Traditionally, living the Australian dream involved ownership of a single storey home, on a quarter-acre suburban block with a grand backyard. In 2021, it looks like the goalposts have shifted for many West Australians and the Australian dream looks very different with more people opting for apartment living.
A shift in priorities and lifestyle trends coupled with rising prices of established properties within the inner-city ring has meant that apartments are becoming an increasingly attractive option for first home buyers and downsizers, in particular.
Here are some reasons why more and more West Australians are choosing apartment living.
A better location for the money
Purchasing an apartment generally means your money will stretch further in a more desirable suburb. Not just with your initial purchase price but with ongoing costs too.
Shifting your purchase budget to consider an apartment offers the option of moving towards inner-city and more sought-after suburbs such as Northbridge, Leederville, Como or Scarborough at a fraction of their respective median property prices.
These areas tend to be comprised of high-density living that subsequently offers cultural environments and active communities. Within these areas, you’ll also find more choice when it comes to restaurants, nightlife, and retail all within walking distance of your home.
Inner-city, well-established suburbs will also offer more options in terms of amenities including education, health care and public transport. Why not enjoy a faster commute to work and the choice of walking the kids to school?
Unique market conditions have also contributed to a shift in more West Australians choosing apartment living over established housing.
While established homes have seen steady increases year on year, apartment prices have remained relatively steady.
According to Shane Oliver, AMP Capital chief economist, Perth is expected to see some of the biggest house price surges in 2021, in line with the “up to 10%” growth predicted by the big banks.
While apartments in Perth are still tipped for a price increase over the coming years, they are not experiencing the same levels of demand witnessed across established homes which continues to drive up prices.
Apartments have also experienced an increase in demand within the rental market with vacancy rates shrinking below 1% and expected to tighten further in 2021.
With property market conditions like this, it is no wonder why more West Australians are opting to try apartment living and all the lifestyle and infrastructural advantages that come with it.
Lower maintenance costs
An obvious trade-off with apartments can be having reduced living space but with so many new developments you will have access to luscious communal activity areas.
For example, Reside On Money in Northbridge or The Residence in Scarborough both feature stunning rooftop entertainment areas perfect for hosting family and friends or simply enjoying a quiet drink after work.
These areas don’t cost you anything to use (outside of your strata fees) and don’t require any effort to maintain. They’re simply at your disposal all year round and in most instances are bigger than the backyards of newly built homes.
Your apartment itself requires very little maintenance, especially if you decide to purchase new or off-the-plan. During the first years of apartment ownership (and hopefully long beyond that) your new home should require next to none of your time or money. Often emergency services including plumbing or electricity will be taken off your hands.
Wouldn’t it be nice to free yourself of the demanding burdens of upkeeping a home?
The convenience of a lock and leave lifestyle
Lower maintenance costs leads us into the next attraction of apartment living for many West Australians, the convenience of a lock and leave lifestyle.
A lock and leave lifestyle is exactly what it sounds like, the ability to get up and leave your home without having to worry about upkeep while you’re away.
Whether you are moving into your first home or looking to downsize into an apartment a lock and leave lifestyle might be what you’re looking for during the next stage of life. Imagine being able to go on a spontaneous trip without having to ask your family or friends to look after the garden or bring your mail inside? Imagine not having to worry about the security of your home while you’re away?
Our time away from work and time away from home is an ever-increasing priority for many of us attempting to live “our best lives” and the lock and leave lifestyle only an apartment can offer is one way to achieve that.
Another reason why many of us are opting for apartment living is the level of onsite security apartment developments offer.
Most modern apartment developments have gated access for parking and FOB key access for main entry points meaning your property is protected from intruders and/or trespassers resulting in fewer burglaries.
In an apartment, your neighbour is also located within proximity to you offering an opportunity for you to get to know them. This can work to your advantage if you intend on being away someone can look over your property or if they see something unusual they can alert authorities or the facility manager on your behalf.
While the overwhelming majority of one-family households still live in suburban homes, there is an increasing percentage of people opting for apartment living. Apartment living can be terrific and offers an abundance of lifestyle advantages which is why so many West Australians are choosing it over an established home.
If you’re considering moving into one of the boutique developments Griffin has on offer, get in touch with our team today. With so many fantastic options for buyers to choose from you’re guaranteed to find something that fits your style and lifestyle preferences while leveraging some great buyer incentives.