A Changing Australian Housing Landscape
It’s very important to keep abreast of shifts in the housing market for making the most informed decisions and property transactions. While the ‘Great Australian Dream’ of home ownership remains, its nature is indeed changing due to population increases and changes to people’s preferred lifestyle, with increasing numbers now seeking lower levels of home maintenance.
The nation’s population has surged and is amongst the fastest growing countries in the world. In addition, more people are living in single person households than ever before. These factors, along with price growth, slow infrastructure re-development, and high population densities in and around capital cities, are driving a trend towards higher-density accommodation – and creating pressure to buy further from the city. The unit, apartment and townhouse sector is responding accordingly with solid price growth.
Larger, quarter-acre blocks are no longer the norm, especially in capital cities. In fact, 91% of properties recently sold within 20 kilometres of city centres were positioned on smaller blocks. While the quarter-acre block with relative CBD proximity is still able to be found, it is today fetching higher prices due to is rarity, and is expected to make even higher capital gains into the future. Development sites too are increasingly based on smaller land lot areas. Of course, larger block sizes are much more available further out and in regional areas.
For further information to facilitate the best property decisions, please contact your local Raine & Horne office.
