Despite the pandemic-induced shifts in preference for larger homes, more Australians are starting to live in apartments than ever before.
According to the 2021 census, more than 10% of Australia’s total population spent the night of the census in their apartments.
More Australians live in apartments and more skyscrapers than ever before …Photo: Getty
Apartment life continues to grow
The 2021 census clearly shows that most people in Australia live in separate homes, but an increasing number of cohorts live in apartments.
Australia’s housing profile is evolving. Over the last 30 years, the number of apartments occupying the country has more than doubled (up 108%) to 1,418,898 in the 2021 census.
Rising high rise
But it is not only occupying an increasing number of apartments, but also a dense life.
As Australia’s population grows, so does the block above the 4th floor. The share of block apartments over four floors has almost tripled since 1991.
So where are these apartments?
Nearly half of all occupied apartments are located in Australia’s largest state, New South Wales. As in the 2021 census, it is home to more than 8 million people and has the highest population density. That’s not surprising. Victoria and Queensland come second and third.
In the state, of course, most apartments are built in the capital.
A different state is Queensland, where most of the apartments are located in the heart of an area like the Gold Coast.
And who lives in them?
The median age of the people living in the apartment is lower than the median age of the entire population.
Women are more likely to live in an apartment, especially for those over 55 years old. This is probably due to taste and life expectancy, but it is also an example of a gender wealth gap.
Factors such as the widespread wage inequality that women are suffering, along with reduced savings and wealth in old-age pensions, and a tendency towards lower-paying and more volatile jobs, are in the apartment market where women buy and rent. It may be driving you to look at more affordable options.
Women over the age of 55 are much more likely to live in an apartment than men. Here, the cumulative impact of each stage of a woman’s life can be a factor.
Throughout the pandemic lifestyle, proximity to CBD has become less of a priority.
At the same time, the experience of blockages and strict restrictions has not made apartment life relatively attractive to many.
Buyers are also paying higher premiums for their homes. Since February 2020, the average premium paid to homes in the Australian capital has been 43%, but in Sydney and Canberra it was close to 60%.
according to PropTrack Home Price Index, Between the beginning of the pandemic and June 2022, home prices across the country rose 38%, while home prices rose only 16% over the same period.
However, the recovery in migration, the recovery in the international student market, rising borrowing costs and declining borrowing capacity are driving demand in the apartment market.
Already, PropTrack data show that rental demand for units has returned significantly as affordable constraints have begun, especially in Sydney, Melbourne and Brisbane, and the transition resumes.
That’s good news Investor – Yields are expected to rise as rents are skyrocketing and home prices are stagnant.
However, as mortgage rates rise, homebuyers may also look to more affordable options.
For first home buyers, the cheaper price of the unit is a factor and if suggested Purchase help The scheme has been implemented and there are more choices in the apartment market.The same applies to extensions Housing guarantee system.
Apartment life is in fashion again and could be even more fashionable. The unit may hold up better, even though we are seeing house price declines.