Wander through the streets of New York, Paris, Madrid or Stockholm and you’ll be acutely aware that the rest of the world has long been used to the concept of apartment living.
The dramatic increase in housing demand which those cities experienced in the early twentieth century is now happening right here in Melbourne, and soon enough the idea of buying an apartment rather than a house will be just as normal as it is elsewhere in the world.
The high volume of projects completed and underway in Melbourne’s CBD is a testament to the demand, and to the acceptance of a new generation of homeowner to the idea of inner suburb apartment living.
As the demand for apartment living grows, so too does the innovation in design and amenities, so there are even greater reasons to choose an apartment over a house.
The apartment advantage
Apartment living has the edge over living in a house for a number of reasons:
- The lower price point of an apartment means the deposit required to purchase an apartment will be considerably lower than that for a house. This enables you to get into the market sooner rather than later.
- From an investment perspective, buying off the plan means you can buy at today’s prices, so that by the time construction is complete, your property will have hopefully increased in value, giving you a financial advantage.
- It is, without doubt, a buyer’s market with a huge array of projects available. Developers are vying for the attention of buyers, so the variety of architectural designs, high-quality fit-outs and in-building amenities like gyms, swimming pools and rooftop gardens means you’ll have no problem finding an apartment that ticks all the boxes.
- Low maintenance living is a particularly common reason people love apartments. No garden to maintain, no roofing to fix, and so on. And given the relative age of most apartment developments, the need to fix things like taps and fittings is less likely.
- The median house price in Melbourne: $1.2m*
- The median apartment price in Melbourne: $435,000*
- 2,348,434 people (10% of pop.) live in apartments**
- 78% increase in the number of apartments over past 25 years**
Something for everyone
The vast array of options means there is plenty of choice for every sector of the market, whether you’re a young couple looking for your first home or an empty nester looking to downsize. We’ve picked out four example projects from across the country for key buyers.
- A first home buyer will probably be looking to maximise their cash with an apartment that gives them an affordable home in a great inner-city location River One is a great example of this.
- Local Geelong Young families or those looking for a sea change down the coast would be attracted to more spacious apartments and something with beautiful views, close to some of the most famous beaches in the country, like the Miramar.
- Empty Nesters and downsizers will be looking for an apartment that gives them the space they need without the maintenance. Boutique projects like Springfield Toorak offer high quality, spacious apartments like this.
- Investors will have their own checklist, usually based on price, location and high-quality to ensure a long-lasting return. Projects such as Veridian offer exactly that.
*View.com.au data, April 2018