Downsizing – Terrace or Apartment?

Author
YNM Real Estate
Date
18 December 2021
Category
News

The original terraced houses in Australia are Victorian and Edwardian era terraced houses almost always found in the older, inner city areas of the major cities like Sydney and Melbourne.

Large numbers of terraced houses were built in the inner suburbs of these cities, mainly between the 1850s and the 1890s.

The modern suburban versions of this style of housing are referred to as "town houses". Terraced houses in Australian cities are highly sought after, and due to their proximity to the CDB of the major cities they are often expensive, much like terraces in New York City.

Terraces are becoming more and more popular, particularly with people who are downsizing, as they offer a few advantages over apartments. Most terraces will have a small courtyard or patch of garden out back, which is very appealing to those buyers who have pets, or who enjoy the availability of some degree of outdoor living. Terraces can also offer space and privacy that is not always possible in an apartment – many are spread over multiple floors, which means that children or young adults can be allocated their own floor.

Terraces also offer the advantage of being freestanding, so no Body Corporate to deal with, and no strata fees/levies. You also don’t have to share the basement and lifts and lobbies with other people.

An unrenovated terrace gives you the opportunity to create your own version of the perfect city pad – or, if you are not up for renovation yourselves, you could look for a renovated terrace.

Given that there is a resurgence of demand for these types of properties, they are bound to be a good investment. Nowadays, buyers are more concerned about location than land size. Terraces will generally have the internal size rather than the land space, and that is what buyers are currently targeting.

Of the more than 1.5 million dwellings registered in Sydney during the 2006 census, the Australian Bureau of Statistics shows 11.8 per cent of them are semis or terraces, the bulk of which are commonly found in inner-city areas such as Newtown, Chippendale, Darlinghurst, Kirribilli, Bondi and Paddington.

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