Of all the forecasts about apartment living, there is one that best tells the story about the big change on the way for Perth’s residential market. By 2020, one in every five new Western Australian homes is likely to be an apartment. The apartment projects that are already visible in the city and in some of the more progressive suburbs are just the beginning in what is set to be a long-term shift in WA’s housing market. Despite a slowdown in the number of new projects, apartment developments are still going up in the CBD, on the fringes of the city and out in the metropolitan area as West Australians seek a more cosmopolitan lifestyle, close to cafes, restaurants and nightlife.
After decades where a free standing house was the overwhelming residential option, apartment living is delivering a paradigm shift in the way West Australians live. Many younger people now want to live near their work to avoid long commutes. At the other end of the market, empty nesters in search of well-located, lower maintenance homes are relinquishing big family homes.
However, once you’ve made the decision to purchase an apartment, the next big decision is whether to buy off-the plan or in the established market. Both have merit and while buying off-the-plan has more benefits, it also has more risks which need to be managed.