Melbourne’s most well known public housing sites are ear marked for some big changes – the conversion of the current high rise towers in Fitzroy & Richmond into an equal mix of public & private housing. These sites occupy some of the best locations throughout the inner city.
The government has already experimented with this tactic before at the old Carlton public housing towers – know known as ‘Viva’. The plan was likely influenced by overseas examples of mixed tenure and in line with what many consider as good practice. The mixing of the public & private housing together appears to act as some form of resolution to socio-economic divide of higher income earners and their low income peers.
Property currently located opposite, around the corner or close to public housing generally struggles to obtain real premium price. This new approach to public housing could see this soften a little with residents and potential residents having less concern with the new inhabitants of the building & the new structures blending in more aesthetically with their surrounds.
However, property prices will inevitably always suffer within the development. Unfortunately even the private allocated apartments are often seen as a cheap housing option and will likely stay that way for resale. Unfortunately there is a stigma with property located close to public housing and many of these ‘private’ apartments could share a wall with a ‘public’ apartment causing poor capital growth throughout the developments.
Sometimes capitalism and smart initiatives like public housing, intertwined with private – don’t completely align.
Secret Agent welcomes Emma Paterson. Emma assists with acquisition, market research and the buying process.