Great Australian Home-ownership Dream No Longer A Case Of One-size-fits-all

The Age

Saturday April 23, 2005

BRIAN WELCH

IN RECENT years the great Australian dream seems to have changed. While home ownership is still the ambition of many, single and dual households are challenging the baby-boomer tradition of buying the three-bedroom house on the quarter-acre block.

Demand for larger homes still exists but not nearly on the scale it once did. Social and demographic changes have led to a re-evaluation of what the great Aussie dream means - and from what I can see, it is different for everyone.

Younger singles and couples without children typically work longer hours and have less time at home. With more women in the workforce than ever before, the traditional role of homemaker is no longer mainstream. Fewer hours at home suggest that the last thing singles or couples want to do when they do get home is to mow the lawn or weed the garden.

A smaller home translates to less maintenance, less cleaning, less need for ample furniture and ultimately more time for rest and relaxation.

The growth in demand for apartments and smaller homes has also been driven by another key trend - house values.

Today, the big home and backyard can reach twice or three times the price it did 10 years ago. This makes it increasingly difficult for younger generations to break into home ownership on this scale, without an exorbitant mortgage for life. In many cases, it's easier to buy smaller, for less, with a view to paying the mortgage off earlier.

It's not just younger people driving the move to "downsize". This trend extends to the other end of the demographic spectrum, where "empty nesters" no longer feel the need for a large home. When semi-retirement or even full retirement often means more time for travel, maintaining a large home is just not viable.

Living in a unit or apartment is also particularly appealing to older singles, who can feel increasingly isolated in their community as they grow older and become less mobile. Unit living usually means more interaction within the neighbourhood and provides a sense of security in knowing that others are close by.

So if you're thinking of downsizing, chances are there's a style of home designed for your age or situation. It may not be the traditional Australian dream but if it suits you, then I'd say that dreams come in all sizes.

Brian Welch is the executive director of the Master Builders Association of Victoria.

© 2005 The Age

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