24/02/2023
Bye-bye quarter-acre block: more Australians are living in apartments – but do they meet our needs?
✅ One day, people will be able to rent a townhouse, but for someone living in inner-city Melbourne, it is almost impossible.
Sadly, the only options in our price range are modest flats. Being close to the city and having building facilities makes it more convenient.
✅Australians are moving into flats in unprecedented numbers as the cost difference between renting a private home and an apartment keeps growing.
✅ According to the 2021 census, around 1.3 million people now reside in apartments, an increase of 1.1% from 2016. At the same time, the number of Australians who reside in townhouses and terraces has remained constant, at 1.1 million.
✅ Dr. Michael Fotheringham, managing director of the Australian Housing and Urban Research Institute, said Australia needed to catch up to the fact that the 1950s dream of raising a family in a home with a back yard and a Hills hoist was becoming more and more out of reach for low to middle-income households, particularly at a time when the rental market was in crisis.
✅ Yet, after it was finished last year, rental costs have continued to rise. The census for 2021 did not evaluate housing hardship.
According to SQM research, the average weekly rent in capital cities was $577 for all homes and $421 for all apartments as of the census's completion in August.
✅ Since then, the average weekly rent for all apartments and homes has risen gradually to $478 and $661, respectively.
Apartments are becoming more popular, according to Fotheringham, who also noted that there is a desire for more supply in addition to lower rates.
✅ In our large cities, we have invested a lot of time in developing numerous flats. We have densely populated core cities and choose to construct outside of cities rather than in the middle of them.
✅ There's only so far you can go, unless we start creating new cities and developing regional centers into large cities. We have an abundance of flats with a shortage of separate houses.