The ever-evolving nature of the urban environment means that the way society approaches real estate and property is constantly developing.
Populations are increasing and have been for a long time, which has meant urban migration to cities, a greater need for high-density housing and a change in the way we look at our own household situation.
It wasn't long ago that large properties with big backyards were the norm. Now, compact townhouses and apartments are taking over.
The Real Estate Institute of Victoria (REIV) said on October 8 that for an increasing number of suburbs, houses no longer constitute the majority of dwellings. Instead, a rise in apartment and townhouse developments in the past few years has meant that these are the lodgings of the future.
Chief Executive Officer of REIV, Enzo Raimondo, said this gives home buyers more options.
"Home buyers can now select between a townhouse and an apartment in many areas where they are priced out of houses," he said.
Are you searching for property in Brunswick? You might want to consider a townhouse or apartment, the latter of which tends to be the cheaper option and ideal for young, single couples without children.