More Australians are living in apartments, with one in five now residing in strata-titled properties, according to a new report from UNSW’s City Futures Research Centre.
Since being introduced in Australia in 1961, strata title property ownership has grown to almost 3 million today. In 2015 the number of new apartments overtook the number of new detached houses for the first time in Australia’s history.
“This increase reflects the population growth, especially pronounced in the larger urban areas, as well as government policies to promote urban consolidation – that is, building up, rather than out – within existing urban areas,” says Associate Professor Hazel Easthope who led the project.
Alisha Fisher, CEO, Strata Community Association Australasia, says: “The data shows just how important strata-titled living is to Australia as people place increased value on access to their places of work, shopping and entertainment precincts, and recreational amenities either within the surrounding community or the strata complex.”