When the building boom is over: Can we afford to live in apartments?

The housing boom has seen some of the world’s most expensive homes go for up to £200,000 in Sydney and Melbourne.

It has also seen more people live in the suburbs, where houses have become more affordable.

But in a new survey of residential architecture and design, it is finding that for many people, the most affordable option is to live where the land is, not in apartments.

“There’s no denying the demand for the city,” says Sydney-based architect Roberta Wootton.

And with a boom in demand, it appears to be increasing demand for apartment buildings.

According to the latest figures from the Australian Bureau of Statistics, there were 5.3 million dwellings built in Australia in 2016.

The report shows that just 0.4 per cent of these were apartments.

“The biggest growth in apartments is in cities like Sydney, Melbourne and Canberra,” says Wootston.

A typical Sydney apartment would cost between $1 million and $2 million, she says.

This is despite the fact that in a recent survey by Real Estate Institute of NSW, only 5 per cent people in the city of Sydney said they were interested in owning an apartment.

Some argue the demand has increased so much that prices have gone up by more than a third, to $2.6 million, which is more than double the median price in Sydney, at $1.2 million.

For Sydney residents, it can also be a tough sell.

Many are opting for higher-density, mixed-use properties, such as townhouses and apartments, or smaller townhouses, which often have much smaller balconies.

When you look at how much more affordable these buildings are, the problem of overcrowding becomes more of a problem, says Wotton. 

“If we don’t get a better understanding of what’s going on with the city’s housing market, we won’t be able to make informed decisions,” she says, adding that she believes that more affordable apartments are the key to keeping people in Sydney.

Topics:housing,housing-industry,affordable-housing,business-economics-and-finance,home-design,housing,tas,sydney-2000,vic,sydney-first-tier-3155,vicFirst posted March 03, 2021 09:36:47Contact Mark TaylorMore stories from New South Wales