Australia heads towards an apartment drought
The Property Council is predicting an apartment supply crunch across some of the country’s largest housing markets, wh...
While unit prices have risen at a faster pace than houses over the last 12 months, new research has revealed that the house is still king when it comes to property purchases.
According to a survey conducted by PRDnationwide, 37 per cent of Australians believe a detached house on a 600sq m block within the inner 15km-ring of a CBD is the most preferable type of home.
The PRDnationwide survey found 33 per cent considered a coastal or regional property the most desirable, while 18 per cent wanted to live in a townhouse located six kilometres from the CBD.
PRDnationwide researcher Josh Brown said the remaining 12 per cent wanted to live in an apartment only three kilometres from the city.
Mr Brown said the poll of 1500 people nationwide revealed the ‘house is still king’.
“Certainly a growing number of purchasers are drawn to the low maintenance lifestyle that comes with living in a unit or townhouse but Australians have always loved their own space and a backyard is still one of the most requested attributes of a property,” he said.
The poll result comes only days after RP Data revealed that unit values outpaced those of houses in the five years to July 2011.
Mr Brown said it was not surprising that a third of respondents wanted to reside in a property away from the hustle and bustle of the inner city.
“Not all residents are dependent on the CBD for employment or other needs, and so living away from the CBD offers a number of advantages. Firstly, it means cheaper housing so larger lot sizes and better quality residences are more achievable in this area,” he said.
“Also, the quality of life in these areas can be alluring when you’re surrounded by the environment and serenity rather than building and noisy suburbs.”