As the question of housing affordability intermittently looms overhead combined with notable shifts in Australian culture, higher density living is becoming more and more appealing. Generations of Australia’s past desired the quarter acre block in the suburbs, but only half of us have parents belonging to those generations. The other half of us hail from higher density cultures like the United Kingdom, China and India to name a few.
Although the strong majority of households are detached homes, a clear shift toward higher density living is apparent as time progresses. This can be observed both in household composition through census data as well as in new dwelling approvals within our capitals.
For the property investor, however, the more important consideration is whether growth prospects are available in apartments as they are in detached dwellings. Often, apartments can reap far greater returns than their detached counterparts because of their location. Proximity to the amenities that today’s society demands is a far greater driver than purchasing an established home in an undesirable location.