A new residential market in the Sydney suburb of Southport has been labelled a commercial architecture phenomenon, with architects designing houses for profit in an effort to keep their properties out of the reach of renters.
Key points:Landlords in Southport are turning to new business models to stay afloatThe town’s population has increased from about 50 to 100 since 2000 and its economy has taken offThe trend is being blamed on new technologies and an oversupply of homesA recent survey showed that more than half of residents surveyed had experienced housing crisis since the beginning of the year, and more than 20% of those said they had rented their home in the past three months.
The new developments are not new, however, and are seen as an attempt to keep the town afloat.
“It’s quite common for people to buy their homes in the hope that it will be their last,” Mr Mihalovic said.
“But the reality is that it’s just the current housing market that’s holding up the community.”
While many have bought to retire, Mr Muhalovic believes that more of the current population are looking for a new lifestyle, with rents increasing rapidly.
“They want to get out and enjoy the new amenities that are now available in the area,” he said.
While Mr Malkovic has been in the industry for 10 years, he has only been renting his house for three months and has not had to cut back on the number of people who live in the neighbourhood.
“In terms of the rent increase, the rent has gone up a lot,” he added.
Mr Muhlovic is one of the many local business owners who are using technology to keep tenants out of their homes.
“Our main client, we’ve got a few guys who are really into digital architecture and digital design,” he explained.
“We do this all the time for our clients, we have this little shop in the back, and we work with the local architecture school.”
The school have a program where they take students to our offices and work with them.
“Mr Mihlovic said that it was difficult to keep residents in the town.”
A lot of people are getting on with their lives, and people don’t want to spend the money,” he admitted.”
I have been renting my house for about two months now, but I’m still waiting to get my rent back.
“Topics:housing-industry,community-and-society,housing,southport-4215,south-port-4105,southtona-4216More stories from New South Wales