Short-Term

Apartment Living:

The Growing

Demand for

Australia’s High-

Rise Buildings

Executive Apartments

19 Charles Street

South Perth

Western Australia

+61 (0)8 9363 1999

A new study reveals that Australia is now enjoying the long-awaited housing renaissance.

This is because of an increasing number of newly developed buildings and a growing

interest in high-rise living.

In the past few years, potential homebuyers focus solely on looking for detached houses.

This has helped improve the country’s economy by one to two per cent for over 12-18

months. As most property developers take long to get an apartment proposal approved and

built, the gains have spread over several years.

Strong Demand

The demand for short-term apartments for rent is on the rise, as more and more people

embrace high-rise living. Recent statistics show that the value of a finished apartment

building hit a four-year high in the first quarter, amounting to $11.3 billion. The number of

new residential properties started, on the other hand, rose by 22 per cent on a year earlier.

Industry professionals note that property developers are currently building two high-rise

apartments for every five detached houses. For the next two years, they expect to see more

emphasis on high-rise units.

The Shift to Apartment Living

There are several factors that can affect the rise of apartment living. These can include cost,

demographics and the tide of investment from offshore. The latest study indicates that

approvals for foreign buyers have increased by 99 per cent over the nine months to March.

A minimum stay on a high-rise building varies from 90 to 180 days. The must-have features

that many renters want most in an apartment are deluxe master bedrooms, large home

office, spacious living area, granite kitchen, relaxing balcony with picturesque views, secure

parking lot and easy access to CBD and tourism hubs.

The new Australian dream is to own a fully furnished and equipped apartment, as it

possesses several benefits. To name a few: affordability, minimal maintenance and secure a

property with a reliable deposit. The strong appeal of apartment living continues to

increase, as many property developers are responding to the demand for tall residential

towers and vertical cities.

Resources:

https://www.exapt.com.au/Properties?type=short

http://www.reuters.com/article/2014/07/21/us-australia-economy-

housingstarts-idUSKBN0FQ07D20140721

https://www.linkedin.com/pulse/trend-high-rise-living-gathers-pace-

australia-cam-marron