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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