Is an apartment your next home?
Thinking about downsizing? Find out if apartment living is right for you.
"You take delight not in a city's seven or seventy wonders, but in the answer it gives to a question of yours." - Italo Calvino, Invisible Cities
If you’re thinking about downsizing, yet want to remain close to the entertainment, you may be considering an apartment in the city. Here’s what you need to know if you're thinking about going urban.
Big city life
By 2050 it is predicted that 66 per cent of the world’s population will be living in cities. With regard to Australia, people are attracted to the east coast, particularly Sydney, Melbourne, as well as the Gold and Sunshine Coasts. The migration of people moving to urban areas can be associated to a degree with society's reliance on the internet, entertainment and culture.
Infrastructure Australia has released a report stating that Australian cities will increase their share of national population from 66 per cent in 2011 to 69.3 per cent in 2031 and 73.4 by 2061. And according to the Australian Bureau of Statistics (ABS), the number of dwellers in urban areas rose by 1.4 per cent in 2015.
As more Australians gravitate towards the city, the property market has to grow to accommodate and at the moment the sky's the limit.
Have you considered moving closer to the city area?
The cost of living
Living in the city tends to give you access to life's necessities, within a reasonable distance. Apartments also tend to cost you less on energy costs for heating because you are warming a significantly smaller area compared to a house. Plus you benefit from the overall rising warmth from all the floors beneath you.
Also, compared to a house there is very little maintenance for an apartment, other than your contributions to the overall building running costs, and you only have to worry about the interior of your home. According to Core Logic RP Data's monthly indices, for August 2016, the average apartment also costs approximately $210,000 less than a house in Australia.
Depending on what building you decide to live in, the amenities attached to it can have huge pulling power. Swimming pools, gyms, laundry, and communal rooftop gardens, just to name a few. This saves time and money on indoor and outdoor upkeep yet it still allows you to be part of a neighbourhood environment.
If security is a concern then apartments are known to be safer than houses, given they have multiple security doors and fewer access points than houses, particularly on upper levels. Before you purchase an apartment though, you should be aware of the following:
- Double check the crime rate in the city
- Check if there is a doorman and the hours in which they work
- Talk to potential neighbours about their feelings regarding security in the building
For more advice on apartment living and if it’s right for you, talk to the team at First National Real Estate.
What's your ideal apartment to live in? Let us know in the comments below.