Embracing apartment living
More Melburnians are embracing apartment living.
And it’s not just empty-nesters, young professionals and students. Statistics shows that there is an increasing amount of families choosing to create the family home, not in a house but in an apartment.
Census data from 2011 shows families with children made up 21.4 per cent of households in Melbourne’s CBD in the 2011 compared with 17.4 per cent in the 2006.
With the increase in house prices showing no signs of abating, Melburnians (and Australians in general) are recognising in greater numbers the fantastic value – and not just in terms of price – of well-situated inner city and inner suburban apartments.
So with the popularity of apartments on the increase, we look at why you too should consider embracing apartment living.
Better quality amenities
Just think of all those inner city amenities. Even better, with abundant public transport options, think of not having to find a park when you visit them.
Melbourne’s inner suburbs have some of the best shopping, parks, bars, restaurants, bars, and sporting and entertainment facilities in the country.
And when you live close to them, many will become an extension of your own home. Sounds good doesn’t it?
There’s no doubt that when it comes to buying inner city property, apartment living makes most suburbs a lot more accessible.
For example, in the highly sought-after suburb of South Yarra, the median price for a two bedroom house is $1.23 million. On the other hand, the median price for a two bedroom unit is $636,750.
Besides the savings you can make on the actual property, there is the savings that can come from a reduced reliance on the car and more regular use of public transport. Additionally, significant savings come in the form of energy costs.
A 2013 study by the US Energy Information Administration found that households in apartment buildings with five or more units use much less energy than the average for all households. The study found that about 17% of all US households were in apartment buildings with five or more units, however these households only used 9% of all energy consumed in homes.
No backyard means no pulling out weeds, raking leaves and watering plants. With communal space looked after by an owners corporation, small outside issues do not need your attending. This gives you more time do whatever you like.
With all the security of an apartment building your treasured belongings are significantly safer in an apartment than in house. Front doors that are secured by a pass or code offer a great defence and basically, unless you’re on the ground floor, you’ll never have to worry about windows being open.