Affordable inner-city living – does it exist?
As a first home buyer, you’re prepared to make sacrifices – and location and affordability are concepts that don’t usually go hand in hand, meaning a choice between one or the other.
For many, affordability is the first box to tick, as ultimately your budget is determined by what the bank will allow you to borrow.
But affordability doesn’t just refer to the price tag on your home or the size of your mortgage payments. You may find a house that fits your budget on the outskirts of the city, however if you work in the CBD you’ll find the cost of getting to and from the office each day mounting up quickly.
According to the Grattan Institute’s book City Limits, people living in fast-growing outer suburbs spend 20% longer commuting than people in inner suburbs.
The flow-on effect of this include higher living costs, due to dependence on long car commutes, and a strain on families, as evidenced by a large gap between male and female workforce participation in the outer suburbs.
For a growing number of home buyers, an apartment in the inner-city area is the answer to the price vs location conundrum. Apartments give buyers the opportunity to remain closely connected to the CBD, without compromising their budget.
In the last ten years, Perth homebuyers have embraced the shift to apartment living. A 2015 report by the Master Builders Association predicted there would be nearly 20,000 apartments by 2020, with apartments accounting for one in every five new homes.
The advantages of buying an apartment close to the city include proximity to workplaces, restaurants, bars and public transport links, to name a few.
Circa Apartments, located at Springs Rivervale, is just five kilometres from the CBD and its myriad of amenities – and it’s on the doorstep of Perth’s biggest entertainment and sporting precinct, which includes the new Perth Stadium.
With apartments starting from approximately $299,000, Circa offers all the advantages of an inner-city lifestyle and location with a very affordable price tag – meaning you no longer have to choose one or the other.