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With freestanding homes now double the price of apartments, many Sydney families are making the switch to high-rise living.
James Alexander-Hatziplis, CEO and co-founder of Place Studio, has suggested that the traditional Australian dream of a detached suburban home on a large block may have changed forever.
“The white picket fence has been replaced with apartments located in areas that are close to public transport, with common amenities such as coffee shops, childcare – and apartments are the best way to do that.”
“The goal posts for many Australians have gone from a big backyard to a place with amenities and that is close to work,” he said.
In Australia, there remains a longstanding hesitance about living in units – especially for families with children – despite the fact that this style of living is on the rise.
Internationally, there is abundant precedent for raising families in apartment buildings. Across the European Union, 46 per cent of people live in flats, while just 34 per cent live in detached houses. In Tokyo, 68 per cent of people live in apartments, while 43.5 per cent of people in Seoul are unit dwellers.
But for Australians who remain unconvinced that apartments offer enough space for growing families, a new trend is emerging: amalgamated apartments.
“One of our clients simply outgrew their existing apartment but were lucky enough to have a neighbour looking to sell at an opportune time. After crunching the numbers, they realised they wouldn’t be able to afford a freestanding property in the area with similar bedrooms, so they purchased the adjacent apartment and amalgamated the two,” said Alexander-Hatziplis.
“Amalgamation means people no longer must choose between an area they want to live in and the space they need. Combining one apartment with another is more convenient, especially for people who love the security of living in unit blocks, don’t want the hassle of moving, and are very attached to the area they live in,” he said.
The CEO also pointed to himself and his young family as an example of a household that opted to live in an amalgamated apartment rather than move to a detached house.
With high-density development set to spring up across Sydney in years to come, apartment living may become increasingly common.
The state government’s plan to build 170,000 homes around 37 metro and rail stations in coming years has sparked attention from residents and industry alike.
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