Are Inner City Developments Changing Our Cities?

With new developments being planned and approved everyday, and with cranes as far as the eye can see in inner city suburbs, there is no doubt that investment property in Australia is going through a period of growth at the moment.

The number of properties being built and sold to investors has grown dramatically in cities such as Sydney, Melbourne, Brisbane and Perth, but it is also interesting to note the type of developments that are on offer.  Gone are the boring square apartment boxes of the 70’s, 80’s and 90’s, to be replaced by award-winning architecture, first class facilities and a genuine “village” atmosphere.  Developers are now seeking to add value and extra cache to off the plan and new apartments with a range of features and amenities such as outdoor movie theatres, health spas and fitness centres, childcare centres, cafes and concierges.  In these buildings apartment owners and tenants will be more likely to want to stay in and around their homes, rather than always chose to go out, creating a real community feel.

The interesting side effect from the building of these “communities” is that they not only change the way people live, they also effect the environment around them.  Inner city suburbs and the CBD itself were traditionally seen as quiet after dark and almost empty on weekends.  However, with more people staying home to enjoy their development’s facilities and with them less likely to have to leave to go to other suburbs, there is a knock on effect to the surrounding area, with an increase in restaurants and entertainment springing up to cater for the new residents.  North American cities such as New York have thrived because more and more people began to move into the heart of the city, bringing the services and facilities with them.  Larger developments, such as those being built in the inner city suburbs of Melbourne, will have a similar effect on the city.

For anyone interested in investment property in Australia this means that they now have a much wider range of different types of property to choose from, and the only hard part is determining which type of feature will appeal most to renters.  It has been found that younger, professional people looking for rentals expect the best facilities and look for high-end fittings and fixtures.  They are more likely to want a brand new apartment with a fitness centre, spa or a restaurant in house catering service.  Older empty nesters will be looking for high-end luxuries too such as libraries, music rooms and fitness and wellness centres.  Finally, the family market will be more likely to be interested in renting an apartment if it is child friendly – this can mean low rise and with larger balconies or terraces – with gardens, pools and other recreational facilities.