How vertical neighbourhoods are creating opportunities for young buyers

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Most first-home buyers are looking for more than simply a place to live. They want to buy somewhere affordable, in a sustainably built environment and with opportunities to connect to those around them.

This is where apartments come in. Not only do they offer first-home buyers a less expensive option than buying a stand-alone house, but it also provides an instant community.

These benefits, and many more, are drawing more people to apartments, says Steve Chandler, a building and property development expert.

“Free-standing homes are diabolically expensive, and if you can afford one and then the interest rates go up – bang!” he says.

“When you’re younger, you can afford those interest rate hikes, but once you’re … starting to have kids, interest rates hurt.

“So, apartments offer far more affordability, and they give people more flexibility so that if interest rates do go up, they don’t have to sell.”

The low-maintenance apartment lifestyle is also a bonus for busy professionals, families and downsizers.

In addition, the proximity to infrastructure which is common in higher-density projects, such as transport and shops, is a benefit for any resident.

Sustainability benefits include natural ventilation and, thanks to building codes that prevent high-rise towers from being sandwiched together, plenty of sunlight. Then there are the views.

“As you get up in a tower, your views become better,” Chandler says.

“In a standard two-storey house, views are better from the second storey, but if you’re up seven storeys, it’s completely different again.”

Apartment living may be seen by some as a less connected way of living, but it’s quite the opposite, says Mia Dragila, state development manager at property development company Hindmarsh.

“In the conventional way of thinking, a neighbourhood is made up of free-standing or adjoined homes, located side by side,” she says.

“A vertical neighbourhood combines apartment living with the right amenity, to essentially recreate a suburban neighbourhood upbringing and to bring people together.”

Hindmarsh is creating a vertical neighbourhood with Woden Green, a trio of towers in Woden near Canberra’s CBD.

There are 419 apartments designed by DBI Architecture and a wealth of amenities including more than 3000 square metres of landscaped outdoor areas with a dog park, playground and reflection ponds.

On-site are a 25-metre indoor lap pool, a residents’ lounge and kitchen, cinemas, a business lounge and a gym.

“That is what defines the importance of creating a community – designing a neighbourhood that is inclusive and attracts a broad range of demographics from first-home buyers to downsizers and everyone in between,” Dragila says.

“At Woden Green, we have created amenity that encourages connection and friendships … and a sanctuary for residents to spend time together.

“Residents can bond over their furry friends at our residents’ dog park or come together in the communal kitchen spaces. There are green spaces in which to unwind, a playground for parents and children to gather, and the list goes on.”

With several studies finding that we benefit from a sense of community and social connection, vertical neighbourhoods are an increasingly sought-after option.