Is owning a house the only Australian property dream?

One could argue that the Australian dream is to own a house on some land and live happily ever after. However that Australian dream has shifted over the past few decades as the rise of apartment living has increased.

Increase in apartment living

The last census data* shows that 24.3% of Australians live in single (or lone) person households; and 23.5% live in apartments, units, townhouses, etc. With the rapid growth of apartments being built across the country, this figure is expected to increase when the next Census data is released. Therefore, when Mater selects its prize homes it’s not always the traditional house our supporters are looking for!

A common reason for choosing to live in an apartment is convenience of location. As our population grows and people want to live in inner-city suburbs, there is not much land left to build a house upon. And the land that is available is usually far beyond most people’s affordability.  Apartment living can mean living an urban lifestyle with all the benefits of city life available on your doorstep.

Mater Prize Home lottery No. 269 is offering one lucky person the chance to win a luxury apartment located only 2.5km from the Sydney CBD. Real estate of this calibre offers a lifestyle many can only dream about.

Apartments offer flexible lifestyles

Living in an apartment offers a variety of conveniences not afforded to those living on independent blocks.

With many people being time-poor, tasks such as gardening are not a priority for a lot of people. Many are choosing low-maintenance to no maintenance gardens; or simply no garden at all. By choosing to live in an apartment; people now have an option as to whether they want to include this lifestyle choice in their home.

Security is always a priority and apartment living usually offers the comfort of added security; with many neighbours nearby.

Repairs and maintenance can be lower in apartment complexes. Although owners are still responsible for their own properties, common grounds are a shared responsibility, as are other communal expenses such as electricity costs and building insurances. Most apartment complexes also employ the services of a building manager and/or an owner’s corporation to manage the administration and maintenance tasks—this is another highly desired option for time-poor people, or people who would appreciate the additional support.

Entertaining is also easy! Whether you utilise your apartment or head out to one of the many dining venues usually situated nearby apartment complexes; you can still throw a party when you choose apartment living. If your apartment is on the smaller scale; there are various space saving options available to utilise the space you have available and transform it into an entertainers delight. Alternatively, if your apartment is large and affords both indoor-outdoor living like our current prize home, then the party options can be endless. If cleaning up after a party isn’t for you; you’ll find a lot of apartments are usually within close proximity to dining and entertainment options—because a lot of people who choose apartment living do so for the convenience of local food and entertainment opportunities. Invite your guests for pre-dinner nibbles at your home before strolling to dinner nearby.

Investment opportunity

When you own an inner-city apartment; if you choose to make your apartment a rental, this investment will usually return a strong income stream.

People who rent inner-city apartments are more commonly young professionals. They look for convenience of location, public transport availability, amenities and entertainment and are willing to pay for it.

As an example, the current Mater Prize Home lottery No. 269 is expected to provide a rental income of up to $67,600 per year.

Live the dream

At 234 m², the latest Mater Prize Home is a three bedroom apartment offering the comforts of a house given its size, yet provides the benefits of apartment living.

Whether apartment living is for you or not; this enviable apartment up for grabs in Mater Prize Home’s latest lottery is worth being in the draw for! Whether you choose to live in the lavish inner-city Sydney apartment, or use this win as a savvy investment opportunity to supplement your income as well as fund your retirement; don’t miss your chance to win. Purchase your tickets today!

References

*2011 Census data http://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/0?opendocument&navpos=95