There is an ever increasing demand for apartment living
Looking at recent trends we are seeing more and more demand for low level to medium level apartments.
With the high price of land and with the government perception that urban sprawl is undesirable,
Our Australian cities are taking a transformation into many more apartments as a result of urban planners trying to utilize existing infrastructure to decrease the need to build costly new services.
The ABS data back in Feb 2013 had Australia wide housing approvals at recessionary levels, while unit approvals were at an all time high. Unit and apartment approvals were running at 40% of total approvals, which is a HUGE number when you consider that unit and apartment approvals were only 20% around 20 years ago.
This exponential growth for apartment living can be attributed to the increased demand for lower cost accommodation close to services and amenities.
So what does this mean for property investors? It means that location will become even more important than in the past and not just suburb by suburb. Small pockets within a suburb that offer excellent access to amenities, such as access by foot to transport, café’s, lifestyle amenities, shops, parks and schools will perform better than a unit closer to the CBD that requires a car to access amenities.
Therefore, an astute property investor will now place great emphasis on the ‘liveability’ of the area to ensure they maximise their property investment returns.
The current government policies and trends are showing that unit and apartment approvals will overtake housing approvals in the near future.
So, buying an apartment in the right suburb that is also walking distance to all the desired amenities is now critical for would be investors.
Need some guidance? Contact our office today and we would be glad to assist.
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