Apartment construction’s going strong in Canberra. Here’s why these properties are appealing to investors and renters alike.
Australia’s seen a boom in the number of apartments being built across the country in the last few decades, and Canberra is no exception. A recent study from BIS Oxford Economics found the city is seeing strong growth in apartment numbers, which is also helping to keep a lid on prices. All of this could combine to make an apartment a good choice for investors looking to diversify.
So why do people choose to invest in apartments?
Part of the appeal for landlords is that a block of flats will come with much less maintenance than a traditional home – you won’t have to worry about landscaping or maintaining areas like hallways, which will be managed by the body corporate.
With a new build, investors can also know the property will have been built to modern standards and will have many of the conveniences that have become normal in Australian homes, such as air conditioning.
Perhaps the biggest reason apartments are growing in popularity is demographics. The latest census found one in four Australian households are single-person. As the size of Australian families has dropped, apartments and other smaller properties have become much more appealing for renters.
If you want to find out more about whether the apartment market is right for your next property investment, reach out to the team at Civium. We’ll be able to give you more information on this thriving corner of Canberra’s property market.