10 Reasons why townhouses are more popular than apartments
The popularity of townhouses to live and invest throughout Australia is surging.
In 2011, according to the Census, 9.9 per cent of Australia’s housing stock were townhouses but by 2016 that number had risen to 12.7 per cent, which represented an increase of about 285,000 dwellings. At the same time, the numbers of houses reduced from 75.6 per cent of stock to 72.9 per cent.
In Greater Melbourne, the numbers speak for themselves. By 2016, according to the Census, 16.8 percent of the housing stock were townhouses, up from 11.6 per cent five years before. The number of houses correspondingly reduced from 72.6 per cent in 2011 to 67.8 per cent in 2016.
This is also reflected that the value of medium density (townhouse development sites) By value, the portion of medium-density development sites sold in Australia in 2016-17 was 13.8 per cent, up from 6.3 per cent a year earlier.
Townhouses combine the best attributes of off the plan apartments, house and land packages and established homes, here are just 10 of the top reasons why townhouses are the future
Townhouses are an affordable solution to established homes on larger blocks of land. It offers the most affordable was to buy a dwelling in their desired suburb
- Townhouses offer ‘lock and leave’ low maintenance, particularily when it comes to outdoor areas
- Townhouse design and size allows for it to be a ‘bridge’ to an alternative location or price point as well as one stop dwelling solution. One property over a lifetime rather than up-size and down-sizing
- Townhouses offer security, row housing with front door or garage door as entry point due to multi-level living template
- Townhouse offer less land footprint to established homes so comparably a reduced level of annual duties, rates and taxes and comparably less annual levies such as body corporate fees in comparison to medium and high density apartment developments
- Townhouses off the plan are turn key, that is, include blinds and landscaping so you dont need to make any improvements or adjustments, just need to move in
- Townhouses are simpler to purchase than house and land packages, being 10/90 contract of sales rather than 2 part contract with payment draw downs
- Off the plan townhouses have significantly less construction than an apartment building so the ‘wait time’ for your new home is reduced
- Off the plan townhouse are environmentally designed, efficient and cost less to run than established homes, aspect taking into consideration ventilation and natural light
- Townhouses as an investment property attract all demogrpahic of tenants
These are just a few of the many reasons off the plan, under construction and complete townhouses are preferred over and above apartments and house and land packages, we will continue to comment on townhouse market trends and design and look forward to hearing your feedback.