Popularity of apartments sky high

Popularity of apartments sky high

Posted on Thursday, February 27 2014 at 9:52 AM

The approval of 2000 apartments in five high-rise Melbourne projects in just one day demonstrates a shift in market preferences, according to Urban Taskforce.

Chief executive
officer Chris Johnson says support for a 63-storey apartment tower as well as
two 55-storey towers shows there’s a growing interest in apartment living in
urban areas.

“The swing
towards apartment living in Australian cities seems to be part of a cultural
shift to favour location over dwelling size,” Johnson says.

“The boom in
apartment high-rise is partly supported by a growing interest in rental
properties, as many purchasers are investors. There does seem to be a swing
towards rental accommodation in cities as younger people put off home ownership
to give themselves more flexibility in where they live.”

He adds the
strong pro-growth attitude by the Victorian Minister for Planning Matthew Guy
sets a good example for other states.

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