During the past 10 years, the apartment market has dominated residential development. If you look at the capital cities of Australia, the expanding skyline is a proof of it. Billions of dollars are going into multi-storey buildings to provide an urban lifestyle in the inner city. There are different types of properties in the area, including luxury and modest apartments. The latter is available at an affordable price, whereas, the former is relatively high in value.
Trending Apartment Lifestyle
In Brisbane alone, around 11,000 new apartments are due in the next four years. Due to the urban infrastructure plan, the number of high rise building has gone up in the outer area of the city. To stay competitive in the market, the key focus of developers is to maintain a high quality and not quantity.
On the other hand, the real estate market is slowly moving toward the development of townhouses.
Shift toward Townhouses
There is a rising trend of townhouses due to increasing demand for a better inner-city lifestyle. There is a shift in how people want to live. Instead of choosing an apartment, they are moving toward conventional lifestyle. Many people want to live in old style houses in the suburbs. There are two main reasons behind the increasing number of townhouses, including:
- Easing of restriction on the block size that has plenty of room for sub-division, and
- The focus on outer and inner urban community development
Newstead and West End in Queensland are two of the many communities where the number of townhouses is rapidly increasing. Instead, North Lakes also offers these residential homes as a part of their Masterplan community, which consists of modern townhouses.
These houses are a good option for those who struggle to find an affordable property and do not want to switch to an apartment lifestyle. It enables Australians to live in a family-oriented way.
Townhouses – A Great Downsizing Alternative
Townhouses serve as a great downsizing option for people with families. It is a perfect alternative for those people who cannot afford to live in big houses or apartments. On the other hand, you should go for apartments if you want
- Open space
- Low cost of maintenance
The idea of townhouses is not just for first time home buyers anymore. In fact, developers are creating luxury houses with proper fixture and fittings to reflect a high-standard lifestyle. These houses serve as a perfect place for couples with small kids because there are leisure spots and lawns. This provides a lot of space as a play area for kids.
The Benefits of Townhouses Outweigh the Cost
A shift toward townhouses has been quite beneficial for Australians. These houses offer everything at a very reasonable price. These houses have everything that a traditional house offers. The best part is that you do not have to spend a lot of money on maintenance because they are relatively smaller.
North Lakes is a well-established area. It has shopping centres, such as Ikea and Costco, and also has
- A day hospital,
- Community facilities,
- A cinema,
- And its own business hub.
In short, it offers a complete lifestyle and affordable living with a family-friendly way of living.
With rising mortgage rates and real estate prices in Australia, buying a townhouse is a better option. Having a comforting lifestyle is a dream of every house owner and they can make it happen by buying a townhouse in the suburbs. It does not occupy a large block, which greatly reduces the cost of maintenance. It also enables Aussies to make their mortgage repayments on time while allowing them to maintain the house in a good condition with very little cost.
The demand for apartments is still quite high as it allows people to live in a big space with minimum maintenance cost. Besides, they are in the close vicinity of the central business district, which makes it easier for people to commute to work.
Market forecasters expect that with increasing supply of apartments, the demand and price will go down, but only time will tell what happens next. However, with more people wanting to live in a house instead of an apartment, townhouses offer a great choice for affordable living, especially for young couples.
Speak to our team about making your decision today.