![]() ![]() From lower-cost solutions such as installing energy-efficient light bulbs, planting sustainable native gardens, installing bike racks, utilising rainwater and facilitating composting, to higher-cost upgrades such as installing smart home technology systems, electric car charging stations and switching to solar power or hybrid solar PV systems. What we expect to see in the future: Strata owners or company members need to adopt socially and environmentally conscious initiatives. As consumers, they seek longevity and are willing to spend more on sustainable products and services, with a recent Nielsen study noting that 75% of Millennials have altered their purchasing habits and made significant changes to their lifestyle to lessen their environmental impact, compared to only 34% of Baby Boomers. 76% of Millennials think climate change poses a serious threat to society and have grown up viewing it as an existential threat, worrying about rising sea levels, and witnessing one natural disaster after another. Millennials are committed to implementing the UN’s 17 Sustainable Development Goals which provides a shared blueprint to action social and environmental issues such as ending poverty, improving health and education, reducing inequality, tackling climate change and working to preserve our oceans and forests. With Millennials being one of the most populous generations, it should come as no surprise that AAA’s research showed that half of all strata residents are Millennials, aged between 20 – 40 years, of which almost half are renters. Furthermore, some of these common property improvements may be included in the strata’s 10-year maintenance plan, allowing access to the reserve of funds for project completion, as introduced in the 2020 amendments to the Strata Titles Act 1985 that took effect in May 2021.Īpartment Living Trend #2: Residents are Socially & Environmentally Conscious What we expect to see in the future: Strata owners or company members should consider their strata complex offerings and what additions or upgrades may be achievable – can they revamp common areas, landscape communal gardens, or add BBQ facilities to make the space more purposeful and appealing? Using the current trends noted above, it suggests these types of additions or upgrades would be in the interest of all strata owners – meaning it will be easier to put forward a case and pass a motion. Furthermore, as lot sizes grow smaller and apartments become more efficient in their use of space, residents are increasingly looking at the greater complex offerings such as communal gardens, swimming pools, rooftop entertaining areas, BBQ facilities and gyms which extend the lifestyle capabilities of the apartment, when comparing to detached alternatives. Most residents surveyed by AAA described their apartment as being walkable to shops, cafes, public transport and parks or the river/beach – reinforcing the high focus on convenience of location. We’ve reviewed the wealth of data available, to concentrate it down into three main trends, with actionable takeaways for strata owners:Īpartment Living Trend #1: Residents are motivated by premium Lifestyle OfferingsĪustralian Apartment Advocacy’s (AAA) 2021 Apartment Survey research results found that 84% of residents chose their apartment for its location, followed by 57% for the lock and leave lifestyle. We can also see a connection between these trends and amendments to the Strata Titles Act 1985 that took effect. These shifting apartment living trends have tangible impact for strata owners – presenting a myriad of challenges and opportunities. Whilst the ‘suburban Australian dream’ has seen detached homes on quarter acre blocks idealised for many years, the reality is that it’s now unachievable for many households, and undesirable for others. As house prices continue to rise beyond the means of many Australians and drivers for property purchases shift, apartment living is becoming more and more popular.
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