The rise of family apartment living in Sydney

Sydney’s iconic skyline constantly evolves, with towering high-rises becoming a familiar sight. But there’s a shift in who calls these apartment buildings home – an increasing number of families. Here are the reasons why, plus the pros and cons of family apartment living.

Why are apartments gaining popularity?

Let’s face it: the dream of a detached house with a backyard is becoming distant for many Sydneysiders. Housing affordability is the biggest concern, and apartments offer a more realistic entry point into the property market.

While the Sydney property market currently has a shortage of reasonably priced apartments, this is something to consider if you’re selling an apartment or contemplating purchasing an investment property.

What do families need for functional apartment living?

Of course, transitioning from house to apartment isn’t without its challenges. Families have different needs, and apartments need to cater to them. So, what makes an apartment family-friendly?

Firstly, location is paramount. Easy access to schools, parks, sporting facilities, and even work for parents is crucial. Good public transport links and nearby supermarkets are also beneficial for a smooth daily routine. All these factors will make an apartment in inner-city suburbs such as Neutral Bay a great investment and very attractive to buyers.

Beyond location, you must consider the apartment’s design. Storage space is vital for families—ample wardrobes and built-in storage solutions are necessary. Access to some form of outdoor space, even a balcony, is a huge plus for families with children who need room to breathe.

Laundry facilities within the apartment are another non-negotiable. The final must-have is a modern kitchen for easy meal preparation for busy families.

The pros and cons of family apartment living

Here are the advantages and disadvantages of apartment living for families:

Pros

• Affordability: According to Domain’s latest House Price Report, the Sydney median house price is currently $1,627,625, whereas the median unit price is $806,137. Hence, apartment living makes homeownership much more accessible.
• Location, location, location: Living in apartments allows families to live in coveted locations they might not otherwise be able to afford. Furthermore, apartments are often conveniently located close to amenities.
• Modern amenities: Modern apartment complexes have several on-site amenities, including barbecue and outdoor dining facilities, office space, gyms, pools, and recreational areas.
• Less maintenance: One of the biggest advantages of apartment living is less maintenance both inside and outside. Say goodbye to weekends spent cleaning and maintaining the garden and more quality time with the family.
• Security: Many families appreciate apartment buildings’ advanced security (guards, controlled access, and cameras included) for peace of mind.
• Better floor plans: Modern apartments typically have better floor plans than houses as they efficiently use the given space, so you only pay for what you need.

Cons

• Less capital growth: Historically, apartments offer less capital growth potential than houses.
• Bylaws: Apartment living has its rules, so it’s important to study them before moving in.
• Strata fees: The biggest disadvantage of apartment living is dealing with fees, which can cost thousands of dollars every quarter, and sometimes more if there are lifts and a pool, for example.

What does all this mean for home sellers and investors?

The rise in family apartment living presents a unique opportunity for investors and sellers. If you own a larger apartment, consider the above factors to make it more appealing to families. By catering to this growing demographic, you open yourself up to a wider pool of potential buyers or tenants, increasing your chances of a successful transaction.

The family market is also worth considering for those contemplating purchasing an investment property. Not all apartments are created equal, and properties that tick the boxes for families will likely offer a more stable and long-term investment.

Do you own an inner-city apartment and have any questions?

Sydney’s housing landscape is adapting to changing needs, and so are we. Call the Home Property Agents team if you’re thinking of selling an inner-city apartment or would like to find out more about our property management services.