The Sydney real estate market is becoming comparable to London and New York, where apartment living is the accepted norm. Home ownership is becoming difficult for the majority of city residents unless buyers are prepared to consider regional towns and suburbs surrounding the city.
Key Reasons People are Choosing Apartment Living
Affordability, public transport and location are the key reasons why people move to apartments in Sydney, according to a recent poll from Urban Taskforce Australia that surveyed over 1000 residents in the area. People are moving to apartments because they want easy access to workplaces, shops and other nearby amenities. Highlights from the poll include:
Nearly 50 percent of people own or rent an apartment in Sydney.
63 percent of apartment residents have a travel commute to work under 30 minutes.
68 percent catch public transport or walk to work because of the convenient location.
62 percent apartment dwellers own cars, in comparison to the city average of 82 percent.
70 percent support growing apartment developments.
26 percent of people living in apartments are families.
68 percent find it more affordable to live in apartments.
81 percent of apartments are two bedrooms or less.
28 percent of apartment dwellers enjoy apartment living and will continue to do so when they have children.
With Sydney’s median house price at $1,021,968, according to Domain Group’s House Price Report for June, affordability is becoming a bigger issue than ever before. Property location is certainly a vital consideration because people don’t want to travel too far to work but cannot afford to pay exorbitant prices for freestanding properties in inner city suburbs.
The New Australian Dream
The 2011 census revealed that 25.8 percent of the 1,660,000 city homes were apartments based on data from the Australian Bureau of Statistics (ABS). The switch over to apartment living has increased tremendously since people are choosing to live closer to where they work without making sacrifices to their lifestyle.
The growth of apartments has been skyrocketing with more buildings being given approvals – underlined by the strong demand for inner city housing with record low-interest rates. In fact, building approvals for new apartments have increased more than approvals for building freestanding homes.
There are plenty of reasons why people are choosing apartments over freestanding homes. With close proximity to entertainment, social activities, shopping and workplaces, residents find it easy to commute to work and other spaces without travelling too far. The availability of onsite facilities like swimming pools, gyms and concierges, residents find all their lifestyle needs met perfectly without worrying about spending long hours on maintenance. With so many benefits, it’s possible that apartment living is becoming the new Australian dream.
If you’re looking to rent a new apartment or house in Sydney, check out our properties for lease.