In recent years, as house prices soar, the dream of owning a home has been slipping away from buyers trying to enter the property market. This has prompted a growing trend toward apartment living in Australia, and the Gold Coast is no exception.

Reasons driving the apartment living trend

But it’s not just lower purchase prices that are driving this trend. Apartment living means lower utility bills, and in Queensland where power bills are spiralling out of hand, that’s a good thing. Lower bills and lower mortgages mean people can have a better standard of living.

While cost plays a part in the downsizing trend, there are a variety of reasons for buying an apartment. Modern living sees us working longer hours, putting our leisure time at a premium, and owning a freestanding home can place a lot of demand on your time. From mowing the lawn to maintaining the pool, traditional home ownership can leave you with little spare time to just sit back and relax.

This is one of the great attractions of apartment living—it offers the ideal low maintenance lifestyle. You can enjoy fabulous communal facilities including gardens, swimming pools and barbecue areas without ever having to spend precious time maintaining them. Having amenities on site also fosters a sense of community. Residents socialise in communal spaces and get to know their neighbours, unlike in freestanding homes, where neighbours rarely speak to each other.

In addition to convenience and cost, another benefit of apartment living is the added security it provides. Apartment buildings are fitted with video cameras, lock up gates and security alarms. Nearby neighbours also bring an added layer of safety.

Downsizing—apartment living for the over 50s

It’s not just first home buyers who are purchasing apartments either. Research by the Australian Housing and Urban Research Institute found that 43% of people aged 50–59 had moved to a smaller home as they approached retirement.

Like their younger counterparts, the low maintenance lifestyle is one of the main reasons over 50s downsize to a smaller home. Other key factors mentioned in the report include children leaving home, retirement and the desire to move closer to family.

Selling your larger home to buy an apartment can also provide financial freedom, reducing or eliminating your mortgage, and releasing equity held in a more expensive, larger house.

Whatever the reason, getting onto the property ladder or downsizing, apartment living offers home buyers, and investors, an attractive alternative to the traditional Australian suburban home.

If living in an apartment sounds like your ideal lifestyle, contact us today. We currently have a number of apartments and townhouses for sale, please call to arrange a viewing.