Could an Apartment Be The New Aussie Dream Home?

Are apartments the new Great Australian Dream?<br />Photo: The Homepage

While the freestanding house was once the great Australian dream, apartment living is being embraced by modern buyers.

The notion that today’s Aussie dream home can be something other than a detached house with a garden is not entirely new.

In recent years, there has been a shift in favour of other types of dwellings such as apartments, townhouses and units.  

“There is evidence of a genuine shift in preference amongst today’s buyers.”

According to recent ABS figures, building approvals for these housing types grew by 32.1 per cent in the 12 months to October 2013, compared with an increase of only 10.3 per cent for private sector houses.

Clearly, a strong demand is predicted for multi-unit buildings.

Whilst poor affordability and housing undersupply are no doubt contributing factors to the growing trend away from traditional detached houses, there is also evidence of a genuine shift in preference amongst today’s buyers.

Cultural and Demographic Changes Favour Apartment Living  

For a start, the number of migrants from China and India has been growing rapidly in recent years, even overtaking the number of those arriving from Britain in 2011-12. 

Many of these new arrivals are used to living in apartments or units, and may not feel the need to upgrade to more spacious houses.  

In terms of demographic influences, the 2011 Census data showed that one in four households is occupied by one person.  Additionally, couples without children and one parent families make up more than half of the overall number of families in Australia. 

The implication of smaller households is that the size of the family home can be more compact without it being a squeeze for its occupants.

Dream Home Determined by Number of Bedrooms Not Type of Property

Research undertaken by the Grattan Institute in relation to the Sydney housing market provides an interesting insight. 

They found the most important factor for Sydney residents when choosing their dream home was the number of bedrooms rather than the type of property.

Other important factors were security, proximity to shops and transport, as well as access to family and friends.

“A strong demand is predicted for multi-unit buildings.”

Having a garden was noticeably absent from the wish list, most probably due to the upkeep it would require.

Given apartments are often strategically located and require little maintenance, this type of dwelling would arguably better meet the needs of today’s buyers.

Apartments Evolving to into Aussie Dream Homes

To make apartment living a real Australian dream to aspire to, developers are going as far as creating rooftop gardens by planting fruit orchards and large vegetable plots to enable urban farming.

Some apartment complexes come with facilities such as a café, childcare centre, swimming pool and even a function room, making life as convenient as possible for their occupants.

Many newer apartments also have balconies and outdoor dining spaces, embracing the ethos of bringing the outside in.

Due to interest from Chinese buyers, Feng Shui is becoming another important factor that developers are taking into account during construction and planning.