How supply, population and urban boundaries will impact housing in our future
What is the Australian Dream?
It’s a dream that has been passed down through the generations – one day, we will grow up and own a house with a backyard. We have been almost conditioned to believe in The Australian Dream, but in recent years, it has done more harm than good.
With the desire of many homeowners to live in the inner-city in their dream home and location, property prices have surged. Suburbs like Tamarama in NSW have seen the median house price increase by $3 million over ten years; in East Melbourne prices have increased by a staggering $2.89 million.
Mortgages are at an all-time high with many homeowners stretching their budgets to make their property dream a reality. Australia-wide it was recorded in November 2017 that there were 62,000 home loans totalling and eye-watering $24 billion.
For some of these homeowners, especially first homebuyers, they aren’t currently living in their dream home, but instead working their way towards it. This can mean buying in the outer suburbs and working their way into the inner-city, or buying a smaller inner-city property and eventually selling for a profit and upsizing.
According to realestate.com.au data, Australia’s most viewed property is a four-bedroom house followed closely by a three-bedroom house.
Despite the demand for four-bedroom properties, Census data shows the majority of Australians own three-bedroom houses, suggesting many are settling for a smaller home than they actually desire, or responding to lack of supply in the market.
The most in-demand type of home per suburb varies across the country.
For a three-bedroom home, the highest demand is in Richmond in Victoria, Paddington in New South Wales, Norwood in South Australia, Howrah in Tasmania, Indooroopilly in Queensland, Alawa in the Northern Territory, Ngunnawal in the ACT and Subiaco in Western Australian.
For a four-bedroom home, the most views per listing are in Eltham in Victoria, Paddington in New South Wales, Prospect in South Australia, Sandy Bay in Tasmania, Holland Park West in Queensland, Harrison in Australian Capital Territory, Malak in the Northern Territory and Floreat in Western Australia.
These property types lend themselves to fulfilling the current Australian Dream of owning a house and land, but as our population increases and the amount of available land declines, exerts say the face of urban design will need to change.
Find what type of home is the most in-demand in each suburb across Australia with the link below, or read more: