The announcement by the federal government and supported by the opposition to offer low 5 per cent deposits for first home owners will stimulate the slow apartment sector, says the Urban Taskforce.
“Prime Minister Scott Morrison’s proposal to guarantee a portion of the home loan of a first home buyers is a good stimulus to the slowing residential market particularly in Sydney and Melbourne.” says Urban Taskforce CEO Chris Johnson. “It is also good news that the federal opposition has agreed to this policy if they are elected next weekend.”
“While the announcement seemed to focus on the detached house as the aspiration for young families, the Urban Taskforce believes that the lower deposit will be most useful for those wanting to buy an apartment which is becoming a family friendly way of living in cities like Sydney.”
“The Urban Taskforce has recently launched a campaign under the heading “Welcome Home” to give support for younger people who prefer apartment living including young families. The average apartment is $400,000 cheaper than the average house in Sydney so many young families are preferring a lifestyle where they share gardens and amenities over ownership of small gardens in houses located far from work or amenities. The campaign website is www.welcomehome.org.au”.
“The development industry is responding to these trends by building child care centres and children’s playgrounds into apartment developments that also include large shared gardens. A new family lifestyle is emerging in more urban areas to cater for those families that want this approach.”
“The Urban Taskforce campaign has involved a number of people who love apartment living, including Lauren, who lives in a family friendly apartment with her husband and son Lucas in Rosebery. Her building includes a child care centre with a large play ground as well as a big shared garden and a swimming pool.
Lauren says, “Some people don’t think that we should raise a child in a unit because we don’t have a garden, but look around here. We have a massive shared garden and we have a massive pool that I don’t have to look after.”
Lauren and her boy Lucas in their shared garden,
“Another family of Tony, Margaret and their children Jasmine and Charlize live on the 24th floor of an apartment block in Burwood. The massive Burwood Park is a short walk away and there is a child care centre on the third floor of their own building.”
Margaret says “I just love apartment living, it is so easy. We have three bedrooms so the kids are well catered for and we can see the local park in Burwood from our balcony. The kids just love Burwood Park.”
Tony, Margaret and Charlize on their apartment balcony
“Clearly apartment living is working with many families. The 2016 census indicated that 28 percent of Sydney’s apartments were occupied by families and that this had grown in recent years. The stimulus of government support for low deposits for first home buyers can be a major boost to the apartment market in Sydney and Melbourne that has slowed down dramatically as well as for detached houses.”
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