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Apartment Living Gaining Popularity

Twenty-five per cent of capital city homes sold in 1995 were units and apartments. And it seems that in 2010, the trend is gaining strength in Western Australia.

To date, apartments have accounted for 35 per cent of home sales, and the number is growing as more buyers choose the high-density, inner-city lifestyle.

Since the tail end of the 2005 property boom, the proportion of unit and apartment sales had been increasing. However, the First Home Owners Grant and a sharp drop in interest rates disrupted this pattern in 2009.

Now in 2010, RP Data’s modelled volumes for the month of August, show house sales at 70 per cent and unit sales at 30 per cent.

In recent times, although some purchasers have reverted to detached homes rather than higher density forms of housing, the driving force behind the increasing popularity of unit living is essentially that they are more affordable and they also happen to be available in relatively greater supply in desirable locations.