During the recent year, single person households has shown rapid growth in Australia’s demographic and with new apartments spreading all over the country, is staying in an apartment now the new trend? According to a market research in the last two years, nearly one in every two properties developed in this country are apartments. Landed homes with garden yard that includes enough space for the children and a pet to run around will it be a thing of the past?
For many buyers, they are more keen to buy an apartment rather than houses due to the rising prices in the major cities such as Sydney and Melbourne. Also, buying an apartment can be a more affordable way to enter the property market.
As any big city expands, in order to live closer to the city many would move to an apartment. Thus, it can offer a great lifestyle to a lot more people as its convenient. Many are also struggling to buy their first home and can be stranded renting for years longer than anticipated. Apartments can offer these renters an affordable inner-city lifestyle while they save for a bigger deposit.
Baby boomers looking to downsize are partly behind the increasing popularity of apartment living with many drawn to the low-maintenance lifestyle a great apartment can offer. Many baby boomers find it a struggle to maintain their home where there is a big garden as they find it a big chore and maybe their health doesn’t permit them to maintain it. Furthermore, living in an apartment allows baby boomers to enjoy easy access to nearby amenities such as medical centre, parks, great cafes and transportation.
Baby boomers are not the only demographic who is keen on that inner city life, with rentvestors also taking to apartment living. Purchasing an apartment has definitely become more popular with this group of rentvestor in the recent years. Many are unable to afford a house in the suburbs where they would like to live, thus these young people would buy an investment property out in the suburb that they will rent out while they live in a rented apartment in the inner city as it is cheaper. At least it provides them a foothold in the property market.
As the rent is generally lower on apartments it means that the tenants are able to move around whenever they like it without being tied to a house with a mortgage. Buyers are also able to afford to live in higher socio-economic areas that they may not be able to afford to rent or buy a house in.