THE great Australian dream of owning a double storey house in the suburbs with a pool, and a large back yard – is no more…
Instead, more and more Australians would choose to own a townhouse or an apartment in close proximity to the city or other suburban centres.
According to a report from the Grattan Institute, home loan affordability was not the only concern of potential home buyers.
There are many myths and assumptions about housing, and what Australians really want.
The report, which surveyed 700 residents of Melbourne and Sydney, asked what home they would like to live in, taking into account housing costs and income.
To ensure that home buyers are able to afford to live in their chosen location – size and qualify of accommodation is sometimes sacrificed.
Just under 50 per cent of those surveyed in Melbourne indicated a preference for detached housing; the remainder opted for high-density housing.
Committee for Melbourne CEO Andrew MacLeod said the city had to address the shortage of high-density housing.
“This report clearly shows we would like the choice to live in different-style housing in our chosen areas. But those options simply don’t exist, because of the push to keep our suburbs as they are,” he said.
Melbourne’s struggle for affordable housing is set to increase with another report showing the city’s debt burden is “approaching Sydney levels” while Victoria’s property market is likely to weaken soon.
The Australian Local Government Association’s latest State of the Regions report suggested business confidence might evaporate in regions that depend on non-mining industries.