MELBURNIANS are moving away from McMansions with the number of medium density home approvals in Victoria growing a whopping 109.5 per cent over five years.
The Bankwest Housing Density report shows that 23,390 medium density approvals were granted in Victoria in the past 12 months. Five years ago that number was just 11,164…
KPMG Australia demographer Bernard Salt said Melbourne, in particular, was densing up.
“A new generation of Generation Y and X have different values to preceding generation that wanted a three-bedroom brick veneer on the edge of town,” Mr Salt said.
This and other stories I’ve seen in recent months from Australia seem to suggest that the McMansion craze may have run its course. Older adults wanted to have the big house outside the city but for a variety of reasons, including a change in preferences among younger Australians, interest in smaller housing, and interest in more affordable units, fewer McMansions have been built.
What will be interesting to observe is whether the McMansion paths in the United States and Australia diverge in the future. Does the average Australian want to join the United States and leave a legacy of McMansions?