Deciding what kind of home to purchase is never a straightforward decision. You’ve got to make sure your new abode is right for you, your family and your budget. It should compliment your lifestyle, offering a convenient and relaxing environment in which to live.
One of the first decisions to make when finding the perfect home is deciding what kind property is right for you – a detached property or an apartment. There’s pros and cons to each, and what’s right for you will depend on your preferences and your specific situation.
At Ray White, we know a thing or two about finding the right property, so we’ve formulated a list of the pros and cons of detached houses to help you make one of the biggest decisions you ever will.
One of the first things to consider when purchasing a property is how much room you need. Data from 2010 shows that our detached homes are the largest in the world, averaging at over 240 square metres.
If you’re raising a family, or living with several other people this extra space might be essential. You’ll have plenty of room to move, each family member may get their own room and the extra space will ensure that your home won’t be in a constant state of mess and confusion. You also may be lucky enough to find a home with a back lawn, perfect for pets or providing a safe place for your children to play.
This extra space can help provide the room you need to enjoy a relaxing lifestyle. You may be lucky enough to have a sunny deck for barbecuing, perhaps a garden to relax in or even an entertainment room to hide from the kids in.
All that extra space may be great for finding a little peace and quiet, but it also may mean more maintenance is required. ABS data shows that Australians spend over 2.5 hours a week on maintaining their homes and grounds on average. If you live in a detached house you’re likely to spend even longer, a prospect that may put off those who lead overly busy lifestyles.
A separate ABS report shows that Australians spend almost $2,000 on maintenance a year on average.
This is an extra cost that you will have to build into your planning, and allow room for in your home loan.
CoreLogic RP Data reveals that if you purchase a detached home it’s more likely to gain in value in most areas of Australia. In fact, houses gained more in value (or lost less) in every capital city except for Adelaide during the year ending September 30 2016.
This disparity was particularly evident in Sydney, Melbourne and Brisbane where houses grew in value by at least 2 per cent more than units.
A Housing Industry Association report reveals what may be the reason behind these changes – houses are steadily decreasing as a total percentage of dwellings. It’s unlikely that demand for them is decreasing however, pushing prices up.
This means that on average houses cost more than units almost everywhere in Australia. CoreLogic shows that across our five biggest capital cities, they are at on average at least $200,000 more expensive than units.
If you’re in Sydney and Melbourne this price difference is particularly pronounced as detached homes cost on average at least $300,000 more than units and apartments. Because of the extra costs when purchasing you may have to sacrifice on certain things like location to be able to afford a detached home.
However, considering the impressive capital gains that houses have been experiencing, they may be a better option in the long term if you can afford the lofty purchase prices.
There’s no one size fits all solution for selecting the right home, so even with all of this information you may remain a little unsure. Get in touch with a local agent at for a little help narrowing the field and finding the perfect property for you and your family.