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As Australia’s housing prices continue to rise, more careful consideration is going into renting or buying a property than before. In Melbourne, the median house price has increased to $908,000, while you can expect to pay an average of $1.2 million in Sydney. Considering that these prices will more than likely increase even further before the market stabilises, it is essential to do your homework before signing on any dotted line. One of the first things you need to do is determine what type of property will suit your needs best. Apartments are popular among millennials Apartments are a popular type of dwelling down-under. Also commonly known as ‘flats’, these types of home are typically located in the city centres and resort towns. Although high-end apartments can sport up to five bedrooms, one-bedroom and studio bachelor apartments are particularly popular among millennials who are looking to acquire property but don't have the budget to purchase a house yet. Older couples and individuals who are downsizing after their children have flown the coop also tend to be drawn to apartments due to their more budget-friendly price tags and reduced size. If you require limited space or don’t intend to spend much time at home at all due to work obligations etc., acquiring an apartment may be the most suitable choice for you. Single-family homes are popular investments Single-family homes are by far the most popular type of dwelling in Australia. These detached houses generally have three or four bedrooms, and are located in rural towns and in the suburbs surrounding large cities. The architectural styles of family homes vary greatly depending on where you are in the country. In the north, homes are often constructed from concrete and wood, while southern homes are often full-brick or brick veneer. Due to the hefty price tags single-family homes carry, many prospective homeowners will have to acquire financing in order to make a purchase. If you're applying for a home loan, you need to ensure that you do everything right. Falling for gimmicks and failing to review your agreement can end up costing you thousands of dollars. Always be proactive, and seek out the best terms prior to finalising an investment. Townhouses provide the best of both worlds Townhouses are another type of Australian dwelling that has enjoyed a surge in popularity over the past two decades. These homes are popular among renters and buyers who want to experience the best that both free-standing homes and apartments have to offer. Townhouses can be single-storey or double-storey dwellings, and more often than not boast two or three bedrooms. Although generally not as pricey as a family home, they do tend to be more expensive than a smaller apartment, and are well-suited to small families and first-time home buyers. Prospective renters and buyers can choose from a variety of dwelling types in Australia. With each type having its own pros and cons, it is important that you weigh up all your options before making any big decisions. Photo by Nick Robinson on Unsplash