We’re deeply engaged with the property industry here at Arcadia and this Wednesday we had the opportunity to learn a little more about what local apartment dwellers are looking for.
We attended the Urban Taskforce Australia breakfast presentation in the CBD and heard a number of speakers present their opinions on the wants and needs of Sydney apartment owners / investors / renters / future buyer’s. Urban Taskforce CEO and ex NSW Government Architect, Chris Johnston, set the stage of the Sydney Housing Market and our need / demand for new dwellings.
With 50% of us currently residing in apartments it’s an important sector and one that hasn’t been surveyed exclusively like this before. A snapshot of the participants below:
Image Credit: Urban Ideas, May 2015 (Urban Taskforce Magazine)
In summary of their findings, the Urban Taskforce Magazine suggests, “The key difference between apartment dwellers and house dwellers…is that apartment dwellers are more concerned about their neighbourhood.” There is some common sense in this given the smaller living spaces typical of apartment living generally push people into communal open spaces and / or the public realm.
For this reason, while we’re generally in favour of higher densities, transit oriented development and apartment living we believe the right balance must be negotiated in terms of open space amenity for residents to create a successful development. This is assessed at the analysis stage to ensure the landscape approach complements the surrounding context while also exceeding the market expectations.
Other interesting statistics revealed from a landscape and urban design perspective include the apartment dwellers desire to walk and cycle. A picturesque view ranking far less important than physical amenity, especially to renters…and the balcony reigns supreme as the number one most desirable facility for the combined groups – even though they’re rarely used according to our sources…
Surprisingly, roof top terraces receive very low demand – as we observe more and more developments allocating communal open space to the upper levels. On Arcadia’s Mascot Central project we have nine separate roof top spaces that, in addition to containing open turf areas and garden beds, have BBQs, tables and a variety of sitting zones – important for creating social cohesion and engagement between residents.
Some of the other notable statistics in terms of demand are below:
Image credit: Urban Ideas, May 2015 (Urban Taskforce Magazine)
And perhaps in support of a recent move by some Councils to relax the parking requirements of developments where good access to public transport exists, only 56% of renters said a car space was important. It seems the investors may be over-delivering as 81% of them believe a car space is essential to renters.
Plenty of further information in this regard is available in the Urban Taskforce Magazine, available in print or online. Keep an eye out in the magazine for coverage of Arcadia’s Mascot Central project (currently under construction) or visit the project page.
If you prefer to hear it from the man himself, this video recaps on a number of these points: