is expected to continue into the future with 22,100 residents expected to be added by 2031, representing growth of 15% per annum. 

[smartcode_project:default project_id=2772]

Securing homes and land for the future 

For the past decade, <a href="https://www.urban.com.au/developments/west-melbourne-vic">Melbourne's west </a>has experienced remarkable population growth, with an additional 267,000 people moving into the area, representing a 38% increase. 

This area of Melbourne is consistently popular with the hard-working demographic. This includes individuals and families who are classified as essential service workers working within the health, logistics and construction sector and have remained the most financially secure during COVID-19. 

These buyers typically have their finances ready to go and are eager to start building, hence they tend to flock towards titled land as opposed to untitled which can take anywhere from 12 to 18 months to settle. 

Whilst first-home buyers are also active and still looking, they are spending more time researching and banks are taking a bit longer with finance approvals. On the other hand, there are still groups of buyers who are happy to buy <a href="https://www.urban.com.au/new-apartments">off the plan</a> now with a 5% deposit and then pay the rest at settlement in 12 months time. 

[smartcode_project:default project_id=27783]

Seeking a convenient lifestyle 

Buyers who opt to invest in the western growth corridor tend to place a greater emphasis on value - they actively seek out products that will provide them with more bang for their buck and master-planned communities tend to tick all the boxes. In addition, there has been a greater appetite for <a href="https://www.urban.com.au/new-townhouses">townhouses</a>, as more and more individuals shift away from traditional detached family homes. 

New home buyers are also seeking more than just value for money with owner-occupiers searching for a community that is designed for easy living away from the hustle and bustle of the city with space to grow and explore, such as wetlands and conservation areas. 

[smartcode_project:default project_id=27675]

Community connection 

Melbourne’s west is an up and coming area that is seeing families attracted by the space, investment into infrastructure and amenities.

Public transport links, walkability, thriving communities, and local community <a href="https://www.urban.com.au/planning?page=1%2C43">development initiatives</a> are designed to foster a strong sense of community which is also appealing to first home buyers and those who are looking to build their forever home especially as people are spending more time in the suburb where they live. 

But this focus on community development requires investment and often does not come naturally, rather it is the responsibility of developers to implement such initiatives to encourage a strong sense of community to develop among residents. 

[smartcode_project:default project_id=7633]

It is becoming clearer than ever that buyers are expecting more than just a property. They are seeking a modern, fulfilling <a href="https://www.urban.com.au/news/lifestyle-choice-or-property-investment-not-an-either-or-equation">lifestyle</a> that provides value, convenience and a level of connection, and that is exactly what is on offer in Melbourne’s west, and why it remains one of the fastest-growing regions in Australia.
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vivian_48447

Melbourne’s West: How the Growth Corridor is Defying the Property Market 

West Melbourne&#39;s wave of apartment projects may be tempered ever so slightly as developer&nbsp;Middlefield Group seeks to rework a formerly approved residential tower into hotel rooms.

On the corner of Spencer and Dudley Streets, the 268 square metre site was offered by agent Teska Carson with approval for 47 apartments during early 2017. After picking up the approved residential permit for 437-441 Spencer Street during early 2017, Middlefield Group has chosen to rework the site into a hotel, bucking the prevailing apartment trend for the suburb.

Lau &amp; Order Pty Ltd (trading as Middlefield Group) initiated the change of use, with&nbsp;pre-application talks with Council occurring prior to an&nbsp;extension of time request receiving the nod during November 2017. This in turn allows the prospective hotel to be completed by&nbsp;April 2021.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/x4ktgtj8xr4ayerlgujl.jpg" rel="gallery-all" title="Aerial perspective of the site. Image: commercialview.com.au"><img alt="" class="image-article-full-width-580px" height="381" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/x4ktgtj8xr4ayerlgujl.jpg?itok=cHMGNPDH" title="Aerial perspective of the site. Image: commercialview.com.au" width="580" /></a>

<figcaption>Aerial perspective of the site. Image: commercialview.com.au</figcaption>
</figure>

Design practice&nbsp;Elevli Plus was responsible for the previously approved residential scheme, and have been engaged for the current reconfiguration. The building&#39;s external envelope as seen below will essentially remain unchanged.

Internally though&nbsp;Middlefield Group are expecting the newly configured 17-storey tower to include 88 hotel rooms. According to planning documents&nbsp;all hotel rooms are to be generally between 17 and 32 square metres in size with the exception being&nbsp;the crowning suite, which spans 45 square metres.

437-441 Spencer Street&#39;s&nbsp;three basement levels include a&nbsp;kitchen, staff room, shower/ change facility, stores, bicycle parking area and various services. The intended hotel&#39;s 24 hour lobby/reception at ground will be accessed from Spencer Street.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image121_4.jpg" rel="gallery-all" title="The endorsed residential design. Image: Elevli Plus"><img alt="" class="image-article-full-width-580px" height="330" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image121_4.jpg?itok=7c_sMe6l" title="The endorsed residential design. Image: Elevli Plus" width="580" /></a>

<figcaption>The endorsed residential design. Image: Elevli Plus</figcaption>
</figure>

The dearth of hotel suites in development across West Melbourne is evident when scanning the <a href="https://www.urban.com.au/developments">relevant numbers within the Urban.com.au Project Database</a>.

Urban.com.au has 25 projects active within West Melbourne, yielding 2,900 plus&nbsp;dwellings in development, as opposed to 374 short-term accommodation suites (serviced apartment and/or hotel uses). The figure of 374&nbsp;represents a roughly 13% share of rooms in development for the suburb.

Joining the would-be 437-441 Spencer Street are three additional projects which hold approval.&nbsp;Adina Grand Apartment Hotel has signed on to the <a href="https://www.urban.com.au/new-apartments/west-end-185-rosslyn-street-west-melbourne">West End</a> development diagonally opposite&nbsp;437-441 Spencer Street, whilst&nbsp;<a href="https://www.urban.com.au/projects/77-79-capel-street-west-melbourne">77-79 Capel Street</a>&nbsp;is approved as a boutique hotel development.

In addition, Urban.com.au last week revealed Marriott International&#39;s <a href="https://www.urban.com.au/news/marriott-international-scopes-a-new-west-melbourne-address">intentions to operate a Courtyard by Marriott branded hotel at 50-56 Batman Street, West Melbourne</a>.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/capi_7d198c16dd46b28a947ed21f23c83398_0a63a09489b1d7b913ed960139106847.jpeg" rel="gallery-all" title="artist’s impression of what the new Adina Grand Apartment Hotel at West End. Image: TFE Hotels"><img alt="" class="image-article-full-width-580px" height="327" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/capi_7d198c16dd46b28a947ed21f23c83398_0a63a09489b1d7b913ed960139106847.jpeg?itok=zu9qNZdg" title="artist’s impression of what the new Adina Grand Apartment Hotel at West End. Image: TFE Hotels" width="580" /></a>

<figcaption>Artist&rsquo;s impression of what the new Adina Grand Apartment Hotel at West End. Image: TFE Hotels</figcaption>
</figure>

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