Sydney residents are becoming increasingly fond of residential properties in high density areas, according to new research.
The new report by Urban Taskforce Australia, a property industry group, has revealed a direct correlation between the average price of apartments in different parts of Sydney and their levels of population density.
Urban Taskforce found that the values of apartments jump in line with levels of housing density, reports Sourceable.
An example is Potts Point, where population density is over 8,000 people per square kilometre. The average sales price has soared to $11,173 in recent years.
Meanwhile, in Edgecliff, the price is at $8,326 per square metre for an area with a population density between 5,000 and 8,000 people per square kilometre.
Urban Taskforce chief executive Chris Johnson said the trend is showing the increasing “predilection amongst Sydneysiders for housing in higher density areas” thanks to the conveniences that this lifestyle brings. Chatswood, for example, is home to larger cinemas, shopping complexes and a major transport hub.
“The market is showing a clear preference for apartment living in taller towers in denser urban areas,” said Johnson.
“The reasons for this are likely to be the greater number of amenities that are close by in more dense areas. These precincts often include restaurants, cafes, gymnasiums, health clinics, cinemas, theatres and jobs close by.”
“There has been a perception by some in the community that apartment towers are generally of lower value than mid-rise apartments but the research data is telling a different story,” he added.