Why apartment living unlocks urban happiness
The demand for high-density living has reached dizzying new heights.
Dubbed “the way of the future”, a shift from traditional homes to apartment living is expected to continue.
A 2015 report compiled by the Master Builders Association (MBA) and Y Research has predicted 20% of new dwellings will be apartments by 2020, double the rate recorded five years ago.
MBA Director of Housing Geoff Cooper says:
“From an economic, environmental and social perspective – house density is our destiny.”
With an estimated 20,000 new apartments to enter the market within five to 10 years, what will compel someone to occupy them? Why are people from all stages of life – students and young professionals through to retirees and empty-nesters – opting out of their houses? Here’s what could be causing the gravitational pull towards apartment living.
Everything at your fingertips
When it comes to deciding where to live, one factor trumps them all – location, location, location. A majority of apartment developments are built in thriving urban centres close to everything you could possibly need, including the CBD.
Access to transport, shops, restaurants and entertainment are usually within walking distance – saving you taking out the car and constantly refueling. Getting out and about couldn’t be easier, with apartment living offering you a lifestyle hard to pass up.
Piece of mind
There’s a certain sense of security once your apartment key is handed over. Several barriers to entry exist, including a main access door, side door, fire escape and finally the door to your pad. Most apartment buildings are also gated, equipped with intercoms and alarmed at several points. These make it a more difficult task for unwanted guests to infiltrate.
There’s also a sense of comfort living in close proximity to others. If a potential thief were to make it past the extensive security measures, having several other apartments on the same floor would make it near impossible to leave unnoticed before reaching the foyer. Not to mention the security cameras that record them in action.
Unlike houses, apartments come with a myriad of amenities such as gym, pool, cinema room, private entertaining areas, communal gardens and much more.
You always have access to them, and the best part is you don’t need to venture beyond the complex to utilise each one. When you consider the cost of having to take out a gym membership or purchase movie tickets, the savings add up.
Many people are under the illusion high-density living results in exorbitant strata levies to compensate for the amount of facilities. As it turns out, this is not the case with the strata myth proving to be just that – a myth. In The Australian article Strata fees: the levy that buys you freedom, a couple discusses their own house to apartment transition:
“They worked out that strata levies – which gives them access to a gym, country club, resort-style 25-metre lap pool and maintains the gardens – costs them roughly the same as looking after their home.”
In fact, apartment living can be far more cost-effective than living in a house with a mortgage. Living in a smaller space saves you money on heating and cooling, dropping the cost of your gas and electric bill significantly. Costs of repairs and maintenance are also generally lower given they are the responsibility of your property manager or landlord for the external areas of your apartment.
Apartments facilitate a lock-and-leave lifestyle. Being a slave to your home and worrying about constant upkeep becomes a thing of the past. Most apartment blocks are maintained by someone who takes care of the communal gardens and outdoor chores; meaning less work for you. No repairs, maintenance or external upkeep frees up your schedule considerably, leaving more time to enjoy leisurely activities and soak in the surrounds. You don’t even have to take out the bins each week!
If you’re interested in experiencing the benefits of apartment living, browse Finbar’s current developments and/or completed developments ready to move into and contact a selling agent via the website to find out more.