Home prices hit new peaks across half of the country
Home prices are rising despite higher interest rates and an increase in listings on the market. They are now at their peak in half the regions in our country. Click here to read more
Home ownership is changing in Australia, with more buyers moving away from the traditional house.
These days, you also have the option of a townhouse, apartment or a single dwelling.
Depending on what you are looking for in a home, one of these types of properties may be more suitable.
However, they each come with drawbacks, so it’s important to know what you are buying to avoid making a bad investment.
When choosing between a house, townhouse and apartment, there are a few factors to think about.
This includes whether your family will grow and if you will need more space in the future. Meanwhile, if it is an investment property, location might be more important than the size of the property.
Answering the below questions before you buy should help you decide which property type is best for you, reducing the likelihood of making a costly mistake.
This is the traditional stand-alone dwelling where the buyer is purchasing the land on an individual title.
This is the most popular property type for owner-occupiers in Australia and allows the most flexibility and privacy. However, it has its drawbacks, including: more space to clean and maintain, higher utility bills, and sole responsibility for maintenance and repairs.
Duplexes also fall into this category, because, although they may share an adjoining wall, they usually stand on separate titles.
An apartment is a self-contained flat that is part of a bigger complex.
When you own a unit, you are on a strata title, which means the flat belongs to you but ownership of the common property is shared with the different owners.
It also means that you will belong to a body corporate and must comply with certain bylaws. As a member of a body corporate, you’ll need to pay body corporate fees, to cover the repair and maintenance of the common areas. The exact amount you pay will depend on the size of the lot you own, as well as the sizing of the building complex, its age and its amenities.
A cheaper purchase price and more convenient location tend to be the biggest benefits of owning an apartment, which means they’re generally best suited to property investors and single, first home owners.
A townhouse is a multi-level building designed to mimic a traditional house that is owned on a strata title. This means you own the dwelling but share the land with other people.
Typically, townhouses offer the space and privacy of a house, giving your family space to move around, and often come with an outside courtyard.
However, you still have a body corporate and, therefore, face similar restrictions to an apartment.
Home prices are rising despite higher interest rates and an increase in listings on the market. They are now at their peak in half the regions in our country. Click here to read more
The number of vacant rental properties across Australia has increased, improving conditions for renters looking for a home. Click here to read more