Tuesday March 31 2009

Leading property developer Devine Homes has signalled a possible turnaround in the housing market after investors snapped up an entire release of "Fonzie Flats" at its Lakeside development at Andrews Farm in just two weeks.

South Australia General Manager Steve Weightman said the sale of $3 million in Fonzie Flats and terraces came during a strong February-March trading period where investors bought more than twice as many properties than they had in October-November.

"These sales provide an encouraging sign that investors are regaining their optimism and returning to the market after months of caution," Mr Weightman said.

"It seems many have realised there is a great opportunity now to take advantage of record-low interest rates and high rents which have significantly boosted the ongoing return on investment properties."

"Hopefully, this foreshadows a genuine recovery in the market which for the past five months has been underpinned almost exclusively by first homebuyers acting on the First Home Owners Grant."

Devine's split-level Mews apartments have been dubbed "Fonzie Flats" because they sit in otherwise wasted space above the garages of a group of terrace houses ? like the Fonz's pad above the Cunningham family's garage in Happy Days.

The innovative apartments allow 12 homes where six would otherwise have been, reducing the cost of the homes by increasing density while not compromising the occupants' privacy or views.

With a starting price of just $235,900, the Fonzie Flats are expected to become an enduring part of the South Australian real estate market.

Mr Weightman said Devine was ideally placed to work with property investors at its estates because it undertook extensive research itself before deciding whether to develop an estate including assessing how attractive the estate would be to homebuyers and renters as a place to live.

Devine ensures that all of its estates meet strict criteria such as proximity to public transport and main roads, as well as other sporting and lifestyle facilities.

Devine's current communities in South Australia include Lakeside (Andrew's Farm), Springfield Waters (Evanston Gardens), The Summit (Mt Barker), and Harbor Views at Victor Harbor.

For more information on Devine homes and land packages call 13 24 66 or visit www.devine.com.au.

ASX-listed Devine Limited is one of South Australia?s largest and most trusted developers with thousands of happy homeowners across the state and a development pipeline of more than 2000 lots.

Media enquiries to Duncan Macfarlane 0435 092 936