Published
April 18, 2024
In today’s dynamic real estate landscape, the decision to invest in property holds significant weight.
With Australia’s vacancy rate at an all time low of 0.7% (as of February 2024), and the price difference between houses and apartments having increased by a record 45 per cent over the past four years., apartment living has emerged as a compelling option for prospective homeowners.
In this article, we delve into the myriad benefits of buying an apartment over a traditional house or land, focusing on key factors that make apartment living increasingly appealing, particularly in bustling cities like Melbourne, Perth and Brisbane.
Affordability
When it comes to affordability, apartments often present a more feasible option compared to standalone houses or land parcels.
Between March 2020 and January 2024, there has been a notable discrepancy in the trajectory of house and unit prices within capital cities. House prices experienced a substantial surge, increasing by 33.9 percent, equating to a staggering $239,000 rise. In contrast, unit values in the same cities saw a more modest growth of 11.2 percent, equivalent to $65,235.
The initial purchase price of an apartment tends to be lower, making it an attractive choice for first-time buyers, families or those seeking to invest within a constrained budget.
Additionally, apartment owners typically enjoy cost savings on property taxes, insurance premiums, and maintenance fees, further enhancing the financial appeal of this housing option.
Convenience
One of the most significant advantages of apartment living is the unparalleled convenience it offers, especially in urban locales such as Melbourne.
With apartments strategically situated near public transport, workplaces, schools, and amenities, residents benefit from reduced commute times and easy access to essential services.
At Far East Consortium, careful consideration is given to the selection of prime locations for our apartment precincts, ensuring optimal convenience for our residents with proximity to public transportation hubs and key amenities.
Amenities
Living in an apartment offers residents far more than just a dwelling, as developers go the extra mile to ensure that the experience rivals, if not surpasses, that of living in a standalone property.
A clear indication of this trend is the extensive range of amenities available at numerous apartment towers and precincts nationwide. The appeal of expansive outdoor areas, swimming pools, health and wellness facilities, and communal spaces presents an enticing proposition for a diverse array of potential buyers.
West Side Place represents a prime example of a high-density residential precinct that provides residents with an abundance of amenities across multiple levels and towers.
The integration of amenities such as swimming pools, fitness centres, golf simulators, private dining areas, karaoke lounges, and cinemas plays a pivotal role in cultivating a strong sense of community among residents.
Moreover, the thoughtfully crafted green spaces serve not only to elevate the visual appeal but also to encourage physical activity by seamlessly connecting with facilities such as gyms, pools, saunas, and Pilates studios.
These green areas offer residents opportunities to engage in wellness activities both indoors and outdoors. Additionally, the establishment of a lively laneway featuring cafes, restaurants, and boutiques serves as a focal point for social interaction, further enriching the community experience.
Maintenance
Unlike homeowners, apartment owners enjoy minimal maintenance responsibilities, as routine upkeep and repairs are typically managed by the building management or homeowners’ association.
From routine repairs to landscaping and exterior maintenance, the dedicated maintenance team ensures that the property remains in pristine condition year-round.
Regular inspections and preventive maintenance measures are conducted to uphold the structural integrity and aesthetic appeal of the building, safeguarding the investment of apartment owners.
Furthermore, the financial aspect of maintenance is significantly alleviated for apartment residents. Rather than shouldering the full burden of maintenance costs individually, residents contribute to a collective fund managed by the homeowners’ association, spreading the financial responsibility across all occupants. This pooled resource allows for efficient budgeting and allocation of funds towards essential maintenance projects, without imposing undue financial strain on individual residents.
Community Living
A defining feature of apartment living is the vibrant sense of community fostered within residential complexes. Unlike the often solitary nature of standalone properties, apartment dwellers have the unique opportunity to engage with neighbours and forge meaningful connections in shared spaces.
From bustling lobbies to inviting common areas, apartment precincts serve as hubs of social interaction where residents can come together to socialise, collaborate, and celebrate community events. Whether it’s a casual chat over morning coffee or a communal barbecue on a sunny afternoon, these shared experiences strengthen the bonds between neighbours and create a palpable sense of belonging.
Moreover, the diverse demographics within apartment communities enrich the social fabric, offering residents the chance to connect with individuals from different backgrounds, cultures, and walks of life. This cultural diversity fosters tolerance, empathy, and mutual respect, enhancing the overall sense of inclusivity and camaraderie within the community.
Beyond casual interactions, many apartment complexes also organise structured social activities and events designed to facilitate community engagement. From book clubs and fitness classes to movie nights and holiday celebrations, these initiatives provide residents with opportunities to connect on a deeper level and cultivate lasting friendships.
Security
Safety and security are paramount considerations for any homeowner, and apartments excel in providing peace of mind through robust security measures.
Gated access, surveillance systems, and onsite security personnel are common features of apartment complexes, ensuring a secure environment for residents.
At FEC, we prioritise the safety and well-being of our residents, implementing stringent security protocols across all our properties to safeguard their peace of mind.
Key Takeaways
In conclusion, the decision to buy an apartment over a house or land is underscored by a multitude of compelling advantages, ranging from affordability and convenience to amenities, security, and investment potential.
As prospective homeowners navigate the complex landscape of property ownership, it’s essential to consider these factors carefully.
At FEC, we remain committed to delivering unparalleled value and enriching experiences for our residents, making apartment living a rewarding choice for urban dwellers in Australia’s major capital cities and beyond.
SIGN UP TO STAY UP TO DATE