Drivers of the Rise of Strata Living in 2023

In recent years, there has been a significant shift in Australian’s housing preferences. Census data, as well as the rise of new developments around us, shows that more and more Australians are opting for strata living over traditional detached homes on suburban quarter-acre blocks.

This expansion is blazingly clear in growth statistics, which have doubled in the last 20 years; equivalent to the previous 40 years!

This trend towards strata living is changing the landscape of Australian housing and could have far-reaching implications for the country’s future.

So, what’s driving the popularity of strata living in Australia? One of the primary reasons is the changing nature of cities. As density increases and land availability decreases, apartments become a more practical and affordable option for people looking to purchase a home.

Additionally, with more and more people working remotely, there is less of a need to be close to the city centre. Instead, people are spending more time in their communities and less time in CBDs, making strata living a more attractive proposition.

But it’s not just practical considerations that are driving the trend towards strata living. There are also many lifestyle benefits that come with communal living.

Strata properties tend to offer better facilities such as swimming pools, gyms, gardens and event rooms. These amenities make it easier to connect and socialize with others in the community, something that is especially important for younger people who place more emphasis on community living and the amenities that come with it.

Another benefit of strata living is the low-maintenance lifestyle it offers. Communities are typically managed for care of the day-to-day running of the property – a significant advantage for busy professionals or older people looking to downsize, who don’t want to spend their weekends mowing lawns or cleaning gutters.

The shift towards strata living in Australia is a reflection of the changing nature of our cities and lifestyles.

With limited land for new housing developments and skyrocketing house prices, strata developments are becoming a more viable option for people looking to purchase a home. Additionally, with better facilities, low maintenance living, and the opportunity to be part of a vibrant and healthy community, it’s no wonder more and more Australians are choosing strata.

The trend towards strata communities is likely to continue in the years to come, reflecting Australia’s changing needs and making lasting impacts the wider housing market.