As a home or an investment
Australia is home to a diverse range of residential housing types, each with its own unique features, costs and terminology. Understanding the different types of residential assets available in Australia can help you make an informed decision when it comes to buying as an owner occupier or as an investor seeking an income.
Houses are the most common asset type in Australia.
A free-standing house on its own block of land is known as a freehold residential house, registered in most cases under a Torrens title, which is a single certificate of title for a specific plot of land.
Duplexes and semi-detached homes are becoming increasingly popular in Australia. Particularly in densely populated or popular areas. Both developers and homeowners can benefit from building duplexes, as the second half of the duplex can be sold or kept as an investment property. A duplex consists of two homes, which are attached by a common wall and are often mirror images of each other. Duplexes are usually held on a strata title (depending on what state of Australia the house is in), which means that both homeowners are responsible for insuring common features, such as the roof and adjoining wall.
Units and apartments are constructed as low rise, medium rise and high rise. In almost all cases, units are held under strata title.
Terrace homes dominated the inner and fringe city locations in the late 1800s and early 1900s but very rarely built new anymore in Australia. A terraced home is one that is a part of a street, where the properties sit next to one another, sharing side walls in a consistent row and usually with identical facades. It is a style of home that was frequently built before townhouses became the preferred model. Terraces are either strata or Torrens titled, but often thought of much more like a freestanding house, only that they aren’t quite freestanding.
At Lewis Valuations + Advisory we use modern technology, and our 20 years of experience to provide you with reports for the following residential purposes, including:
– Mortgage Security,
– Family law,
– Resumptions,
– Capital Gains Tax,
– SMSF Reporting, and
– Accountancy and Financial Reporting.