More and more people choose to live in low maintenance apartments for various reasons: gaining more time for travelling and hobbies, saving money on furniture, appliances and energy costs, or downsizing to start a new chapter of their lives.
Location, Affordability and Public Transport
Location, affordability and public transport are the key drivers to apartment living according to a new poll commissioned by the Urban Taskforce Australia and conducted by ResearchNow. People moving to apartments are looking for shops, work opportunities and amenities nearby. 63 per cent of working apartment dwellers get to work in less than 30 minutes, 68 per cent either walk to work or catch public transport. With rising house prices in Sydney, affordability becomes more and more an issue. To be able to afford a suitable dwelling, Sydneysiders consider location more important than dwelling size. They want to catch a bus or ferry to the city rather than spending hours in traffic. Only 62 per cent of apartment dwellers own cars while the Sydney average is 82 per cent.
Over 50 per cent of Sydneysiders are involved in apartments
The poll asked over 1,000 people in Sydney, who either own, rent, invest in an apartment or intend to move to an apartment. The results are impressive: more than half of Sydneysiders, namely 56 per cent, fit in these apartment categories. 18 per cent are owners, 17 per cent rent an apartment, 15 per cent are investors, and six per cent intend to move into an apartment in the next five years.
According to the poll, many people renting and experiencing apartment living for a while, intend to purchase an apartment. 45 per cent of apartment renters are Gen Y (18 to 35 years), and 55 per cent of this generation are planning to move into an apartment in the next five years, which clearly shows that apartment living is very popular with younger people as well. 28 per cent of current apartment dwellers say that they love apartment living and that they are going to continue living in apartments when they have children. 23 per cent of renters and 29 per cent of owners are already living with children in their apartment.
40 per cent of apartment owners are baby boomers, 74 per cent of retirees living in apartments have lived there for over five years. 28 per cent of baby boomers older than 60 years have already downsized from a large family home to a more compact apartment.
Downsizing Case Study
To listen to a downsizing case study confirming the above mentioned research results tune in to episode 36 of the Downsize with Style podcast. You will hear from a couple how they downsized from a 5-bedroom property to a 2-bedroom apartment and why they love their new apartment lifestyle.
Featured image: Messe Frankfurt GmbH