As the real estate market continues to undergo a number of natural changes, a certain phenomenon is gripping the residential areas amidst the urban sprawl. Rather than expanding outwards, many homes are choosing to expand upwards, adding a second storey to homes and more for business and office buildings. This seems to be the current trend in the urban areas, particularly in big, capital cities such as Sydney and Perth.
The Trends
Although the government would much prefer outward expansion to see some motion to the outer suburbs, the current trend right now in the cities seems to be that of upward movement, that is, bigger buildings rather than more. Not only is this true in capital cities; more residential areas now also have houses and corporate buildings being built bigger than ever.
This seems to be causing a number of minor problems for the cities, such as noise and flight complications and shadow casting, but overall, this is a good thing for people that live in these areas. Some laws to regulate these buildings are being explored, but nothing has been established yet —this will probably take some time.
The Advantages
One reason that people are happy about this recent trend in taller buildings is that it will contribute to a rise in property values. Investors like to see bigger houses because their value tends to be greater, thus gleaning a greater profit on the investment side.
However, financial reasons aren’t the only ones that drive this trend. Two-storey and bigger are desirable to families because they offer them more space for rooms, items and daily activities. In addition, bigger homes tend to be a status symbol of success, which everyone is looking for.
Moving on Up
The most recent trend in housing developments is not of the outward movement, but upward in the form of bigger homes and bigger buildings. In addition to larger skyscrapers in large capital cities, second storey additions are being added more and more to Perth area homes for both financial, practical and aesthetic reasons.
To learn more about how you can expand your home upward, please call Max Sardi on (08) 9240 5888.