The Lifestyle Guide 2018

LIFESTYLE GUIDE 57 The 2017 Sydney Lifestyle Study researched data collected in the 2016 census and surveyed some 1,500 Sydneysiders currently living in high-density accommodation in order to consider the lifestyles and attitudes that have contributed towards this shift. In the past quarter of a century, the percentage of detached homes has fallen from 68% to 55% according to a report by demography company McCrindle, and continues to move towards the minority, with vertical development on the increase in the city basin. The report shows rapid growth in ‘vertical families’ (couples with children living in apartments), having jumped from 65,000 families in 2011 to more than 87,000 in 2016 – a substantial growth of 34%. Whilst the apartment market is dominated by singles and couples, there is a definite shift occurring and new developments that show due consideration to these buyer groups are more likely to deliver better sales performance. Developers gearing design attributes towards larger layouts, functional family areas and greater liveable common spaces are no doubt going to have increased appeal. One in five Sydney apartments is now occupied by a ‘vertical family’. The report author, Mark McCrindle, said, “ Couples with children is one of the fastest-growing segments in the apartment category. ” The driving factors in the shift to higher-density living include employment opportunities, lifestyle preferences and, of course, the cost of housing. The 2016 census showed that Sydney now has more than 100 suburbs where 50% of the population or more lives in an apartment. Interestingly, the study finds that those living in apartments are typically relatively young and well- educated, with 54% having a bachelor degree or higher. They also tend to be quite mobile, with 55% having lived in the same apartment for less than five years. The report suggests that apartments will become the dominant type of housing in Sydney towards the end of 2050. Leading developers across Sydney have acknowledged these signs and we are celebrating a move towards the design of more family-friendly apartments with amenities to cater for this rapidly increasing buyer demographic. Lifestyle is clearly a major determining factor in any property purchase, and with the improvements to the Sydney CBD and fringe corridors making dramatic changes towards the lifestyle of its occupants, this growth in vertical living can only continue. Simon Platt Sales Director Lifestyle Property Agency Look up! Sydney’s rise of vertical living City model, Customs House

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