The Appeal of Apartments
We all know the traditional Australian dream; a three-bed home in the suburbs with a nice block of land and space out the back for a barbecue.
However, with changing times comes changing dreams, and more and more buyers are opting to buy an apartment instead, at least for their first home. That’s why today we’ll be looking what’s leading this market change, and how you can see what’s right for you.
Why the Change?
It’s no secret that house prices are rising, and while there are still good deals to be found, a lot of Gen Y still want to be close to the city, where property can be the most expensive. Apartments offer the convenience of great locations at cheaper prices. Many buyers are finding themselves willing to sacrifice on the size of their property for a spot closer to the action, which is pushing up demand for apartments.
The Investment Opportunity
Gen Y has also seen the rise of the “rentvestor”, property buyers who choose to buy an investment property while still renting. The properties they buy are usually of a lower standard than the place they rent, and are instead used as a way to build capital for when they’re looking to buy their own homes later.
Though it might seem like getting ahead of yourself, this new form of property investment can be a dynamic way to grow your finances.
The Modern Mindset
The final reason for more first home buyers looking for apartments is a simple fact of changing lifestyles. With Gen Y generally having children later than before, a house can simply be more hassle than it’s worth, with couples and singles not needing so much space.
If you’re thinking of entering the property market for the first time, it could be best for you to break with trends of the past and go with what you want. Our Special Projects department offers a wide variety of affordable apartments
in several great locations, so you can always get in touch with us to see what’s possible.