And now we are seeing a period of increased buying and investing activity in the WA apartment market.
So what is driving the renewed interest of apartment living in WA?
We invited Samantha Reece, Founder of the WA Apartment Advocacy (WAAA), to come along to our Leederville office and share her insights to help answer this question.
Samantha is an advocate of apartments as a housing choice, and after keenly watching the increase in people enjoying the apartment lifestyle in Western Australia, has recently completed a survey of people who own or live in an apartment.
This was the first time that research of this nature was undertaken with WA apartment livers/owners, and some of the key insights of the survey are:
- 49% of respondents wanted an ocean location
- 44% wanted a riverside location, demonstrating that owner/occupiers are seeking these kinds of exclusive addresses, and
- 53% of owner/occupiers would buy a 3 bedroom apartment next time
As with traditional property the survey emphasises that location continues to be important.
And by developing new apartments on vacant, or undeveloped land, in locations with established communities (a term known as urban infill), it provides people an opportunity to move to sought-after locations in the metropolitan area as well as coastal areas such as Mandurah.
Apartment developments in these areas are attractive to both owner occupiers and investors.
Convenience, safety and features
Apartment owners and occupiers advised that they chose their apartment on size and were looking for airy and light designs, in particular they liked large balconies. They enjoyed the additional amenities such as pools and gyms and importantly, apartment living gave them a sense of safety and security.
Baby boomers and lifestyle buyers
Baby boomers are a key market for apartments in Western Australia, looking to “right size” from traditional homes but also up-style into apartments with new and modern designs.
Realmark can help
Realmark is aptly experienced in the sales and leasing of apartments in Western Australia, and if you are looking to invest or live in an apartment we recommend WAAA’s survey results which you should take into account when buying an apartment. The WAAA’s survey reports are available here.
With substantial experience working with builders and developers to advance apartment complexes, in particular those with mixed uses (commercial office, retail and residential apartments) which are attractive to invest in and live in - you can be confident that choosing Realmark will be your best move.