Units and high-density living is becoming increasingly popular for both young and older generations.
According to managing director of LJ Hooker strata management, and Real Estate Institute of New South Wales (REINSW) director Gary Adamson, the case for strata developments has never been stronger.
“The escalating cost of buying real estate is forcing a greater proportion of the younger population into medium- to high-density living,” Mr Adamson said.
“At the same time, growing numbers of aging members of the population, who are also the fastest growing portion, are no longer able or willing to maintain the quarter-acre block, which means moving into strata dwellings.”
New government policies are allowing urbanisation to grow at a much faster rate through rezoning higher volumes of medium- and high-density properties and failing to rezone land for single dwellings.
“As a result, the development of strata and community title properties now exceeds the number of free-standing dwellings being constructed in NSW, and the move is expected to accelerate in years to come,” Mr Adamson said.
“It is essential that the legislation is developed to cope with this relatively new and fast-growing trend in residential accommodation.”