Apartments Challenge Houses

A July article declared 2023 to be “The Year of the Apartment”. At Hotspotting we agree that the year is seeing a growing body of evidence that apartments are emerging from the shadows of standalone houses as a worthy competitor for investment dollars. As at July 2023, apartments overall were outperforming standalone houses in a number of ways – including faster growth in rents, superior price growth rates for much of the past 12 months and a majority of new dwelling approvals. University of NSW's City Futures Centre research has found that at least 16% of the population now live in dwellings such as apartments, townhouses and retirement villages. It said there are more than three million strata and community-titled lots in Australia. More than 200,000 new lots like units and townhouses were created in the last two years and nearly half (48%) of people living in private apartments are 20-39 years old. More apartment households rent than are owner-occupied - with 47% of stock being rented.