Why To Buy Small Apartments in Sydney
When we went past the USA in terms of homeowners with maximum square acreage all over the world, there was no denying that our penchant for McMansions was not a myth. The objective yardstick proved this clearly. Where the growing population of the world, dispersed around the city and suburbs, dreamt of indulging in small spaces close to the well-heeled zones- full of amenities and facilities, we Australians were quite fulfilled with having big backyard spaces and barbeque zones.
What is shifting our focus from the McMansions?
Perhaps the population explosion has undone this dream (I doubt if the dream had any merit to begin with). Of course, demographic shift and high level of gentrification have together made the McMansions nothing but an elusive idea. We cannot afford to live in those big homes when the teeming multitudes (all of a sudden, the coinage seems relevant) do not have even modest space to live in.
People looking for small apartments
In wake of all that is happening, the small apartments are becoming a lot more appealing prospect; it does not matter whether you are an investor or an owner-occupier. The shift in demography is trending towards a lot many single person households and Gen ‘Y’ers who have left their parents and then there are parents without kids, of course. These are the kind of people (I think I am missing Baby Boomers who are willing to downsize, too) who are looking for small apartments relatively close to the city hub for one reason or the other. If the old people look forward to the health centres and diagnostic clinics close to the city hubs, the young quite like the cafe feel and transport amenities.
The question of affordability
Moreover, the McMansions aren’t really affordable anymore if you look at the inflation-adjusted capital growth in the low-density units. The developers have recognised what’s brewing in the high-density housing market and they are moving fast to seize the day. We will have a real big tenant force (discussed above) to help us tackle our mortgage responsibility and thus, the one-bedroom apartments seem like a beautiful proposition at this point in time.
