The Australian dream of home ownership is shifting from houses to apartments, with more people opting for the convenience, lifestyle, security, safety and affordability of apartment living.
Australia is experiencing a social trend towards apartment living in its major capital cities, according to Commonwealth Bank Australia (CBA) Proprietary Data.
The CBA Proprietary Data reveals that apartments represented 46 per cent of all approved dwellings at the end of 2015, up from 32 per cent in 2005, 10 years ago.
Demand for apartments in the greater Brisbane region has extended to Redcliffe, where the mixed-use oceanfront Mon Komo development is experiencing increasing sales inquiries.
Kyko Group’s multi-award-winning $150 million Mon Komo development consists of a residents only apartment tower, a 4.5 star short stay accommodation tower, gymnasiums and swimming pools, professional office suites and the vibrant Mon Komo Hotel, with function rooms for corporate or social events, restaurant and bars.
TOTAL Property Group managing director and Mon Komo marketing manager Adrian Parsons said the old-fashioned Australian aspiration of owning a detached house on a quarter-acre block is evolving towards the traditionally European way of apartment living.
“We are fielding increasing sales inquiries at Mon Komo as apartment living attracts a widening range of demographics including single people, young couples, professional people, downsizers and retirees as well as growing families,” Mr Parsons said.
“Market trends indicate more people are choosing to live in an apartment instead of a house on a block of land, as apartments tend to be more affordable and offer greater lifestyle advantages,” he said.
“Apartment developments are typically built in highly desirable lifestyle locations close to shops, restaurants, entertainment, amenities, public transport and are within easy reach of the city.
“Even growing families with their busy schedules are opting for apartment living to minimise house maintenance time and maximise quality family time.
“Apartment living is extremely low maintenance as residents are only responsible for upkeep of the interior of their apartment, leaving more time to enjoy the benefits of their premium location and the resort style amenities including swimming pools and gymnasiums.
“Apartment buildings also offer a heightened level of security, with resident-only access to the building entrance, elevators and car parking offering peace of mind.
“Astute buyers are noticing the lifestyle, affordability and increasing popularity of apartment living and are taking advantage of ongoing low interest rates, resulting in rising momentum in the greater Brisbane apartment market.”
The director of Mon Komo development company Kyko Group, Bill Jenkings, said a new era of sophisticated mixed-use residential development design is changing the perception of apartment living in Australia.
“As Australians move from houses to apartments it is important to offer spacious indoor-outdoor living as well as a sense of community and belonging to a neighbourhood,” Mr Jenkings said.
“Mon Komo’s apartments are designed to make the most of their generous proportions, with open plan layouts and floor-to-ceiling glass to make the most of the natural light and uninterrupted ocean views, allowing for a seamless integration of indoor and outdoor entertaining areas,” he said.
“Mon Komo was designed to extend residents’ living space past their apartment door by providing a variety of areas for socialisation and recreation.
“Mon Komo’s resort style amenities including swimming pools, gymnasiums, restaurant and bars provide residents with places to gather as well as a luxurious ‘holiday at home’ lifestyle.
“Mon Komo’s location is a key factor, being within easy driving distance of Brisbane’s CBD and domestic and international airport.
“Public transport is also close at hand as Mon Komo is situated on a major bus route and the soon to be opened new rail link connecting the Redcliffe Peninsula to the Brisbane CBD will make Brisbane even more accessible for Mon Komo residents.”