Astute property investors are increasingly choosing units over freestanding homes, due to their popularity amongst young professionals.
This demographic values a lifestyle that allows them to be close to the city and in the middle of the action. They don’t want to have to maintain a big backyard on a quarter acre block and they want to live well on a tight budget.
Recognition of these evolving demographics has underpinned the Lacey Group’s latest project, Bodhi Apartments, a boutique property development comprising of 78 spacious, stylish apartments in Brisbane.
With one, two and three bedroom apartments available, the location offers a unique opportunity for investors to tap into an area of strong annual price growth that will only continue to appreciate. A picture of style and elegance, Bodhi Apartments mix luxury and contemporary living without leaving the city.
Located in Upper Mt Gravatt, Bodhi Apartments offer access to everything residents could want or need within a short walk or drive.
Young professionals and city commuters are within walking distance of major public transport links and main arterial roads, with the Brisbane CBD less than 20 minutes away. University students will enjoy the easy access to two campuses of Griffith University, while health professionals are within close proximity to two private hospitals.
Meanwhile families are well catered for as well, with plentiful local lifestyle amenities including schools and childcare, shopping centres, hospitals, parks, walking tracks and more – and with the beaches of the Gold Coast less than an hour to the south.
Apartments range in size from smaller properties suitable for a single resident, through to spacious three-bedroom residence that would suit a small family.
Apartment living may be a trend that suits current demographic trends, but will it continue to appeal to homebuyers in the future?
Indeed, household sizes in Australia have been dramatically declining for decades, and projections indicate that this trend is only going to continue.
In the last century, the average household size has almost halved; it’s now sitting at just 2.6 people per home (2011), down from 4.5 people in 1911.
Within the past few decades, the number of family households in Australia has shrunk (from 77.1% in 1986 to 71.5% in 2011), while the number of one-person households increased (19% in 1986 to 24% in 2011).
Between now and 2036, households comprised of couples with children is projected to decrease a further 10%, while couples without kids are expected to increase the same amount.
All of this indicates a trend towards smaller households and a bias towards lower maintenance home living. So, whether you’re interested in buying property to live in or as an investment, the smart money appears to indicate that apartment living is the prevailing trend to watch.
Sources: Australian Institute of Family Studies; ABS (2015) Household and family projections, Australia, 2011 to 2036