Apartment Living Soars in Popularity
In 2012, high rise apartments out performed suburban bungalows as the most popular types of properties sold.
The increasing demand for apartment living is a trend set to continue. According to the Australian Bureau of Statistics, the 1.2% increase in approval for new units in October is the ninth consecutive increase.
Figures released by RP Data indicate that Walker Street in Rhodes, NSW was the best performing address, as 150 units and houses were sold. These results also reinforce the popularity of apartment living. James Sialepis, Meriton National Sales Director, says that the Meriton group faces incredible demand from investors and first home-buyers ready to take out home loans that will secure them an apartment of their own. In Walker Street, Rhodes “We sold 240 over the course of 18 months.”
Apartments and townhouses offer families an excellent way to start out and are perfect for people wanting less maintenance and upkeep. Margaret Howarth of Drake Real Estate said, “It’s a good starter but also a really good downsizer.”