The great Australian urban sprawl could be a thing of the past according to industry insiders who say our cities will be moving on up, instead of rolling on out in the future.
More than a quarter of Sydneysiders already live in strata title developments and the proportion is tipped to increase.
Former Minister for Fair Trading, Anthony Roberts recognised that strata dwellings would be a driving force in NSW in less than two decades.
“It is estimated that by 2030 half of Sydney’s housing stock will be multi-unit dwellings and the proposed reforms will strengthen a culture of community and cooperation in strata,†Mr Roberts said in 2013.
According to the most recent ABS census figures, 27.6 per cent of Sydneysiders are now living in apartments and units, up from 23.9 per cent in 2001.
And the ratio of strata residents to those in Torrens title properties is set to rise across the country.
CEO of Toga Development and Construction, Fabrizio Perilli, said demand for apartment-style residences, which integrate home entertainment and green spaces into city locations that have lifestyle amenities, transport links and job opportunities is increasing.
1. Apartment living to surge
“As a society we are becoming increasingly time poor — with many juggling family, work and study — and as such, we are seeking low-maintenance and highly convenient housing solutions,†Mr Perilli said.
He said that while owning our own home remains a priority for Australians, the quarter acre block is no longer a requirement for many.
“A two- or three-bedroom apartment can also provide a more achievable and cost effective option, as well as delivering inner-city lifestyle benefits,†added Mr Perilli.
2. Satellite CBDs in hot-demand
With the gentrification of many outlying suburbs, coupled with improved public transport in many cities, the one-time sought-after 10km inner city radius for apartments has shifted.
Now buyers have expanded their househunting by up to 25kms from the city centre.
As a result, developers such as Toga have embraced the emergence of satellite CBDs — or cities within a city.
Sydney’s Chatswood, Hurstville and Macquarie Park are prime examples of satellite CBDs which are enticing buyers seeking employment options, quality schools, retail and restaurant choices and well-connected transport links that are all within walking distance.
3. Mixed use to increase
Developments that offer added lifestyle benefits, for both the residents and local communities are in demand and therefore are driving the inclusion of supermarkets, eateries, retail and office space alongside residential living.
“Property purchasers are seeking opportunities that provide the heightened convenience of being able to pick up a coffee or groceries at their doorstep. Local communities also benefit from mixed-use developments as they encourage increased investment and retail competition,†Mr Perilli said.
4. Ergonomic design essential
Consumer demand has fuelled competition among developers, resulting in heightened quality of design.
Many developers are ensuring all boxes can be ticked on a buyer’s checklist — from rooftop gardens and central courtyards, to designer fixtures and fittings.
5. Green is Gold
From rooftop gardens, barbecue areas and internal courtyards, through to landscaped public parklands, the demand for green space in medium to high density buildings is driving a visual change.
“While Australians are increasingly seeking the convenience and low-maintenance of apartment living, our outdoor culture and good year-round weather conditions are fuelling the incorporation of larger balconies and windows, as well as shared outdoor recreation areas for residents — and the local community,†Mr Perilli said.