Over the past few years, more Australian families have been opting to live and raise their families in apartment complexes over free-standing houses, indicating the popularity of this housing trend among renters and buyers. Now more than ever, the house versus apartment debate is becoming a hot topic among parents and families. While some love the idea of the traditional family home complete with a backyard, the convenience and contemporary features incorporated into new apartment developments are making the unit lifestyle much more desirable. In this article, we explore the benefits associated with this growing housing preference.
Location
Many apartment complexes allow families to relocate closer to essential facilities, including jobs and sought-after schools in the region. As Newcastle CBD and surrounding suburbs become more urbanised and facilitate more residential developments, facilities that are found sporadically in high-density areas, including, but not limited to, medical centres, grocery stores, beaches and sporting fields, become local resources. More and more we are finding apartments are being built in newly zoned residential areas as part of a city’s redevelopment of underutilised space. These spaces are often in prime, highly-sought- after locations such as can be seen with the Newcastle CBD redevelopment. Locally we are seeing these apartments taking shape just metres away from the beach, the Newcastle Harbour and a range of cafés and stores. The apartment lifestyle often provides easy access to public transport and important infrastructure and as more office units are erected alongside residential developments, a lucky few can also make use of the ultimate work/life balance combination.
Lifestyle
When living in an apartment complex in the inner city, families have lifestyle and leisure amenities at their doorstep, including restaurants, cafés, community events, leisure facilities and theatres. It’s a distinctly different environment to the suburbs and some are happy to sacrifice the traditional dream of owning a stand-alone house to be close to the local convenience. The development of the Newcastle CBD will likely see more families move with the urban sprawl. A sense of community can be fostered in apartment complexes and the prime location of residential developments can often mean less commuting and more time for leisure activities.
Maintenance
It is often thought that apartments are typically smaller in size compared to stand alone houses, however with multi-bedroom options now regularly part of what is on offer, this is less often the case. There are of course no yards to contend with so there is far less upkeep and maintenance to factor into busy family lifestyles. This can mean facilities to run for maintenance and can lead to decreases in water, and electricity bills. While there are sometimes strata costs to consider to help with the upkeep of common areas, the savings in time spent on upkeep and maintenance will far outweigh this.
Increased Security
Apartment complexes offer an increased level of security – not just anyone can enter the premises. Because there are several levels of entry, including a main door, elevator that typically requires key card access, and automated door locking, it is more difficult for thieves to access a home apartment. Often, apartment complexes have a foyer or secured front access point, increasing resident’s safety. may also find that the use of CCTV is used at entry points to the building for additional security purposes.
Affordability
As a result of the cost-of-living crisis and interest rates skyrocketing, the ability for families to purchase a house is plummeting. Apartments often present as a more cost-effective investment in comparison to houses due to their lower purchasing price and is, therefore, making homeownership more accessible to families and young buyers. In Newcastle, the median price for a house in 2023 was approximately $839,000 compared to a unit price of $635,000. The price difference between stand-alone houses and apartments can be quite attractive to those purchasing their first home and a popular choice among financially conscious buyers. This can vary based on the location of the apartment and its size.
Is apartment living worth it?
As more residential developments undergo construction in the Newcastle and Hunter region, homeownership of locals in the community is becoming more abundant than ever. Through the investment avenue of residential apartments, families can see themselves in a safe, contemporary, and socially vibrant space – a lifestyle worth considering for prospective buyers.
To find out more, contact our team at Division.
