Moving overseas highlighted that our national psyche is to see houses not as places merely to live, but an asset class that, for many, is a way to grow wealth.
When we started looking to buy our first home, my partner and I knew it would not be a roomy, four-bedder with two living rooms, an entertainment area and a backyard.
It is these statements that perhaps give most insight into the Australian psyche around housing. Houses are no longer homes to live in; they are real estate, an asset class that, for many Australians, is the best and most secure way of growing wealth.“For the past 40 years, the home has become a mechanism for wealth creation,” says Professor Philip Oldfield, the head of UNSW Build Environment School.
Roughly one-third of Danes live in apartments. The rest are either semi-detached or standalone houses. The average family doesn’t have a separate living room for the kids or four bedrooms, and many don’t even have a backyard! “It’s not an option for everyone to have two kids in a small apartment; we can hardly blame people for wanting the private space in lieu of not being able to get anything in a different form,” Troy says.Larger homes also have a bigger environmental impact, as they use more energy to heat and cool all that extra space, leading to higher utility bills.
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