From Ryan Crawford
Affordability factors and changing lifestyle preferences are now seeming to give these a real edge in Australia’s every changing current property market.
Here are a few factors to consider whether to include one bedroom apartments in your property investing search:
1) A better location
Research is showing a one-bedroom apartment in a good inner city location which is close to transport, employment and lifestyle amenities cans outperform a two bedroom apartment in a outer fringe location without the same amentities.
A one bedroom apartment can also get you into the market if you want to buy in a desirable area, close to the CBD and transport. There is also lower upkeep costs for smaller apartment and negotiating finance for one-bedroom units is certainly becoming easier with the banks.
According to some property commentators, there is greater tenant demand for small units, as the trend is moving to inner city locations for lifestyle choice which is boosting prices for one bedroom apartments.
4) It’s not just one bedroom apartments
If lifestyle and inner city living is your focus, there are more than just apartments with one bedroom. One bedroom townhouses and villas, especially in older established areas in major cities are available. Old workers cottages and small terraces could be a great way to renovate and add value to as an investor and you may be able to even extend the property down the track.
Apartment buyers need to remember that these days demand for land isn’t the same as it used to be driving the residential property market.
Many people are out to buy or rent lifestyle and are prepared to make the necessary trade offs just as living in a smaller space to live in a premium location.
Property buyers today whether investors or owner occupiers really are looking for somewhere to live that is conveniently located and packed with amenity and one bedroom apartments fit this mould.