The Appeal of Apartments for Different BuyersThursday June 21st, 2018
Apartments serve as appealing purchases and ideal homes for an array of buyers. Our specific design and location strategies ensure our developments are not only adaptable to each occupier’s needs, but situated in central locations that are close to social, transportation and employment hubs. As a result, the residents of our apartments are afforded unbeatable lifestyle experiences.
As our Chairman, Elias Jreissati says:
“Bensons apartments are universal and timeless homes that afford residents lifestyles of distinction in every sense.”
We always place the occupier at the forefront of every design and create fluid spaces that can be modified to suit the needs of different buyers. We have noticed that Melbourne, Sydney and Gold Coast’s demanding high-density property market will continue to push the creation of dynamic and flexible living spaces to cater for Australia’s vast array of apartment purchasers and residents.
First home buyers:
First home buyers face challenges in today’s competitive and fast-paced property market. Luckily, apartments make owning a home much more attainable for those seeking to purchase their first home. Lower prices than houses, optimal location for amenity, low maintenance living and enhanced connectivity are all factors that add to the appeal of apartments for first-home buyers looking to enter the property market. Owner-occupiers also benefit from stamp duty savings on off-the-plan purchases. Apartments make inner city living affordable for first-home buyers and additionally present the potential for the transformation into an investment property.
Couples looking to reduce the size of their home, often referred to as downsizers, are often attracted to apartments for a myriad of reasons. Typically, the reduced level of care and upkeep required to maintain an apartment as well as their close distance to amenities, are major reasons for the desirability of high-density homes for downsizers. Augmenting the appeal is also the sense of community, resort lifestyle and guaranteed safety and security afforded to residents that live in apartments. Since there are generally multiple entry points before one can gain access to the front door of a home in an apartment complex, an increased sense of safety is felt by occupiers. Additional bonuses are the open plan and single-level living spaces, as well as wonderful views and integrated amenities that most apartment developments boast.
Apartments act as a great opportunity for investors. Lower entry-level purchase prices and the smaller deposit required to secure the property makes it more achievable for individuals to enter the market for investment purposes. Additionally, apartments typically generate a stronger rental yield than a house. The increased demand for apartment rentals, particularly throughout Melbourne, Sydney and the Gold Coast, will indicate generous investor returns over the long run.
According to the 2017 Sydney Lifestyle Study, commissioned by Urban Taskforce Australia, one-fifth of Sydney apartments are currently occupied by families. In fact, the number of apartment-dwelling families soared from 65,000 in 2011 to more than 87,000 in 2016. That’s an increase of 34 per cent in just five years, and industry experts expect the percentage to keep growing rapidly. These statistics indicate that apartments are transcending the traditional idea of high-density occupants. They are now proving to be cost-effective and practical homes for families larger than two people. The main appeal of apartments for larger families is due to their affordability, low level of maintenance and enviable proximity to employment facilities, transportation services and amenities. Families will also benefit from the security offered by high-density developments.
We are committed to developing projects that cater for and enhance the living experience of all of our occupiers.