Own a good house with a good backyard summarises it all.
Many Australians work hard in their jobs and/or businesses to afford their first home. Individuals, couples and families think of having or buying their own homes one way or another (and that dream might have started back during their school years).
But then, the great Australian dream has been shrinking through the years. Instead of the 4-bedroom house, more and more people now are settling for a home with 3 bedrooms. Also, some might be preferring a smaller and less-than-ideal residence closer to the workplace in exchange for that dream home.
The investment mindset towards a home purchase
Aside from living the dream, more and more Australians now take an investment mindset towards buying a home. As land availability declines, prices go up. So in many cases, property prices are likely to go up in the long run. Also, a huge nearby commercial or public development could further drive up residential property prices. In other words, first or early movers reap most of the benefits.
However, the costs of land, construction materials and labour also go up. Mortgage stress would be intolerable especially for many first homebuyers. In fact, many first homebuyers tend to settle for something less once they’ve realised the entire costs of purchasing or building their own custom home. It could manifest in the form of settling for a smaller floor area, smaller bathroom, smaller kitchen, fewer bedrooms and fewer home features.
The entire costs could still be justified with achieving the Australian dream and thinking of the home as an investment. It’s for the long term, which is why many Australians are willing to cut on other expenses to afford their first home.
What can you do then?
House prices (especially in Sydney and Melbourne) have increased by at least 50% during the last few years. The limited supply is one main reason. Perhaps the rate of home selling and new construction can’t just keep up with the demand and growing population density in the “dream locations.”
To somehow attain the Great Australian Dream, people now endure longer commute times to work. For these individuals, couples and families, they prefer a lifestyle property (which can still be achieved at a lower price) over a shorter and more convenient commute time. After all, the goal or the dream of having a beautiful home always takes priority.
Other people choose to have custom homes built that closely match their current needs and lifestyle. New couples, starting families and would-be first-time homeowners also consider the evolution of their family, career and business. Also, some people consider aging (they plan to grow old with the home) which is why they opt for single storey house plans.
In all these cases, achieving the dream might first start with defining it. What’s your current lifestyle? Perhaps it’s good to make the house livable first (with the most desired features) instead of giving it all the features. A few years later you can plan for renovations and additions as needed. This level of flexibility can make the dream more attainable.
Here at Hume Building, we can help you achieve that. If you’re planning to have a custom home built, our team will listen to your unique requirements and vision. Our aim is to execute the client’s vision while closely controlling the resources being spent on the dream. Contact us today for more information.
