Size of Perth lots decreases in 2013

By the resi financial blog team, 06 January 2014

Perth lot sizes decrease

The size of lots in new blocks in Perth has fallen by 9.2 per cent in the 12 months ending September 2013 than in the previous year, according to the latest figures from the WA branch of the the Urban Development Institute of Australia.

Affordability concerns are causing people to re-evaluate what they are looking for in a property, said UDIA (WA) chief executive officer Debra Goostrey.

In many cases, she added, people are willing to give up larger backyards and instead choose smaller lot sizes, either out of necessity or evolving lifestyle choices.

She explained: "The race towards smaller lots is continuing with the proportion of newly subdivided blocks smaller than 320 sq m lifting from 16 to 27 per cent over the last five years."

Smaller lots are providing to be popular among both first home buyers and baby boomers alike, as they represent an affordable option.

Ms Goostrey explained: "The over-65 segment is expected to increase twice as fast as the rest of the population in WA, so affordable, small housing is creating opportunities for home owners to downsize and realise the capital in their existing large home."

Whether you are looking for your first home or you are downsizing ahead of your retirement years, if you are planning to purchase a property in Perth, you may wish to explore your options when it comes to the best fixed interest rates.

This type of loan can give you peace of mind, because your payments will remain consistent - ideal for anyone who is keen to stay on-budget and keep their financial outgoings the same from month to month.

Categories: Home Loans