As traffic continues to clog the roads, young families are opting to stay closer to the CBD for less space. Properties such as apartments and townhouses that were once considered largely unsuitable by families are now in demand.
Smaller terraces and semis without large backyards are also in high demand by young families. As a result local parks have enjoyed a resurgence in popularity.
By international standards, apartment living for families is not a new concept. Indeed, buying into an apartment as a stepping stone to eventually buying a house is a logical path.
For example the reality of living in Sydney is that it’s become more and more difficult to navigate. Jumping in the car and heading across town is an ordeal in itself if traveling at a busy time. A busy time was once considered the typical peak hour to and from work. Nowadays, there is not much difference between weekday and weekend traffic flow (jam). The impact of work travel/lifestyle on the property market cannot be underestimated.
A lot of discussion has centered around the potential oversupply in the apartment market. With investors, first home buyers and baby boomers being a natural purchaser of such stock, along with families now considering apartment living, the demand may well be there to meet the supply. This will be a positive for the overall market as massive oversupply in the apartment market would eventually impact on the wider housing market.