3 reasons townhouses are winning popularity
Construction of townhouses has ramped up following a surge of interest prompted by pandemic shifts.
“It is easier to sell townhouses now compared to a couple of years ago and buyers, especially professional couples and young families, are buying them,” observed Casey Wang, an agent with Barry Plant in Melbourne’s Doncaster East.
Motivating buyers’ interest are several changes in both public perception and the market landscape that have largely come about since the onset of the pandemic.
1. Escalating house prices
Barry Plant’s agents have reported that while rising house prices have put the dream of owning a standalone parcel out of reach for a lot of buyers, townhouses are seen as the next best option, offering many of the benefits such as a yard and individual access that apartments generally lack.
They are also often a more affordable option for those who are tied to living in a particular area where house prices have escalated out of reach for a level of buyers.
“Land for houses is getting scarce and house prices are higher, so townhouses, especially in good locations and sought-after school zones, are in high demand,” Ms Wang said.
2. More space than traditional apartments
While apartment developments have been adapting to Australians’ desire for increased living space as COVID kept them at home, townhouse complexes are significantly ahead on this trend, generally offering more units with multiple bedrooms and increased outdoor space.
Michael Egan, sales manager with Barry Plant Bundoora, said that size as a motivating factor behind the rise in popularity of townhouses was evidenced by the fact that smaller townhouses were still harder to sell.
”There is stronger demand for larger townhouses by those wanting a low-maintenance lifestyle with a bit more size, and double-storey townhouses with four bedrooms are ideal,” he said.
“The trend is towards higher quality and more space, with perhaps a downstairs main bedroom with 22 to 24 squares of living and on 250 to 300 square-metre blocks.”
3. Low-maintenance lifestyle
COVID prompted many lifestyle shifts, including a move towards regional areas and a firestorm of renovations to adapt homes to meet residents’ desires.
But for some, the time at home during lockdown and ensuing remote-work options showed that what they really want out of their living space is a low-maintenance lifestyle.
The nature of townhome developments means that with constant complex maintenance, even older facilities are often move-in ready with little renovation required.
A recent building spree also means that a lot of the options out there are newer, more modern constructions.
“Many buyers like to buy new or modern homes, and townhouses are ideal because buyers can just move it and not have to do any renovations,” Ms Wang said.
Supply chain issues impacting construction are another reason why low-maintenance townhouses have been gaining in popularity.
“Townhouses will become more popular, with many people buying now because of rising construction costs,” Ms Wang said.
Mr Egan agreed that trend is likely set to continue.
“The demand is very strong in desirable suburbs with access to the city and for good calibre homes.”
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