The missing ingredient in affordability talk

A lot of this discussion has been focusing on interest rates, assistance for first home buyers, and the issues around housing supply and demand across Australia. However, I am wondering whether perhaps we are overlooking an additional part of this equation.

You see, it’s fine to be talking about different strategies to create more housing in order to take the pressure of the supply part of the market…but are we creating the RIGHT type of housing? i.e. The type of housing that we really need?

Recent data from the Australian Bureau of Statistics shows that the majority of households in Australia are made up of one or two residents. In fact, around 27 per cent of households are single residents, while a further 31 per cent are couples without dependants. Only around 30 per cent of our households are families with dependants.

Yet despite that fact that 61 percent of Australian households have one or two residents, the latest data from Cotality, (formerly known as Corelogic), shows our housing stock is not really catering to these people. Here in Victoria, just 25.2 per cent of homes has 1-2 bedrooms, whilst more than double that amount, (68.9 per cent) have 3-4 bedrooms!

Now, I clearly have nothing against larger homes, and I know that bedrooms can have other uses, such as an office in this era of walk-from-home options, but you’ve got to wonder whether we need to rethink how we approach building new homes in these interesting times.

On a more local level, I’m pleased to report that buyer enquiry levels have continued to show strength over the past month, right across the spectrum from one bedroom to four and above. That’s great news for anyone planning a Spring sale.

So if you need any advice or assistance in getting your property ‘market-ready’, don’t hesitate to give us a buzz at Barry Plant Thomastown on 9466 3233.

Best wishes,

Con Constantinou

Barry Plant Thomastown