Apartments Challenge Houses
Hotspotting
English - July 25, 2023 02:01 - 8 minutes - 20 MBInvesting Business Society & Culture Places & Travel hotspotting propertyinvesting propertyinvestment firsthomebuyer smsfpropertyinvestment Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
A July article declared 2023 to be “The Year of the Apartment”.
At Hotspotting we agree that the year is seeing a growing body of evidence that apartments are emerging from the shadows of standalone houses as a worthy competitor for investment dollars.
As at July 2023, apartments overall were outperforming standalone houses in a number of ways – including faster growth in rents, superior price growth rates for much of the past 12 months and a majority of new dwelling approvals.
University of NSW's City Futures Centre research has found that at least 16% of the population now live in dwellings such as apartments, townhouses and retirement villages.
It said there are more than three million strata and community-titled lots in Australia.
More than 200,000 new lots like units and townhouses were created in the last two years and nearly half (48%) of people living in private apartments are 20-39 years old.
More apartment households rent than are owner-occupied - with 47% of stock being rented.