Making the most of quality family time has long since been a key motivator for families moving closer to work.
Given the average cost of a house can be considerably more than the average cost of an apartment in our capital cities, the financial benefits are very attractive, as is the reduction in long commutes to the office or school, for families seeking a more convenient lifestyle option.
Research tells us the number of families seeking the lock-up-and-leave lifestyle around the country is on the rise. It’s convenient.
And why wouldn’t you want to permanently park the lawn mower and spend that time previously spent doing yard chores to go out with friends and family instead?
As for the kids, bet they’re happy never to be asked to clean the pool again or tidy up the backyard.
According to 2016 census data, more than one in ten (11%) of Australia’s youth population (aged 15-24 years) resided in apartments. Similarly, nearly one in ten (9%) of all children aged 0-4 years had an apartment home.
When it comes to which states vertical living families were residing in, 17% lived in Victoria, 13% lived in apartment blocks in Queensland and 3% in South Australia. The Northern Territory, Western Australia and the Australian Capital Territory between them housed 8% of apartment dwellers.
But the vast majority of families in Australia living in apartments resided in NSW (59%).
And the proof is in the pudding. Or apartment.
Take Waverley in Sydney’s East for example. Waverley has the second highest population density in NSW with 66% of residents living in flats, units or apartments.
Waverley Council reported that families are choosing to live in smaller dwellings. Couples with children are increasingly willing to trade-off a larger home in a more suburban location for a smaller dwelling in a more accessible location.
In acknowledging the issue, property development advocacy group The Urban Taskforce has recently undertaken research on the growing trend towards family living in apartments, and claims to have found many examples of successful lifestyles.
The Urban Taskforce says the apartment market is responding to this trend by providing onsite childcare, large gardens and parks, as well as playgrounds that mean children get much bigger and better facilities than the small back garden in a terrace house.
Shared swimming pools are also an asset in apartments while terrace house gardens cannot have space for a pool, it says.
A joint research project shed light on the different demographic segments in Sydney apartments and their lifestyle choices, habits, motivations and reasons for choosing apartment living.
Convenience Vs. Price
Vertical families make up one in five apartment households, they are most likely to be young Gen Ys as nearly two in three (64%) are aged between 23 and 37.
Results from the survey also found that two thirds of apartment residents (66%) choose to live in an apartment because of lifestyle and location reasons, not just due to financial reasons.
When it comes to loving where we live, urban apartment dwellers are clearly motivated by a desire to live their chosen lifestyle rather than to build wealth.
When thinking about where to live, three in five apartment dwellers say liveability is more important than price growth, the report stated.
Life is too short. Who wouldn’t want to spend less time commuting, cleaning a large home with front and back lawn and gardens to maintain?
Spend quality time with the ones you love, and love where you live.