Why Apartments are Attracting More Buyers Than Houses
Posted by Tristan Angelini on 15 August 2023
Finding a roof over your head has become even more difficult as the years go by. While it mostly has to do with the costs that come with it, several factors contribute to why this vital commodity has become scarce in a way. Houses are the most bought property, but over the past couple of years, it looks like apartments are attracting more buyers – even more than houses and lots.
According to Domain, out of the 10.8 million private homes across Australia, about 16 percent or 1.7 million private homes were revealed to be apartments, while 13 percent were townhouses. It seems like apartments are getting more popular now, surpassing the interest homebuyers, including first-home buyers, are giving houses. Why is this happening? There are a few reasons for this shift in preference.
Apartments are usually more affordable than houses, especially in major cities where the property market can be very competitive. These are particularly popular among those who still choose to live in a suburb where most properties can be costly while not going beyond their budget. At the same time, they do not compromise their needs and the very reason why they opted to live in that suburb or, simply put, still maintain their lifestyle.
Apartments can offer a more convenient lifestyle, with many developments located close to public transport and other amenities. This can be particularly appealing for younger buyers who value the ability to walk or cycle to work or socialize with friends without needing a car. Apartments can be a lower-maintenance option than houses, which may appeal to busy professionals or those who prefer to spend their free time pursuing hobbies or interests outside of home maintenance.
While the apartment or house of our choosing mainly influences our decision to move to a particular location, the community itself can be a hindrance, especially if you do not find it appealing at all. These days, Australia offers a relaxed and vibrant community in Sydney and Melbourne, which has helped a lot in attracting more homebuyers. Amenities such as playgrounds, an efficient transportation system, and nearby cafes, restaurants, and nightlife districts also make these developments more appealing.
Most of the time, buyers interested in apartments more than houses are empty-nesters ready to move into a place with less maintenance without compromising the size. The location of apartments in Australia appeals to homebuyers due to its impact on lifestyle, convenience, and overall well-being. A well-chosen location can enhance daily life, provide access to essential services, and contribute to a strong sense of belonging within the community. As a result, the location is often a critical consideration when making property purchasing decisions.
The growing popularity of apartments over houses in Australia can be attributed to a combination of factors such as shifting demographics, changing lifestyle preferences, and urbanization trends. The compact nature of apartments aligns well with the evolving needs of younger generations and urban professionals who seek convenience, accessibility, and proximity to amenities. Additionally, the rising housing costs and the scarcity of land in prime urban locations have made apartments a more affordable and practical choice for many Australians.
The appeal of apartment living also stems from reduced maintenance responsibilities, more excellent security features, and access to shared facilities like gyms, pools, and communal spaces, which can enhance the overall quality of life. Moreover, the increasing emphasis on sustainable and eco-friendly living has driven the construction of energy-efficient, high-rise apartment buildings that promote efficient land use and minimise environmental impact.
Whatever your decision is in choosing whether an apartment or a house is the right one for you, you should always do your homework. Study the pros and cons and talk to professionals so you can avoid making significant losses. You can reach out to Hillbrook Projects for your property needs.