{"id":20520,"date":"2018-03-15T01:00:36","date_gmt":"2018-03-14T14:00:36","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20520"},"modified":"2018-03-15T01:00:36","modified_gmt":"2018-03-14T14:00:36","slug":"are-townhouses-becoming-more-popular-than-houses-in-melbourne","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/are-townhouses-becoming-more-popular-than-houses-in-melbourne\/","title":{"rendered":"Are townhouses becoming more popular than houses in Melbourne?"},"content":{"rendered":"

Part of Melbourne\u2019s property landscape \u2013 and identity \u2013 has always been its iconic terrace houses.
\nBuilt mainly in the 19th Century, they remain some of the most desirable properties in the inner-city with most ripe for\u00a0renovation<\/a>\u00a0\u2013 if you can afford to buy one in the first place.
\nAfter Federation we mostly stopped building them because detached housing had become more popular \u2013 and remained that way for generations.<\/p>\n

The rise and rise of townhouses<\/h3>\n

Over the past five years, though, it seems that our love affair with houses may be on the wane, with townhouses taking over.
\nAnd our new property paramour is evident in the\u00a0latest Census results<\/a>\u00a0with declining numbers of houses but an increasing number of townhouses and semi-detached properties, etc. in Greater Melbourne and across Australia, too.
\nIn 2011, according to the Census, 9.9 per cent of Australia\u2019s housing stock were townhouses etc. but by 2016 that number had risen to 12.7 per cent, which represented an increase of about 285,000 dwellings.
\nAt the same time, the numbers of houses reduced from 75.6 per cent of stock to 72.9 per cent.
\nIn Greater Melbourne, the numbers speak for themselves. By 2016, according to the Census, 16.8 percent of the housing stock were townhouses, etc. 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.
\nThose numbers prove that townhouses are on the way up and are likely to keep heading in that direction.<\/p>\n

Where have the houses gone?<\/h4>\n

\"Townhouses\"
\nClearly there are a number of potential reasons for townhouses becoming more popular than houses.
\nThe first one is affordability given the land component is smaller and therefore less expensive, which is a good thing for\u00a0first-time property buyers<\/a>\u00a0in Melbourne and elsewhere.
\nSecondly, Melbourne\u2019s population is booming and we\u2019re not growing any more land, so it makes sense to house people closer to the city to reduce congestion on our roads as well as to improve lifestyles generally.
\nThis has been recognised by the Victorian Government who announced a raft of\u00a0reforms to its residential zones<\/a>\u00a0earlier this year.
\nThirdly, the rise in townhouse construction is partly being driven by small property developers, including more advanced investors.
\nKnocking down an old house and constructing a dual-occupancy property like a townhouse on it can reap financial rewards \u2013 as long as you have the necessary expertise to do so or work with experts along the way to show you the ropes.
\nOf course, small property developments can be more complex to finance so it\u2019s vital that you understand the\u00a0different construction loans<\/a>\u00a0available.
\nAnd it\u2019s a no-brainer that you\u00a0must conduct a detailed feasibility analysis \u2013 including understanding town planning requirements and restrictions \u2013 before you sign on the dotted line for a potential townhouse development site.
\nTownhouses may be the way of the future, but you don\u2019t want your construction of one to leave you financially in the past.<\/p>\n

Getting the right financial advice<\/h3>\n

It\u2019s clear that townhouses will continue to become more popular as our population grows and more people choose lifestyle over a big backyard.
\nReplacing an old house with a townhouse development can be a lucrative wealth creation strategy as long as you understand all of the financial pros and cons before you begin.
\nThe world of banking and finance can be a pretty daunting one for both novice and sophisticated investors and since our establishment in 2002 we\u2019ve focused on providing outstanding service and business standards.
\nThis approach has been vindicated many times by our\u00a0multi award-winning approach<\/a>.
\nSo, if you\u2019d like to understand more about townhouse developments, why not contact Intuitive Finance today to ensure you have the right information and expert support on your side from the very beginning.
\nIf you\u2019d like an expert to teach you more about property development finance or if you have any other questions, please just\u00a0contact us<\/a>\u00a0directly and we\u2019ll be in touch.
\nOriginally Published on:\u00a0 https:\/\/intuitivefinance.com.au\/townhouses-more-popular-than-houses-in-melbourne\/<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Part of Melbourne\u2019s property landscape \u2013 and identity \u2013 has always been its iconic terrace houses. Built mainly in the 19th Century, they remain some of the most desirable properties in the inner-city with most ripe for\u00a0renovation\u00a0\u2013 if you can afford to buy one in…<\/p>\n","protected":false},"author":176692471,"featured_media":20521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,13,25],"tags":[70],"class_list":["post-20520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-andrew-mirams","category-latest-story","category-sponsored-channels","tag-featured"],"yoast_head":"\nAre townhouses becoming more popular than houses in Melbourne? - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/are-townhouses-becoming-more-popular-than-houses-in-melbourne\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are townhouses becoming more popular than houses in Melbourne? - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Part of Melbourne\u2019s property landscape \u2013 and identity \u2013 has always been its iconic terrace houses. 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