Investing on property is a serious thing in Australia, and choosing whether to buy a house or an apartment is always a matter of debate. The Australian dream has always been about buying a house for your family, but many now prefer investing on an apartment due to is more appealing benefits over the traditional house.
It is the smart choice
Vision One Projects noted that as the “population booms and the supply of land fails to keep up with demand, numerous older suburbs are continually being re-zoned to encourage higher density living through property development.” This means that as there are now more people living in the country, there is a growing need of properties that can accommodate more people.
Although this may not sound exactly appealing, it does come with its own share of benefits. For one, an urban environment means that you do not need to spend so much on gas or drive that far from work since you can use public transport or simply walk to your place of work. As there are other people living in the apartment, there is a greater sense of security, as well.
It is more affordable
One of the main draws of apartments is that these are generally more affordable than buying your own house, even with the constantly changing market prices. This is the reason apartment living is becoming the norm for the younger generation, particularly those just out of college and starting their first jobs.
Lower rents are not the only benefits though; you can benefit from the fact that more people are shifting to an urban lifestyle. Investing on an apartment and renting it out actually reaps greater returns compared to renting out a house. The younger generation and middle-income workers, the most common renters, are not exactly keen and prepared to commit to a house simply because these are pricier.
These are just some of the benefits of investing on an apartment. As the population grows and the growing dominance of urban living, getting an apartment is fast becoming the smarter choice for many Australians. The property market is set to be more interesting in the coming years.