One can swirl into jargons, specially if they are new to Australia and new to real estate. I’ll unwrap the common types of dwellings considered in the Australian Property market, one must also note that the definitions and understanding of the type of property may differ from other countries and across states.
For a noob, understanding types of properties can be nightmare. I’ll complicate this before I break them down 🙂
House, Duplex, Terrace, Townhouse, Semi-detached, Villa, Apartment, Units, Freestanding, Community title, Torrens title, Strata title, vacant land, Acreage, Ranch, Cottages, Retirement villages, Beach houses, Granny flats, Heritage homes, detached house, Weatherboard, Queenslander, many more. Phew!
No Stress!! In this guide, I’ll break down the most common property types & everything else (hopefully):
- House
- Townhouse
- Villas
- Apartments
- Units
- Other jargons
- House
Generally, an independent standalone residential property with no shared walls is referred as a house. This can be referred as a detached house. Now, I used the word generally because one can argue to the above statement to prove their wit in this area. It isn’t necessary that a house has ‘no shared walls’. A semi-detached house refers to that type of property which shares a common wall. Well, so does a duplex with a subtle difference being that the former is owned by the same entity with the latter owned by different entities. And again, this is interchangeably used. Basically, they’re same but different. If that wasn’t enough, let’s throw in another aspect to this complexity – Titles. Houses can be built as a Torrens-title or Community-title which implies that the entire community pays to look after common spaces like gardens, pools, tennis courts, security and other other services. Titles are property documents defining the ownership of property type. Terrace houses are two-storey houses similar to row houses built in a line (as a row) with walls on both sides of the house shared with the other. These house types are typically found in city areas and urban areas as they are relatively small with hardly any front and/or backyards. At times, these are smaller than townhouses and can be built as torrens or strata title.
- Townhouse & Villa
Townhouses are generally smaller, double storey, more affordable properties compared to houses, private entrance, shared facilities, strata-title sharing a common wall with another townhouse. These are multi-dwellings on a single land title and the number of townhouses vary depending on land size, ranges from 4, 6, 8 to many. It’s not common but there are independent townhouses that don’t share a common wall with another townhouse. A tad dearer due to this feature. Villas are similar to townhouses but are relatively smaller, single-storey and built in a row. Generally one can build more villas on the same piece of land as compared to townhouses.
There’s a lot of use of generally because there are lot of combinations these days as the builders are getting smarter to repackage by adding a lot of glamour to sell same cost-effective properties at a higher price.
There are houses that have a smaller land portion than a townhouse but still expensive as one owns a piece of land as compared to a strata-title. This is where the repackaging comes in where the developers, builders, local government authorities make more buck with higher returns on their investment. Also because the unaffordability is through the roof, greater demand every year – so need of the hour!
- Apartment & Units
Similar concept to Townhouses and Villas but in a multi-dwelling, apartment building. Some countries, these are also referred as flats, condominiums (condos). These are residential units in a large building or complex with multiple living spaces, each individually owned. These property types are strata-title implying that the land is not owned by one individual but a group or collection of owners of these individual units. These are affordable when compared to townhouses, smaller in size but offers security, better facilities, convenience and a greater community feel. Again, generally speaking! 🙂
- Other types
Granny flat is a separate dwelling in addition to the primary residence. This can be independent or semi-detached but is considered as a separate independent living, either a studio/apartment depending on the size and configuration of the build which was traditionally used by grandparents (grannies) to be closer to families while living independent at the same time. It’s considered a type of investment that drives rental yields.
Retirement Villages are homes built for over 55s mainly for retirees to enjoy their phase of life with the like-minded people of that age-group.
Don’t stress!! At The Property Geek, our team of experienced professionals are always happy to chat & offer guidance. We ensure to guide you with the right property type and title. Generally speaking! 🙂
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Disclaimer: Remember to treat this information as generic in nature as these are my opinions based on my industry experience of over a decade and speaking to ‘the lot’.
