A recent report shows that Australia has surpassed the US in achieving the title of “home to the world’s largest houses.”
For many years, the Great Australian Dream has been presented as a huge home on an enormous suburban block. Less expansive, inner-city apartments were simultaneously perceived as cheap and far less desirable.
However, an increasing number of home buyers and tenants are considering whether it is more important to have a sprawling home with a big backyard or a property that does not break the budget.
For many, small apartments are now more appealing. With a growing number of childless couples and single-person households, a demographic shift is being observed as more people opt to live in and close to the big cities, attracted by employment and lifestyle opportunities.
Australian Bureau of Statistics figures show that, by 2031, between three million and 3.6 million one person households will exist in Australia. This is a huge increase on the 1.9 million one person households recorded in 2006.
An increase in demand for one-bedroom units is expected as Australians become more inclined to make property purchases based on what they can afford. Historically, singles and couples have sought two bedroom units, but as the median and rental prices for such properties increase, more people are recognising that one bedroom units are a more viable option financially.