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There are now over 1 million apartments in Australia and this figure is rising every year due to important social changes in the property market according to Shane Kempton, CEO of Professionals Real Estate Group.
Mr Kempton said that the latest Census showed that the number of apartments in Australia topped 1 million for the first time.
“The Census revealed that there were 1,056,236 apartments in Australia compared to 932,862 apartments recorded during previous Census.
“Overall, the Census revealed that apartments accounted for 13.6% of all dwellings in Australia which compared to 13.1% for the previous Census
“More people are residing in apartments due to the fact that a large proportion of our population is now living alone.
“This trend was highlighted by that fact that the Census stated that some 24.3% or one in four of all households in Australia were comprised of people who lived alone.
“Overall, the Census revealed that there are now some 1.8 million single or lone person households in Australia.
“This high number of lone person households is encouraging more investors to purchase higher density homes such as apartments to cater for the growing rental demand these types of homes.
“Apartments are also favoured by investors because they are low maintenance and generally deliver higher rental returns than a standard home,” he said.
Tips on buying an apartment
* If you are buying off the plan, check to see if there are many other apartment developments planned for the area. This could lead to future over supply issues and as a result have a negative impact on future capital growth rates.
*Don’t buy on emotion. If you buy the right apartment, it can deliver high rates of capital growth which can be equal or even surpass a larger family home in the outer suburbs.
*Focus on location, location, location. People living in apartments want to have key amenities such as cafes, public transport and shopping within walking distance to their complex.
*Check the floor size of the apartments because you are paying by the square metre for this type of property. The size of the balcony is also important.
* If you are buying off the plan, check previous developments which have been undertaken by the builder to determine their ability to deliver what they are promising.
*Always check the small print of the contract to before signing any document to purchase an apartment off the plan.
* Quality fittings and overall appearance are now a key issue so for resale purposes make sure you buy an apartment that is constructed to a high quality.
*Make sure that the apartment has dedicated parking as parking is a key issue in the inner city area.