The housing market, like any market, sees trends and preferences which change over time. Obviously these trends can have quite an impact on the types of properties that people buy, as well as on how we as real estate agents market and sell our listings.
I read quite an interesting article by Martin Kelly in The Australian newspaper last week entitled 'How big is my castle?'. The piece considered residential property across Australia and the preferences of home owners when it comes to buying, building and renovating property.
Housing size
The most significant change is the size of housing. Residential blocks of land appear to be shrinking across the board as does the size of houses themselves. Interestingly however, the view of some is that lot sizes are decreasing more quickly than houses, resulting in larger block coverage and smaller backyards.
The article also addressed the misconception that a greater number of apartments than homes are being built in Australia; according to the Housing Institute of Australia the ratio of new apartments and townhouses compared to detached houses has remained steady over the past ten years.
Modern conveniences
Despite houses and blocks of land decreasing in size, it would appear that Australians still expect their homes to contain a variety of standard features which were once considered to be luxuries. Such comforts may include en suite bathrooms in every bedroom, double garages, entertainment/media rooms and so on.
Australians appear also to be paying a great deal of attention to their kitchens, with people choosing to install a variety of optional features and investing in expensive bench tops and finishes.
The garden
According to the article, Australians are increasingly opting for outdoor living, choosing home designs that seamlessly integrate backyards with indoor living areas.
This doesn't however mean that gardens need to be large in size – the reduced amount of work that comes with having a smaller outdoor space is actually preferred. The space must only be big enough to facilitate outdoor entertaining and should be nicely landscaped ensuring aesthetic appeal.
There's no doubt about it, homes have definitely seen tremendous change since when I first started out in the real estate business. It will be very interesting to see how different trends grow and change over the next few years.