Why Are Apartments The New Australian Dream?
There’s a particular property trend sweeping the nation at the moment, and it’s been a source of endless controversy amongst Australians.
Many of our landmarks, pre-existing structures and vacant lots have been taken over by property developers looking to build apartments. A notable example of the extremes that property developers are willing to go to in order to achieve this is Melbourne’s historic venue, The Palace Theatre.
There has been a proposal to tear down this venue in favour of accommodation. Groups have formed on social media sites in protest, such as the Facebook group “Save the Palace” with over 36,000 followers.
But there’s a reason that tenacious endeavours such as this go through – we LOVE apartments! Living in a nice, modern apartment appears to be the new Aussie dream.
And there are plenty of good reasons for that. As it turns out, apartments are perfect for:
People hoping to downsize their living situation in favour of simplicity and minimalism will find plenty to like about apartment living.
Not only does apartment living typically mean a smaller space to clean, manage and take care of, it also means closer proximity to public transport, cafés and emergency services.
Baby boomers downsizing their living situation account for a large part of why apartments are increasing in popularity.
Many would-be and current property owners favour closeness to the city / inner suburbs.
But inner-city property is expensive. As prices soar, it becomes harder and harder for young people to get a foot in the door.
As a compromise, aspiring property owners are buying apartments, rather than houses, both in inner suburbs and outer.
Entering the property market
With the median price of houses in Australia rising (particularly in Sydney and Melbourne), apartments are becoming the go-to option for first-time buyers.
“In the last two years, almost one in every two properties built in this country is now an apartment,” says Simon Pressley of Propertyology.
Apartments offer those left renting longer than anticipated a way to live the inner-city lifestyle as they save for a property they want in the long-term.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.