In 2016, one in six Australian households lived in a unit and while data from the 2021 Census is yet to be released, this figure is only expected to increase.
 
We’ve also noticed there’s been a shift away from medium-density townhouses and villas over the past five years, towards high-rise apartments which boast views and impressive facilities.
 
But how do you know if unit living is for you? Often, it’s a case of considering your options.
 

Why Rent or Buy a Unit?

 
If you’re a first home buyer, a unit is more affordable than a single-family home and is an ideal way to enter the property market. It means you can achieve your dream of living in a desirable location, for example close to the city or the water. 
 
As a tenant, units are often in convenient locations and the rent is less than for a house. A smaller space means less furniture is required, and any maintenance issues are handled by the property manager.
 
Units are also attractive to downsizers who are consciously choosing to swap a large family home for more compact living. There’s less cleaning, no maintenance, and the opportunity to enjoy a simpler way of life.
 
Savvy investors realise that units are always in high demand, and the rent can contribute towards the mortgage. 
 
Once the kids leave home, empty-nesters realise they need fewer bedrooms and trading the family home means they can enjoy all the amenities a unit can offer, such as pools, gyms and barbeque areas.
 
More and more seniors are purchasing a unit, freeing up funds to use in retirement.  The body corporate takes care of maintenance such as mowing lawns and repairs, for hassle-free living. High-rise units have lifts that make buildings easily accessible.
 

The Benefits of Units

 
So, no matter which demographic you fall into, unit living offers benefits for everyone. 
 
Many unit complexes offer security features like CCTV, and swipe access for residents plus there are usually always people around which increases feelings of safety and security.
 
Shared amenities such as pools or gyms means people can get to know their neighbours and enjoy a sense of community that is often lacking in suburbia. 
 
Affordability is often a major drawcard when it comes unit living, whether you are planning to buy or rent. At time of writing, the median listing price for a house in Cleveland is $779,000 whereas for a unit it is $499,000. That’s a huge difference of $280,000!
 
Bills such as council rates, power and water also tend to be lower.  
 
As with all real estate, if you’re in the market for a unit, location is key. The ideal location is within walking distance of shops, schools, transport links and recreation facilities.
 
In recent years, apartment buildings of up to seven storeys have been built in Cleveland and Capalaba, providing residents with sweeping panoramic views – another great benefit.  
 
If you are looking to rent, buy or sell a unit in the Redlands, the team at First National Cleveland are here to help. You can send us a message through this website, or call: