Why Apartment Living Makes Sense

Market Insights
8 years ago
3 minutes

So you’ve made the decision you’re ready to buy. Congratulations! But now you’re left to weigh up whether you want to put the money you’ve saved into a house in the suburbs or an apartment in a hip and happening suburb you’ve always dreamed of living in. It’s easy to get bogged down in everyone’s opinions of what you should and shouldn’t do. For some clarity, we’ve listed our top reasons why we believe apartment living is the way to go.

1) Price

Investing in a fabulous apartment in a vibrant suburb is lighter on the hip-pocket in the long run. After all, it’s an expensive step you’re about to take, so why not try and save some coins where you can? Apartments generally cost less than established homes as they share the land they’re built on. Whilst it can be limiting in terms of owning the Australian Dream, i.e. your own piece of land, it does offer purchasers a foot-in-the-door scenario.

In addition, when purchasing off the plan, you secure the apartment at today’s price, rather than the price at settlement. As off the plan apartments take anywhere from 18 months to 48 months to build, inflation alone can generally mark a good investment, let alone any market movement.

2) Location

Think of it this way, if you wanted to buy a house in Sydney’s Potts Point or Melbourne’s South Yarra, would that be possible? Unless you have millions to splash, it’s unlikely. However, an apartment in these thriving suburbs can be purchased from $400,000, perhaps even less. Apartments allow you to purchase in a location most buyers couldn’t afford. There’s a reason these locations are so expensive. They’re surrounded by bars, cafes, restaurants, shops and public transport. 


3) The best of both worlds

It’s the age-old debate between real estate agents and developers: amenity or location? The beauty of apartment-living is you can have the best of both worlds, if you purchase well. Location acts as amenity; let’s say you’re purchasing an apartment in Brighton or Bondi, the location-based amenities such as the beach and the lifestyle come with the complex. Also, there are usually a number of amenities included, such as pools, cinemas, communal rooftop gardens, gyms… you’re getting the features of a multi-million dollar mansion included in the price. Yes there are body corporate fees, but you’ll be saving on cancelling your gym membership or cleaners from a previous home.

4) Low-Maintenance

Let’s face it, the maintenance and upkeep of a home is not only costly, but it’s hard work. Apartments are much easier to maintain than an established home. They are designed to remove the usual hard to reach places, and are mostly covered with floorboards. Additionally, apartments are generally only one-level, removing the need to move up and down stairs to vacuum or mop. Also, there’s the thrill of moving into your new apartment and knowing it is yours and only yours - no one has lived in it before, it’s a clean slate to create your own memories.