Meanwhile, the number of people living in houses is on a downward trajectory, from 76 per cent in 1996, to 73 per cent in 2016.
And if you think the apartment boom is down to young singles seeking an exciting city lifestyle, think again.
Families with children now make up 25 per cent of Australia's apartment population – a 56 per cent jump since 2011.
The Property Mentors CEO Luke Harris says there’s no doubt apartment living is an increasingly popular lifestyle choice for Australians.
“The Great Australian Dream of a quarter-acre block and a Hills Hoist in the backyard is slowly disappearing,” he said.
So, why are more and more Australians choosing to live the high life?
Over the past century, the size of the average Australian household has been on the decline, from 4.5 in 1911, to just 2.6 in 2016.
And between 1976 and 2016, the proportion of couple families with children at home has fallen from just under half, to a little over a third.
Households are getting smaller.
And that trend is freeing families to make more diverse housing choices because they no longer need a big house on a big block.
A better lifestyle
Theatres and museums, gardens and galleries, pubs and clubs - entertainment options are on tap for apartment dwellers.
When you live in a city, everything is close so you don’t have to worry about driving or parking – and that’s cheaper and better for the environment.
Employment opportunities also abound in urban areas, boosting choice and reducing commutes.
The space race is over
Smaller living and outdoor spaces can be a big plus for people who don’t want to spend the weekend cleaning or gardening.
Smaller living spaces are also cheaper to heat, cool, and maintain, with much of the maintenance taken care of by the body corporate.
That all adds up to more money and time to enjoy the fabulous location.
I want it all
Fancy a gym, pool, or spa, without the cost or hassle?
The extras on offer in apartment complexes can be very desirable.
Apartment living allows people to downsize their lives while upsizing their lifestyles.
How The Property Mentors can help
If you want to know more about why adding an apartment to your investment strategy is a smart choice, our expert team of advisors can help.
As active investors, we can help you develop a clear, individually tailored property investment plan.
Contact The Property Mentors for a discovery call today. We’re confident that we can help you grow your portfolio.
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