The traditional Kiwi dream has been to own a house in the suburbs on a quarter-acre section. Owning a three-bedroom home with plenty of garden, preferably on a flat piece of land, was what many people aspired to.
But finding a decent-sized (or even flat) piece of land in New Zealand’s cities has become a challenge. Even if desirable sections are available, many people think all the “good” land is taken or that it is unaffordable.
However, the way people are living is changing, so chasing the quarter-acre dream doesn’t have the allure it used to. And you don’t have to buy a house to make a good property investment.
As one commentator observed, we are starting to exchange space for place. There are options that don’t require a lot of land or a large investment, and that are more convenient, especially for city-dwellers.
Townhouses and apartments in the inner and middle-ring suburbs are good examples. People are trading backyards for balconies and living closer to where they work.
Even in the outer suburbs of our cities, such as Riccarton in Christchurch, more units are being built. Being near to shops and public transport routes, they too offer good value. Smaller properties can still expand your horizons.