Considering purchasing your first strata property, whether as an owner-occupier or owner-investor, what are purchasers looking for? New findings from the City Futures Research Centre at the University of NSW highlight the preferences of strata buyers, emphasising a preference for medium-density or smaller apartment complexes over towering high-rises.
According to the study commissioned by the Government Architect that surveyed 260 apartment purchasers, more than half of apartment buyers expressed a desire to live in smaller blocks, where they can strike a balance between having neighbours and maintaining a sense of community without feeling overwhelmed by the sheer number of residents. It appears buyers are seeking a property that's neither too big nor too small but just right.
Key Findings on Strata Property Preferences:
Preference for Medium-Density Housing:
Nearly 60% of apartment buyers showed a preference for smaller blocks, including courtyard apartments, terraces, townhouses, and narrow infill apartments.
Medium-density housing, characterised by its sense of community and manageable strata schemes, was favored over high-rise towers.
Importance of Location:
The age-old Location, Location, Location emerged as the top consideration for buyers, with factors such as size, layout, aspect, and outlook following closely behind.
Respondents emphasised the importance of proximity to amenities, public transport, and established suburbs.
Focus on Quality and Community:
Buyers prioritised the quality of materials and construction over fancy amenities, emphasising a sense of permanence, security, and maintenance.
Knowing their neighbours and fostering a sense of community was valued more than extravagant features or add-ons.
Views and Green Outlooks:
Many buyers expressed a desire for a view or green outlook, highlighting the importance of natural surroundings and aesthetics.
Well-designed projects with ample green spaces attacked significant interest.
Implications for Future Development
The research underscores the need for a shift towards medium-density housing in Sydney, aligning with proposals to amend zoning laws and promote diverse housing options in established suburbs. By catering to the preferences of strata purchasers and prioritising quality, community, and green spaces, developers and policymakers can create more desirable living environments that meet the evolving needs of residents.
In conclusion, purchasers' preference reflects a growing demand for medium-density housing that strikes the right balance between community, convenience, and quality. By understanding these preferences and trends, stakeholders can shape the future of strata development in Sydney, creating vibrant and sustainable communities that cater to the diverse needs of residents.
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