Queenslanders urged to avoid pitfalls as apartment sales boom

Strata living is becoming the preferred choice for many Queenslanders, with an increasing number making the switch from traditional houses to spacious apartments. According to Resort News contributor, Andrew Staehr, “we are seeing the long-term capital gains on apartment properties increasing at similar rates as houses.”

According to the 2016 Census data by the Australian Bureau of Statistics (ABS), apartments now make up 26 percent of the Australian housing market.
For those contemplating apartment purchases, Mr Staehr offers these useful tips:
Do your due diligence before you buy. Get a copy of the strata report and, when applying for a strata search, be sure to check whether the building is adequately insured.
Be sure to confirm and budget for any additional outgoings (strata/body corporate fees, sinking fund, property/landlord insurance, council and water rates, utilities, pest control and renovations).

Make sure you have the contact details of your strata manager along with the bylaws – also consider joining the committee. This allows you to have a say in the actions of the body corporate and how the building is maintained.

Buy an apartment that will best suit your needs. Don’t assume that you must settle for ‘smaller’ or ‘less’ just because it is not a freestanding house.

“The financial benefits of apartments have also been a key motivator for many in making the switch.
“As the population and demand for property increases, so do prices, making apartments the more affordable option for many Australians,” Mr Staehr said.
“With improving investment potential, upscale amenities and convenient locations, it’s not hard to see why high-rise living is becoming an increasingly attractive alternative to the traditional suburban house.
“Investors are also paying more attention to apartments, as we are seeing the long-term capital gains on apartment properties increasing at similar rates as houses.”
Mr Staehr, a partner at Archers the Strata Professionals, particularly encouraged Queenslanders to consider the benefits of apartment purchase.
“The convenience of inner-city locations shouldn’t be underestimated,” Mr Staehr said.
“A house in the suburbs simply can’t compete with these perks, nor with the shared amenities that are a key drawcard for apartment living, like pools, gyms and podium areas for socialising.”

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