Location, location, location is the national recipe for apartment buyers
Thursday, September 26, 2019
Recent research by Australian Apartment Advocacy has found that owner occupiers and investors alike purchased their apartment based on its location (85% nationally) followed closely by proximity to public transport (55%) and in particular they liked their apartment because it was close to public transport (77%), close to shops (71%), restaurants (68%) and parks (58%).
This definitely highlights the fact that the proposed MetroNet model is reflective of the apartment community and their needs with the train station hubs needing to be more like a village adding greater convenience to apartment resident’s lifestyles and everyday routines.
When it came to what residents liked about their apartment security ranked the highest with 57% nationally and then resident parking at 52% - again consistent across all the states. And when asked what they liked about the apartment, low maintenance and floor plan ranked first at 57%, followed by the views 56% and the size of the rooms 49%.
And while it is assumed that downsizing maybe a key driver for moving into an apartment only 23% indicated that this was the case, with 37% stating they were seeking a property with less maintenance, indicating that moving into an apartment is not necessarily a lifecycle choice but rather a lifestyle one.
And why an apartment over a house? 78% nationally once again reinforced the need for security, followed by 75% quoting affordability and then 69% reinforcing the low maintenance and lock up and leave lifestyle.