Amid a national housing shortage and a lack of affordable dwellings, the great Australian dream has shifted from a house with a white picket fence to an apartment with shared common spaces.
With the latest Domain data showing the average house price in Sydney at $1,627,625 and apartments half the prices at $806,137, potential homeowners are shifting their goals and are reaping the benefits of apartment living.
According to PLACE Studio’s CEO and Co-Founder James Alexander-Hatziplis, affordability issues mean the traditional concept of the Aussie dream home has significantly changed, maybe forever. “The goal posts for many Australians have gone from a big backyard to a place with amenities and that is close to work.
“The white picket fence has been replaced with apartments located in areas that are close to public transport, with common amenities such as coffee shops, childcare – and apartments are the best way to do that.”
Apartments can grow with families
While space has always been the major drawback to growing families wanting to live in apartments, Aussie families with changing lifestyle needs are taking advantage an increasing trend towards apartment amalgamation.
Mr Alexander-Hatziplis tells the story of a client who used amalgamation to stay in the area but gain the additional space they needed to support their growing family.
“One of our clients simply outgrew their existing apartments but were lucky enough to have a neighbour looking to sell at an opportune time. After crunching the numbers, they realised they wouldn’t be able to afford a free-standing property in the area with similar bedrooms, so they purchased the adjacent apartment and amalgamated the two,” he says.
“Amalgamation means people no longer must choose between an area they want to live in and the space they need. Combining one apartment with another one is more convenient, especially for people who love the security of living in unit blocks, don’t want the hassle of moving, and are very attached to the area they live in,” he says.
He points out that in some instances it can even be cheaper and often better value if you choose to live in an amalgamated apartment rather than going to the trouble and expense of upsizing to a bigger house, plus all costs associated with moving – citing himself and his young family as an example.”
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