With over a third of its land being desert, Australia is rich in fertile land and natural resources. The country is recording high growth numbers in property values, with Brisbane closing at the top at a growth rate of 7.4% in quarter 2021. While Sydney and Melbourne are lagging in this sector, the overall property market in the country is hot, with house prices rising an average of 18.4% despite credit tightening and COVID-19 restrictions.
In Australia, property development has seen a surge, with new dwelling construction at 23.2% with $30 billion. There are five different types of property development Australia, and here’s how to pick the one that suits you.
Sydney real estate remains a prime market for investors and homebuyers. Despite high demand and limited supply, the city offers diverse opportunities, from waterfront homes to suburban developments. With its strong infrastructure, vibrant economy, and cultural appeal, Sydney is a desirable location for property investment. For navigating this competitive market, working with a buyer’s agent can provide valuable insights and access to exclusive listings, ensuring you make a sound long-term investment.
1. Bungalows
Bungalows are a popular choice for families with children as it affords privacy, safety, and a lot of open space for children to explore and play. These are stand-alone houses that are built from the ground up. It is made within the property’s boundaries and ensures that no regulations are violated.
The prices of such dwellings can be pretty high as they have a higher land-to-dwelling proportion when compared to other types of property development. You can still find something low-priced in the middle to outer-ring suburbs.
2. Duplex
Duplex means that two houses share a common central wall. It means that the houses can be next to each other or one can be on the lower floor and the other on the upper floor. Either way, they are an exact look-alike, and each can be owned and sold separately. They share the land equally and are a popular choice among investors as they require less land when compared to a bungalow.
3. Terrace Homes
A continuous row of similar-looking houses is called terrace homes. The concept was introduced in Australia in the 19th century from London and Paris and is quite elegant, wealthy and sophisticated. They are common in the suburbs of Sydney and Melbourne and very sought off due to high real estate prices.
4. Semi-Detached Homes
A semi-detached home is two houses sharing a common wall. It is built similar to a bungalow; only two are built on the same land with a common wall. It requires less maintenance, a popular form of property development in Australia, as they need less land for two dwellings.
5. Apartment
They are also known as studios, flats or condominiums and are found in large buildings with several apartments on each floor. They can vary in size and be used for individuals or families. They make affordable housing for those who cannot afford bungalows or duplex.
The best part of an apartment is that it requires less maintenance when compared to the home or semi-detached dwellings as there is limited open space. A common property maintenance service provider will handle the common areas such as public corridors, building structures, access ways and elevators.
The Australian housing market is booming, and the countrymen have a lot of choices for different types of property development. The top five are discussed here, and you can pick the one that suits your needs and budget.
