smh.com.au
Melbourne One-Bedroom Apartments Cheapest in Australia
Melbourne's median one-bedroom apartment price is $360,000, the lowest among major Australian cities due to oversupply, delayed building standards, and buyer preference for houses, impacting price growth and investor markets.
- What factors have contributed to Melbourne's one-bedroom apartments becoming the cheapest across Australia's major cities?
- Melbourne's one-bedroom apartments are now the cheapest in Australia's major cities, with a median price of $360,000 in the March quarter, significantly lower than Sydney's $680,000. This is due to oversupply, delayed building standards, and a preference for houses.
- How has the shift towards working from home and the type of buyers influenced the demand for different unit sizes in Melbourne?
- The lower prices in Melbourne are linked to a higher supply of one-bedroom units, particularly in high-rise buildings, targeting investors rather than owner-occupiers. A shift towards working from home has increased demand for larger units, further impacting one-bedroom apartment values.
- What are the long-term implications of Melbourne's past approach to apartment development standards on the city's housing market and affordability?
- Melbourne's apartment market, particularly for one-bedroom units, faces challenges due to past development practices. The lack of minimum space standards until 2017 resulted in smaller, less desirable units, hindering price growth. Future policy decisions will need to balance affordability and quality standards.
Cognitive Concepts
Framing Bias
The article frames the lower cost of Melbourne's one-bedroom apartments as a primary focus, highlighting the price differences compared to other cities. This emphasis, particularly in the opening sentences, sets the tone for the rest of the article. The use of statistics regarding price differences and the inclusion of quotes from experts who reinforce this narrative strengthens the framing. While acknowledging the affordability crisis, the article primarily presents the lower prices as the central issue.
Language Bias
The language used is generally neutral, employing descriptive terms like "oversupply" and "delay" without overtly negative connotations. However, phrases like "tiny apartments" and "niche market" subtly carry a negative implication, suggesting that smaller units are undesirable. The use of the word "tiny" to describe the apartments may subtly influence the reader to view them in a negative light. Neutral alternatives would be "compact apartments" or "smaller units.
Bias by Omission
The article focuses heavily on the lower prices of one-bedroom apartments in Melbourne compared to other Australian cities, but omits discussion of potential benefits of living in smaller units, such as lower utility costs and reduced environmental impact. Additionally, while the affordability crisis is mentioned, the article doesn't delve into potential solutions beyond adjusting building standards. The perspectives of developers and builders regarding the challenges of meeting current standards while maintaining affordability are also absent.
False Dichotomy
The article presents a somewhat false dichotomy by emphasizing the choice between houses and apartments as if they are mutually exclusive options for homeownership. It acknowledges that not everyone wants a house, but the narrative still subtly prioritizes houses as the ideal choice, influencing the reader's perception of apartments as less desirable.
Sustainable Development Goals
The article discusses the oversupply of one-bedroom apartments in Melbourne, leading to lower prices. While this might seem negative, it can contribute positively to SDG 11 (Sustainable Cities and Communities) by increasing housing affordability and availability, particularly for lower-income individuals. However, the lower quality of some of these units raises concerns regarding the overall sustainability and livability of these urban spaces. The focus on increasing housing supply addresses Target 11.1 (to make cities and human settlements inclusive, safe, resilient and sustainable). The lower prices could make housing more accessible to a wider range of incomes, though the quality concerns need to be addressed to ensure long-term sustainability. The discussion around minimum building standards and their impact on housing quality also relates to Target 11.1.