The Great Australian Dream no longer hinges on owning a two-storey home on a generous block of land. Today, the dream is to find a home that is synonymous with one’s desired lifestyle – whether it be a house, an apartment, or in some cases – even a converted bus.
With the market moving at an unprecedented rate and the supply of houses lower than ever, it seems for many, apartment living is the way of the future. Deciding to purchase an apartment over a free-standing house not only helps with budget constraints but moreover gives buyers considerably more choice when it comes to finding their dream property.
When you dive into the data, it’s really no surprise that more and more Australians are choosing to buy an apartment. According to the most recent CoreLogic data, House prices across the five capital cities are up 5.71% year on year while unit prices increased only 0.85% during that same period.
For Sale: 64/16-20 Keira Street, Wollongong
In Sydney, the gap between the increase in house and unit prices is even more stark with house prices growing almost double the rate of unit prices between February and March this year. This rate of growth, coupled with low supply has forced buyers to prioritise affordability and greater value for money – ultimately driving them to reconsider purchasing a house.
This shift begs the question, can an apartment really be better than a house? In terms of livability, affordability, and potential for capital growth – absolutely.
“Purchasing an apartment was my ticket into the suburb I wanted to live in”, says interiors influencer Camilla, from Instagram account @Camillashouse. “Everything I need exists on my doorstep – the beach, cafes, restaurants – you name it, I can walk there.”
For Sale: 307-308/47-49 The Esplanade, Ettalong Beach
Beyond affordability and lifestyle there’s far more Camilla loves about owning an apartment – most notably the fact that it affords her the opportunity to continually update her home to create a space she loves. “I’m not qualified when it comes to interior design, I’m just obsessed with homewares and styling.”
For many, space is a luxury, but for Camilla, a small space means even a slight design change transforms her home entirely. “Whether it’s a fresh set of linen to breathe new life into a bedroom or dried flowers and soft palms to add warmth, depth and character to my living spaces – small, inexpensive changes continually make my place feel fresh and exciting”.
For Sale: 12a/1-3 Gannon Avenue, Dolls Point
Her boutique, ground floor apartment in the highly sought after suburb of Fairlight on the Northern Beaches has the feel of a home with all the benefits of an apartment. “It’s undeniably practical, a smaller floor plan means manageable bills and less cleaning. And while I definitely revel in tending to my small courtyard every so often, I’m happy for now, to not spend every weekend mowing the lawn or cleaning the gutters – strata takes care of the bigger maintenance”.
Living in an apartment means DIY projects and renovations are on a much smaller scale than they would be in a house, which means she can afford to continually evolve and elevate her space. “I recently put a built-in bench seat in the sunroom and it transformed the space from a casual dining room into a sun-drenched haven”. Her next project? “The courtyard, I can’t go to the Greek Islands for the foreseeable future so the plan is to bring a little slice of Greece into my home.”
Admittedly, Camilla envisages owning a house one day in the future – but for now, she simply can’t beat apartment living.
Ready to make the move? View our current apartment listings
For Sale: 3902/79-81 Berry Street, North Sydney
