Apartments are becoming common living options for many Australians because of their relative convenience and price when compared to traditional housing. According to the Australian Bureau of Statistics, more than 1.2 million apartments were occupied in 2016. Most of the apartments were one family households, comprising almost 48 per cent of all high-rise occupants.
Renting apartments is an option taken by many Australians; however, buying an apartment unit might prove to be a better investment. Brisbane, for example, is projected to experience a rise in population and increased demand for apartment units, according to an article in Real Estate AU.
Here are some reasons to consider when buying an apartment:
Compared to traditional housing, apartments are much cheaper, especially for first-time buyers who are only beginning to raise capital. Because of its size and cost, a house mortgage often lasts longer and the property tax is higher. Maintenance costs are also a bigger recurring expense.
Australian urban planning regulations mean that residential property development companies build apartment complexes with access to all the basic amenities and facilities. There is often a better chance of finding an affordable apartment located near business centres, providing opportunities to find work and an easier commute to the office.
With the recent activity in the residential property market, apartments present a low risk investment with high rewards for those looking to buy units. Given the increasing demand for accommodation, the value of an apartment can easily rise. As well as the profit from selling, these units can be rented out, providing additional income.