The recently released Australian Apartment Advocacy (AAA) survey, led by AAA Director Samantha Reece, looked at a number of issues including; apartment living satisfaction; present and future buying behaviour; the likes and dislikes of apartment living; design and location considerations; and the effect of short-stay accommodation.

“The research demonstrated that apartments located within a village setting i.e. with shops, public transport, and parks nearby are highly sought after and this then correlates to the overwhelming satisfaction with apartment living,” Ms Reece told WILLIAMS MEDIA.

“The data also showed that there was a movement towards three bedrooms across the nation (with the exception of Victoria which was driven more about affordability) and the fact is most people are not downsizing to apartments but rather rightsizing – with a focus on low maintenance and safety.

At a glance:

• The recently released Australian Apartment Advocacy (AAA) survey, led by AAA Director Samantha Reece,demonstrated that apartments located within a village setting i.e. with shops, public transport, and parks nearby are highly sought after.
• Ms Reece also indicated that "there is a need to build a greater degree of trust between the developers and buyers so that there is a higher level of confidence about buying off the plan".
• Research highlighted that nationally 78 per cent rated safety and security as their most important reason for the apartment they chose to live in, followed by close facilities to socialise with their neighbours (52 per cent).

“And finally we are now aware that the choice of moving to an apartment is less about life stage and more about life style with apartment owners indicating they like the fact that they have more free time which they can then spend doing the things they love.”

In the survey, Ms Reece also indicated that "there is a need to build a greater degree of trust between the developers and buyers so that there is a higher level of confidence about buying off the plan".

Research showed that nationally only 14 per cent of apartment owners were extremely or very comfortable with “buying off the plan”.

"Buyers are also price-sensitive when it comes to strata levies and hence this highlights the need for greater education around sinking funds and their role in maintaining apartment developments into the future," she said. 

When apartment residents (resident owners and renters) are looking for an apartment, four factors stand out: affordability, safety, and security, location and travel time to work.

The research highlighted that nationally 78 per cent rated safety and security as their most important reason for the apartment they chose to live in, followed by close facilities to socialise with their neighbours (52 per cent). Additionally, 26 per cent wanted more parking bays for their apartment.

Apartment residents surveyed from Victoria were mainly living in one and two-person households, this is related more to the size of apartment available than a household choice. The lack of larger apartments limits the options for larger households. 

Other key national findings included that around 46 per cent believed short stay accommodation has a negative effect on them and their apartment. Furthermore, 89 per cent of investors believe their apartment would have increased in value in the next 10 years, with the NSW most confident at 94 per cent. 

Source: Australian Apartment Advocacy.

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