How to choose the right type ?

In Melbourne, the variety of property types is vast. How can you align your needs with the right type of home?

How do you choose your dream house?

Today, Core Elite Real Estate will guide you on how to select the perfect property in Melbourne.

For any property-related questions or purchasing needs, click the link below to contact us and get expert advice immediately!

With the changes in various policies, homeownership in Australia has also evolved. At the same time, buyers’ preferences for different types of properties have shifted, and traditional houses are no longer the only choice for buying a home in Melbourne.

Today, if you want to buy property in Melbourne, you can choose from townhouses, apartments, or standalone houses. Each option caters to different types of buyers, so it’s essential for purchasers to understand their needs and choose the property that best suits them.

Next, we’ll introduce the benefits and drawbacks of these three property types.

Twonhouse

Apartment

House

Apartment

Melbourne apartments are the most familiar option for international students, workers, and other renters. Apartments are generally more affordable and conveniently located, making them an excellent choice for both investment and personal residence.

PROS

Affordability: Apartments are typically more affordable than standalone houses or townhouses, making them a great option for first-time buyers or investors with a limited budget.

Convenient Locations: Apartments are often located in central or high-demand areas, close to public transport, shops, dining, and other amenities, providing easy access to city living.

Low Maintenance: Apartment buildings generally include maintenance services, such as landscaping or building repairs, which reduces the upkeep responsibilities for the owner.

Amenities: Many apartment complexes offer shared facilities like gyms, pools, and communal spaces, adding extra lifestyle benefits without additional cost.

Rental Demand: Apartments are highly sought after by renters, especially in urban areas, ensuring a steady rental income for property investors.

CONS

Limited Space: Apartments often have less living space and storage compared to houses, which may not be ideal for families or those needing more room.

Body Corporate Fees: Apartment owners must pay strata or body corporate fees for the maintenance of shared spaces, which can be expensive over time.

Lack of Land Ownership: When buying an apartment, you only own the unit itself, not the land, which can limit long-term value appreciation compared to standalone houses.

Resale Challenges: Apartments, especially in over-saturated markets, can sometimes face slower capital growth and tougher competition when selling compared to standalone homes.

Townhouse

A townhouse is a multi-level residential property that combines elements of apartments and standalone houses. Typically, townhouses share one or more walls with neighboring units but have private entrances, small gardens, or garages. They offer more space than apartments while being more affordable and lower maintenance than standalone houses.

PROS

Affordability: Townhouses are more affordable than standalone houses but still provide more space than apartments, making them a cost-effective option.

Private Outdoor Space: Many townhouses come with small yards or gardens, offering outdoor areas without extensive maintenance.

Community Living: Often located in planned developments, townhouses provide access to shared amenities like parks or pools while fostering a sense of community.

Balance of Space and Location: Townhouses often offer a good compromise, providing more living space than apartments while still being located in convenient areas.

CONS

Shared Walls: Sharing walls with neighbors can lead to noise issues and reduced privacy compared to standalone houses.

Body Corporate Fees: Some townhouse developments have strata fees to cover shared spaces, which can add to ownership costs.

Limited Land Ownership: While townhouses often include a small yard, the land size is usually smaller than a standalone house, which can affect long-term value.

Resale Competition: Townhouses may face competition from newer developments or other properties in the same complex when it’s time to sell.

Standalone House

A standalone house, also known as a single-family home, is a detached property situated on its own land. It offers complete privacy, no shared walls, and typically includes larger living spaces, outdoor areas, and gardens. Standalone houses provide full ownership of both the structure and the land, offering long-term investment potential.

PROS

Privacy: Standalone houses offer maximum privacy with no shared walls or neighbors in close proximity, ensuring a peaceful living environment.

Land Ownership: You own the land the house is built on, which often appreciates in value over time, making it a solid long-term investment.

Customization: Standalone houses allow greater freedom for renovations, extensions, and landscaping, enabling you to personalize the property to your needs.

Space: These homes typically offer more indoor and outdoor space, making them ideal for families or those who need larger living areas.

CONS

Higher Cost: Standalone houses are usually more expensive to purchase compared to apartments or townhouses, both in terms of upfront price and ongoing maintenance.

Maintenance Responsibilities: Owners are fully responsible for all repairs, upkeep, and landscaping, which can be time-consuming and costly.

Less Convenience: Houses are often located in suburbs rather than central areas, meaning longer commutes and less access to amenities.

Utility Costs: Larger homes typically incur higher utility expenses for heating, cooling, and electricity, increasing overall living costs.