Australians who want to secure a mortgage in their initial step on the housing ladder may not get as much land, compared with previous generations.
John Thurtell, General Manager of builder PJ Burns, said that most new homes today feature smaller backyards.
He added that terraced block sizes could be as small as 7.5 m by 25 m, although the decrease in outdoor space could be due to the fact that many potential mortgage customers prefer to enjoy sports and other activities elsewhere.
“This is not just about affordability, but also liveability. More efficient block sizes situated near parks, public transport, places of employment and other amenities will make people less reliant on their cars,” said Troy Wainright, Development Manager for Stockland.
Meanwhile, Simon Orbell, Professional Mortgage Adviser for Smartmove, has recently advised those considering obtaining a mortgage to ensure that their credit file remains clean.
To contact the journalist, you may send your message to editor@propertyguru.com.sg