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Apartments V Houses
WHICH IS BETTER?
With the growing need for medium density housing and the increasing popularity of apartments, First National Real Estate chief executive Ray Ellis takes a look at the pros and cons of both living options. ‘Experts are saying apartment living is soon set to outpace the Great Australian Dream of the quarter acre block,’ Mr Ellis said. ‘While affordability and ongoing low supply are the main driving factors behind this trend, there are other considerations that come into play as well. More women in the workforce, longer working hours and a sizeable shift in demographics, are all forces to be reckoned with when considering lifestyle options for today and into the future.’ According to Mr Ellis, the ‘apartment generation’ will age and their family situations and lifestyle preferences will change, but traditional housing will remain a viable choice for Australians for many years to come. ‘The choice of whether to live in an apartment or a house, comam 1.30 11-1 y a rd Satu
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plete with a yard, will come down to whether you are looking to live in a property or to rent. Then it is about you or your tenants’ lifecycle stages and financial means. ‘The baby boomer generation are holding onto their homes longer at the moment, but eventually they will need to either downsize or seek other forms of retirement and aged-care living, freeing up their homes for future generations. ‘However, it may be a case that by then the “apartment generation” will be used to living in apartments and even though they are ready to raise a family, they believe they can do so in the more affordable apartment option. Not to mention the fact that their weekends will be free of mowing lawns, fixing fences or gardening. ‘On the other hand, they may still see a strong need for having a yard where their children can run around, or a house that offers greater space in general.’ Mr Ellis says investors also need to be considered when looking at apartments versus houses.
‘People looking to invest need to consider where the greatest returns on their capital will come from,’ Mr Ellis said. ‘They will take into account short-term yields and returns as well as long-term capital gains and growth, and both apartments and houses have much to offer here. ‘Plus, much will depend on what local, state and federal governments do in terms of policy and regulations. ‘Currently, there is a long list of higher-density governance issues which need to be resolved, such as assistance programs for emergency and disaster victims, initiatives for environmental programs, insurance packages and environmentally sustainable design principles, to name a few. ‘But whether you choose a house or an apartment, to live in or as an investment, it is important to get the right advice about the area from locals with knowledge and experience. Houses and apartments are both viable depending on personal preferences and individual circumstances. The final choice needs to deliver the right results and outcomes for the buyer.’
Housing supply data crucial: REIA Real Estate Institute of Australia (REIA) president Peter Bushby says the decision to abolish the National Housing Supply Council could signal the end to much needed data to formulate housing policy. The National Housing Supply Council was established in 2008 to monitor housing demand, supply and affordability in Australia and to identify gaps between housing supply and demand. ‘With housing affordability recognised as a policy priority, it is imperative that the information contained in the Council’s State of Supply Report continues to be available,’ according to Mr Bushby. ‘The document provided valuable information, not only to government policy makers but also to industry.’
Mr Bushby says the availability of affordable housing is a goal that is shared by governments and all sectors of the community. Availability of affordable housing impacts on the functioning of the economy as well as the wellbeing of individuals and the cohesiveness of communities and society. One of the factors that contributes to increases in house prices is the undersupply of housing. Supply has been unable to keep pace with demand due to constraints on land availability, lengthy planning delays and associated costs of approvals, zoning policies, skill shortages and lower yields stemming from the increased cost of entering the property investment market. REIA has called for the federal government to develop a coordinated and strategic approach to the provision of housing and ensure that complementary policies, covering among other things first home buyers and taxation, are in in place to achieve this.
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