Apartments on the Rise
Apartments are becoming increasingly popular for Australian’s entering the real estate market or expanding their property portfolio. What is driving this popularity? Who is purchasing these apartments? And why?
At the last Census in 2011, apartment living accounted for 13.6% of the population. While this figure may at first seem low, this is a fast growing portion, particularly in capital cities.
The rise in popularity of apartment living is driven by several factors, two of which are population growth and the associated densification.
Affordability is another important element affecting the choice to invest in an apartment, with apartments typically more affordable than houses.
Location also has a large impact. Property purchasers are willing to sacrifice larger dwellings and yards for smaller homes in more favourable locations.
As the population rises, the density of dwellings in desirable areas becomes thicker.
The lifestyle benefits of apartment living are becoming increasingly popular too. Being close to amenities like shopping, cafes and restaurants is ideal for many homeowners.
The owners and occupiers of apartments are demographically diverse with demand experienced from all generations, including new homeowners and the elderly.
Apartments are becoming so popular that in Sydney there are currently more apartments being built than houses.
One important factor to note is that while the size of apartments may differ to traditional stand-alone homes, the quality expected does not. Savvy buyers desire premium quality construction and finishing’s with homely aspects.
Apartments will continue to be a thriving source of projects for the construction and manufacturing industries.