Houses and blocks of land becoming smaller
“A new Great Australian Dream would look more like a row of terraces than a McMansion”
The great Australian dream of owning a house on a quarter-acre block, while unrealistic for many first homeowners lends itself to investors wanting multiple properties with the goal of comfortable retirement income.
NSW Planning Minister Rob Stokes said at an Urban Development Institute of Australia NSW event on Wednesday that “due to the scarcity of land and geographical boundaries in Sydney, the Australian dream is unravelling for first-home buyers in 2016 [increasing the need for rental properties].
“In 1975 … Sydney was a homogenous sprawl of terracotta roofs. To buy a house it [then] cost four times the average salary – today, the same home costs at least 12 times the average salary,” the minister said.
“Already 6.42 million people will call Sydney home in 20 years. As a result, a new Great Australian Dream would look more like a row of terraces than a McMansion.
“A house on an 800-square-metre block, commonly found in many Sydney, could easily be redeveloped into five terrace houses,” he added.
The same concept applies to Melbourne, many larger blocks, i.e over 600 sqm are being developed, and townhouses/ units are being constructed. Populations are becoming more condensed, crammed into a smaller area. Interestingly people are working longer hours, traffic is getting worse, the Victoria Government has a Premier that is best suited to tending sheep than running a state, and is detached from the reality of the congestion problems of Melbourne’s traffic, case in point was wasting 500 million by cancelling the East West Link construction, he is a contract breaker.
The point though is that people are spending less time at home, and perhaps smaller dwellings will ultimately suit this lifestyle. Lower maintenance, less cleaning is a benefit.