A recent report by the City Future Research Centre at the University of New South Wales Sydney (UNSW) has found that the majority of apartment households are rental properties. The report detailed that there are approximately 2.6 million strata titles across Australia.
These titles have an insured value of $995 billion.
With strata data previously difficult to compile and analyse, this report by UNSW provides a valuable overview into the apartment market across Australia.
Strata titles in Australia refer to apartments and other semi-detached properties such as townhouses. A few key figures about the apartment dwellers in Australia were detailed in the report:
- 48% of apartment households in Australia are rental properties.
- 12% of apartment households are owner-occupied.
- 14% of apartment households are under mortgage.
- 50% of apartment dwellers are 20 to 39 years old.
- 20% of apartment dwellers are 40 to 59 years old.
These figures mean that nearly one tenth of Australians live in apartments. Amongst Australia’s apartment households, 35% have one person living in them.
Couples without kids make up 24% of apartment households, while 13% of apartment households are made up of couples with kids.
Interestingly, the report detailed the size and economic responsibility of strata schemes around Australia.
Operating similarly to Governments in their ability to collect levies and taxes for building upkeep, strata schemes are operated by elected volunteers who make management decisions on behalf of the building’s residents.
What this report shows is the changing landscape of living for people across Australia. As the Australian population wants to remain living in areas that have all the amenity they desire, while property prices continue to rise, the number of Australians living in apartments continues to grow.
Apart from the potential savings offered by apartment living, instead of a detached dwelling, the maintenance and care of apartment buildings also make apartments an appealing option for owners and renters of all ages.