Vic Country ‘English Village’ Going Cheap: Potential Gold Mine for Savvy Investors?

Vic Country ‘English Village’ Going Cheap: Potential Gold Mine for Savvy Investors?

A unique property located at 41 Weynton Road, Castlemaine, Victoria comprising a collection of cottages built to resemble a 15th-century English village is on the market for $950,000. The two-hectare property, the life’s work of owner-builder Rob Hadden, raises some interesting questions about alternative building, material sourcing and value in the current market.

A Labour of Love: Traditional Techniques Meet Aussie Ingenuity

Hadden’s project began in 1993, following two decades of research into traditional building methods. Eschewing modern construction norms, Hadden employed techniques like wattle and daub (or cob) for the walls, intricate timber frames joined with mortise-and-tenon joints, and locally sourced materials, including donated fallen trees from the Castlemaine Botanic Gardens, which he milled himself on site. The property includes three main buildings: a large house with three bedrooms and a study, separate guest accommodation, a self-contained one-bedroom cottage, and a workshop that doubles as a carport and studio.

“I don’t for one moment think I had any idea of the sheer complexity, the scale of the project and the amount of work that was ahead of me,” Hadden told Owner Builder magazine in 2017.

Materials included 4000 handmade bricks, corrugated iron roofing, and even repurposed marble bathroom tiles. When specific materials weren’t available, Hadden crafted them himself, including concrete roof tiles, flagstones, pillars, timber doors, and leadlight windows.

Below Median Price – But What’s the Catch?

At $950,000, the asking price is below the median house price in many Australian capital cities. According to the latest PropTrack Home Price Index, the typical capital city house price is $978,000. While superficially attractive, property professionals will need to consider several factors before jumping in.

• Non-Standard Construction: While presenting a unique aesthetic, the wattle and daub construction may not appeal to all buyers. Traditional building methods, while sustainable in some respects, may raise concerns regarding long-term maintenance and potential resale value in a market that usually prizes brick veneer or rendered finishes. A building inspection would be critical.
• Code Compliance: Given the age of the build and the unconventional building techniques, it’s crucial to ascertain whether the property meets current building codes and standards, or if significant rectification work might be required. This could be a major hurdle for potential buyers seeking finance.
• Location, Location, Location: While Castlemaine is a desirable regional location, its distance from major metropolitan centres may limit the pool of potential buyers. The property’s specific location within Castlemaine also needs to be considered in terms of access to amenities and services.

The Sustainable Building Angle

Hadden’s use of reclaimed and locally sourced materials aligns with the growing interest in sustainable building practices within the Australian construction industry. The cob walls offer excellent insulation, which reduces reliance on energy-intensive heating and cooling systems. However, the embodied energy in other elements, such as the second-hand corrugated iron, may not be as environmentally friendly as using sustainably sourced timber, for example.

A holistic analysis according to lifecycle assessment (LCA) practices is required to establish the true sustainability credentials of the building. If that’s the conclusion, this property would allow a potential buyer access into a small number of sustainable building properties in the country.

Potential for Development & Short-Term Accommodation?

Selling agent Brett Fitzpatrick of Castlemaine Property Group believes the property will appeal to buyers with a passion for traditional buildings. He highlighted the possibility of short-term accommodation opportunities.

“The interest so far has come from far and wide,” Fitzpatrick said. “There’s been strong artisan interest, and also some people with English heritage that appreciate that component.”

The size of the land (two hectares), coupled with the existing structures, presents opportunities for further development, subject to council approval. The existing cottages could be converted into boutique accommodation, capitalising on the region’s growing tourism sector. However, developers would need to carefully consider the heritage aspects of the property and ensure any new construction is sympathetic to the existing aesthetic.

A Thought-Provoking Case Study

The sale of this ‘English village’ in Castlemaine provides a fascinating case study for the Australian construction industry. It highlights the potential for innovative, low-cost building using traditional techniques and reclaimed materials. However, it also underscores the importance of considering long-term maintenance, regulatory compliance, and market appeal when evaluating alternative construction methods.

Ultimately, the property’s value will depend on finding a buyer who appreciates its unique character and is willing to invest in its long-term preservation. For property professionals, it serves as a reminder that value isn’t solely determined by conventional metrics but can also be found in creativity, sustainability, and a connection to the past.

Source: realestate.com.au

This article is based on a report from www.realestate.com.au titled “Hand-built ‘English village’ in Victoria selling for less than a typical Aussie house”. You can find the original article here: https://www.realestate.com.au/news/hand-built-english-village-in-victoria-selling-for-less-than-a-typical-aussie-house/