How property and market trends have changed over the decades (Ep. 23)

Get ready to jump in the time machine and explore split level living, formal dining rooms, McMansions, little pre-war windows and alfresco dining.

It’s clear to see that changes in property trends boil down to three things – evolutions in wealth, transport and jobs.

In episode 23, we dissect “How property and market trends have changed over the decades”

Listen as David Johnston, Cate Bakos and Peter Koulizos take you through the changes that have shaped the property market, how our view of ideal living has evolved over time and gaze through the crystal ball for a glimpse at the future.

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Show notes

  • Welcome to ‘Marvelous Melbourne’ where pre-WWII the homes and blocks were big. Income from gold mining meant that you could also spend big.  
  • Fast forward to a post-WWII and the belt buckle has been tightened – a limit on resources and rationing culminated in restriction on the size of homes you could build and the number of bedrooms, bathrooms and living areas. Glass was in short supply, resulting in smaller windows.  
  • Post WWII, only 40% of Australians owned a home, in this day and age we’re at 66% – how the times have changed! It’s in this world that the dream of buying and living in your own home was born.  
  • Populate or perish – an influx of migrants saw the economy pick up in the late 50’s and 60’s. 
  • Introducing the formal dining room! With no more restrictions on the size of homes, bigger houses are starting to be built.  
  • Loosening restrictions saw some funky trends emerge – with split level and sunken living areas.  
  • The rise of the McMansion – through the 90’s the homes seem to get bigger and bigger, with an ever-diminishing yard size.  
  • Indoor/outdoor entertaining – everyone loves an alfresco!  
  • With the advent of affordable cars, we see a migration away from the city centre to the outer suburbs (now the middle ring). Lower density living allows us bigger blocks as people are able to travel further out.  
  • Population growth now means that getting around in a capital city can be a pain, giving rise to two trends: 
    • A rise in people moving to some regional cities – particularly where there is access to transport and the CBD. Take a look at Ballarat and Geelong, where your big house on a big block is more affordable.  
    • People moving closer to the city as the commute time via car gets longer.  
  • Pre-GFC – 4 bedrooms, double car port, 2 living areas were all the craze.  
  • Post-GFC – the houses shrink back from their former glory. 
  • Check your ego at the door – having a statement house may do something for your self-worth, but purchasing the minimum that you’d be happy to live in saves you a lot of money and gets you into a better location.  
  • Vocational trends – when manufacturing was the back bone of the economy, warehouses and factories would be located in the outer suburbs, making them desirable locations to live in. Everyone wants to be close to work! The rise of white-collar professionals who work in the CBD has brought forth a new era of people wanting to move closer to the centre 
  • Affordability – calling all first-time buyer’s back to earth. House prices are just as affordable (if not more) than they were in 1990. It’s not about house prices, it’s about repayments.  
  • Stay tuned – why property values should outstrip inflation – this topic deserves an episode of its own.  
  • The 6th largest lender in the country, no it is not a second-tier competitor. It’s the Bank of Mum and Dad. (Actually, there is research that suggests that it is the 5th largest lender!) 
  • How to sell a property – then and now.   
  • The rise of technology – means the information is at your fingertips. You can scope out a location, check out planning applications and permits, streetscapes, walkability scores and commute times, all from the comfort of your own home.  
  • Take a look into the crystal ball, what does the future hold? 
    • Baby boomers – there is strong demand for single level living and easy amenities. 
    • Looking after our planet, how we create energy – green star and five-star energy ratings.  
    • Take a look overseas – there is greater acceptance of living in medium to high density locations – while families in apartments may be odd, this is everyday living in many parts of the world. We’ll see more of that in the future.  
    • Vertical retirement living – retirement villages are going up, with apartments being built with lift access.  
    • Not to mention we could be living 400km down the coast, flying to work in drones, and holidaying on the moon. 

Peter Koulizos – The Property Professor’s Golden nugget: When purchasing a home, don’t just look at whether it suits you right now. Forecast 5-10 years into future, is it going to suitable for short to medium term?

Cate Bakos – The Property Buyer’s Golden nugget: Utilize technology! Don’t assume that the market is like it was 5 years ago. If you’re serious about purchasing, jump on your app, crate your shortlist and analyze things on the go. Take advantage of all that tech out there.

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