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The white-picket fence, quarter-acre block Great Australian Dream has changed shape for many Australians. And this might not necessarily be a bad thing. According to the Australian Bureau of Statistics one in 10 Australians live in an apartment. Some are attracted to the excitement of an inner city lifestyle; the proximity of coffee shops, restaurants and nightlife, or they might just prefer a low-maintenance, lock-up and leave home.
In 2022, the new Great Australian Dream might just have great views and be accessible via a lift.
Here, we examine just some of the benefits of purchasing an apartment.
Easier on your wallet
As we all watched agape as property prices kept rising and rising over the last two years, the affordability of purchasing an apartment versus a house has never been more relevant. According to Domain’s House Price Report, released in January 2022, the median house price in capital cities exceeded $1 million for the first time in history, to $1,066,133, and the median unit price was $621,880.
This is of huge appeal to people on a budget and for downsizers looking to free up some cash. And for first-time home buyers purchasing an apartment could be a chance to get into the market faster than they otherwise would have.
Footloose and fancy free
Apartment living is perfect for people who are looking for some flexibility in their lives. When you live in an apartment you free up all the time you would have spent mowing lawns, pulling weeds and cleaning out the gutters. Low-maintenance means low stress.
Your own private leisure club
Fancy hosting a pool party? Well, you can, without stretching your budget beyond its capacity. Many apartment developments come with shared facilities, which include pools, gyms, barbecue areas, rooftop gardens and more. The maintenance of these will come out of your body corporate fees but will be a fraction of what it would cost to maintain your own.
Safe and sound
Invariably apartment buildings come with additional layers of security that an intruder would have to penetrate to gain access to your apartment. You also have neighbours in close proximity keeping an eye on things. This is particularly appealing to people who live alone or plan to travel a lot.
In the heart of things
High-density living tends to appeal to people with busy social lives. Not only does an apartment building come with a ready-made community, it’s often located right in the thick of restaurants, cafes, bars and shops, which makes it easy to maintain a hectic social calendar. There are also likely to be public transport options nearby, which makes travelling around the city, without the need of a car, an easy option.
These are just some of the many advantages of purchasing an apartment. If you are looking for a low-maintenance, more affordable lifestyle, with more flexibility and security, then apartment living could be for you.