Reimagining Housing: Space Property Sets Out to Solve Australia’s Housing Crisis
The Australian property market is in the midst of a significant transformation. Rising property prices, increasing demand, and the need for smarter, more affordable housing solutions are driving families to rethink how they approach homeownership and investment. In Victoria, where property prices in key suburbs continue to skyrocket, finding a home to either rent or buy, that balances affordability, sustainability, and flexibility has never been more crucial.
This is where Space Property enters the landscape. Founded by John Wong, Space Property was created with one mission: to make high-quality, affordable housing accessible to every Australian family. Through innovative prefabricated (prefab) housing, Space Property is reshaping the way families approach their living spaces, offering them modern, customisable homes that can be built faster and at a fraction of the cost of traditional builds.
Understanding the Property Market Pressures
It’s no secret that Australia, and particularly Victoria, has been grappling with a housing affordability crisis for years. In Melbourne, median property prices have surged, pushing homeownership out of reach for many young families. In suburbs like Toorak, Brighton, and even up-and-coming areas such as Coburg, the average home price has escalated significantly.
According to recent CoreLogic data, Melbourne’s property prices increased by over 5% in the past year, while rental vacancy rates remain at historic lows, placing even more pressure on housing supply. As land values and taxes continue to rise, construction costs are following suit, creating barriers for families looking to expand or build a second dwelling for extended family or investment purposes.
“The Australian dream of owning a home should not feel impossible,” says Space Property Founder John Wong. “At Space Property, we’re helping to bring this dream back within reach by offering affordable prefab homes that are quicker to build, easier to finance, and designed to meet the needs of modern Australian families.”
Why Space Property is the Solution for Families
Prefab homes are not a new concept, but their relevance has grown exponentially in recent years, especially in response to the increasing demand for affordable, flexible housing. Traditional homes are expensive and can take up to a year to build, not to mention the potential delays and unexpected costs that often arise during the construction process. Prefab homes, on the other hand, can be constructed and installed in a fraction of the time, with many not even requiring local council design approvals.
John Wong explains: “With more than 30 years combined real estate experience, we founded Space Property because we saw an opportunity to disrupt the traditional construction model. With the housing crisis intensifying, we wanted to offer families a smarter solution. Our prefab homes are built off-site in a controlled environment, which significantly reduces construction costs and timelines. We’re able to deliver a custom-built home in just a matter of weeks, not months.”
This speed-to-market is a game-changer for many families, particularly those looking to build a second dwelling on their existing property. Whether for rental income, extra space for extended family, or even a home office, prefab homes offer a flexible, affordable option that can adapt to a family’s evolving needs.
How Space Property Aligns with Market Trends
The current Victorian property market highlights the importance of finding alternative solutions to the housing supply issue. Many homeowners are turning to second dwellings to make better use of their under-utilised backyard. This trend is not only driven by affordability but also by the need for flexibility in living arrangements.
For example, we’ve seen many families are building granny flats or secondary dwellings to accommodate aging parents or adult children. Others are opting for these additions to generate rental income, helping to offset rising mortgage costs. Prefab homes are perfectly suited for this trend, offering a cost-effective and time-efficient way to build a second dwelling without the need for lengthy development approvals.
“At Space Property, we’ve designed our homes to be modular and customisable,” Wong adds. “This means that families can choose from a variety of floor plans and design options to create a home that suits their specific needs—whether that’s a granny flat for an elderly parent, a rental unit for extra income, or a trendy studio for remote work. We handle the entire process, from design to approvals and permits, making it as easy as possible for our customers.”
The Space Property Difference
What sets Space Property apart from traditional homebuilders is the company’s commitment to providing both affordability and flexibility without compromising on quality. Each home is built with high-quality, durable materials that meet Australian National Construction Code (NCC) standards. The homes are also designed with sustainability in mind, offering energy-efficient features that reduce long-term utility costs for homeowners.
For families in Melbourne, where housing affordability is a major issue, Space Property offers a lifeline. By building quickly and affordably, Space Property helps families not only save money upfront but also create additional income streams through second dwellings or rental properties.
“Victorian families are under increasing pressure to make smart property decisions,” Wong says. “We believe that building your second home should be an exciting and stress-free journey. With our expert team, we provide a full service to turn your unused backyard space into a home - from design to financing and aftercare, we’ve got you covered every step of the way.”
Looking to the Future: Space Property’s Vision
As the property market continues to evolve, Space Property’s vision remains clear: to provide high-quality, affordable housing for every family in Australia. In the coming months, the company plans to expand its operations beyond Victoria, offering its innovative prefab solutions to families across the country.
“Our goal is simple,” Wong says. “We want to make homeownership accessible to everyone. With rising property prices and increasing construction costs, we believe this smart technology prefab homes are the future of housing in Australia. We’re excited to help families create the homes they need, at a price they can afford.”
As the housing crisis intensifies, Space Property is well positioned to be a leader in the Australian property market, offering a solution that is both innovative and practical. For families seeking a way to break into the housing market or expand their existing property, Space Property provides the tools to make it happen - quickly, affordably, and with style.
Discover more about our innovative prefab homes and how we can help you achieve your housing goals.
