Does size matter in homeownership? With Australia’s population growing by 1 to 2 per cent a year over the last two decades, with the rise in Greater Brisbane alone being 2.1%, there has been a considerable rise in demand for housing and accommodation. This rise in urbanisation required the construction of large apartment complexes across the country. The recent construction boom compensated for the shortage in housing supply, which in turn boosted vacancy rates, and reduced the demand for rental housing.
In well-populated cities, homebuyers could opt for personalised houses like those offered by some custom home builders in Brisbane, for example, to meet their needs. The last home market boom (between 2012 and 2017) lifted dwelling prices by nearly 150%, 20% in Brisbane alone. The pricing boom also caused a significant rise in housing supply, which partly offset previous underbuilding years, bringing demand and supply for housing closer and closer.
The most recent construction cycle peaked two years ago. Since then—the leading metric for construction activity in Australia—the building approval rates are nearly 70% lower.
Problems with large apartment complexes:
Families that live in apartment complexes would agree when one points out the lack of freedom available to them when they would like to have guests over and play some music. This disadvantage is a hindrance to families, who have to live their lives controlled by their neighbours and homeowners associations. Some homeowners find it an inconvenience when their children are not allowed to play sports in shared spaces and have to risk their children by making them take a solitary walk to the park. Else, they have to take some time off their schedule to drop their children off at the nearby park.
Homeowners find maintenance charges they pay monthly to keep their complex clean and tidy to be hardly fruitful. Most complexes have heavy wear and tear due to plumbing issues, malfunctioning A/C units, pest control problems, faded paints, and poorly maintained elevators. Modifications inside apartments are highly regulated by HOAs apart from the regulatory bodies.
Is smaller better?
In general, smaller or private housings do not always benefit from the availability of amenities like a swimming pool or a gym but boast the well sought after privacy and freedom. Homeowners with emotional attachments to their childhood homes sometimes use the expert services of custom home builders in Brisbane to demolish and reconstruct their dream homes in the same community. After a stressful and monotonous day at work, nobody likes to come home and look at a house that is not pleasing to them. The house is where a person stays, but a home is where the heart lies, and our heart always looks for something cosy and comfortable, which one usually finds in a place they decide upon and not one that decides upon them. Research conducted by GoodHome Report highlights how a home is not only where an individual can be true to themselves but is also a place where they restore their spirit.
In conclusion, to answer the question that is asked quite often in today’s world, while a bigger house does have its perks, one would benefit from a smaller, personalised home, especially in a bigger city.