Why living in an apartment is more beneficial than living in a house in Canberra

It seems 2022 is the year of many things, it feels like I’m attending a wedding every month and a baby shower or first birthday party every other week.

But it’s also emerging that 2022 might also be the year of the apartment, and for many valid reasons.

Combine the rising costs of living and rising interest rates with our pandemic-aggravated desire to lock up and leave for a life adventure at the drop of a hat, and investing in an apartment seems like a very logical step into the property market.

No longer just a stepping stone to a house or an investment property to let, it’s time we seriously considered whether an apartment might just be the most appropriate property purchasing option, especially in a post-lockdown era.

Let’s first take a look at this from a financial perspective.

“Given current economic conditions, purchasing an apartment can provide you with more financial flexibility,” says project marketing manager Nick Nabic of JWLand.

“The median apartment price in Canberra is around $565,009 versus over $1 million for a house. This means you’ll need to save less to secure your new home and you’ll have a smaller mortgage.”

Babic also says there are sizeable benefits to the ongoing costs of apartment living.

“With the rising cost of energy, apartments are also typically smaller spaces to heat and cool. Newer buildings also have great energy efficiency ratings through their design and construction measures, meaning your apartment won’t fluctuate as much in temperature.”

“Another thing to consider is the ongoing maintenance costs you don’t have to spend on an apartment. For example, you won’t need to save to repair your roof or spend time or money landscaping your garden. Instead, that money can be put into other things like travelling or health.”

This leads me to my next point – apartment living provides a foundation for the most exciting of lifestyles, especially when compared with full-sized homes.

“Apartments provide you with flexibility, location, amenity, community, connectivity,” says ACT state development manager Mia Dragila of Hindmarsh.

“Beyond that, it comes down to the individual’s lifestyle needs. For many, the ‘lock up and leave’ option is very advantageous. The ability to travel for work or holidays, without worrying about a house sitter, the garden, security etc is very advantageous.”

Dragila explains the amenities on offer can’t be realised in a standalone home and to have that in your own property “adds both convenience and enhanced liveability”.

“Apartment living also allows opportunities to live in a Town Centre location, with everything literally at your doorstep – there are very few standalone houses that are as conveniently located,” she says.

“What often gets overlooked, however, is connectivity. We live in the most connected times we’ve ever lived in, yet we are more disconnected than ever. Apartment living allows people to build a community around them and connect with neighbours,” she adds.

And finally, apartment living is a simpler way of living, which can translate to a happier and lower-stress life.

“Some people may love fixing up their home, and that’s great. But if that’s not how you feel called to spend your gift of time, then apartment living will free you from those stressful obligations that come with owning a house,” says Babic.

Move in here:

Phillip

View property

Price guide: $631,000 +

Private sale

Agent: Independent Project Marketing, 1800 118 430

Campbell

View property

Price guide: $2.48 million

Private sale

Agent: JWLand Development, Natasha Johnson 0434 104 556