Inner-city lifestyles are popping up around Lake Caroline where three, four and five-storey apartment blocks, boasting “boutique” living, take advantage of lake views and a variety of shops and restaurants at their doorsteps.
Among them are the Belise Apartments, offering 35 two and three-apartment blocks over five levels; Springwater Apartments, Lakeview Square and Aqua Lakeside Apartments, the last one being due for completion at the end of June.
Apartment blocks have traditionally been an inner-city concept, with people flocking to the suburbs for their own homes, bigger blocks and more space.
But a change is afoot.
Paul Bird, of the Real Estate Institute of Victoria, said apartment living was expanding from its CBD roots and changing the traditional make-up of suburbs.
“It’s certainly clear that the spread of apartments in Melbourne has grown in the past five years, with Melbourne’s middle and outer regions now seeing apartment construction,” Mr Bird said.
“Part of the drawcard is the lower entry cost for a unit – with purchase prices normally lower than for houses – and the low-maintenance lifestyle.”
REIV figures reveal that in the 12 months to the end of March, the median apartment price in Caroline Springs was $380,000.
The median price for a house in Caroline Springs is currently $447,500.
Of course, it depends what kind of apartments buyers are seeking.
Shae Joiner, from Caroline Springs Real Estate, said there were about 10 apartments still on the market at Aqua Lakeside, each commanding about $450,000.
Ms Joiner said low-maintenance living was a big drawcard for buyers.
“You get a lot of singles or professionals wanting apartments. You don’t get a lot of families, who are too busy working and are looking for a ‘turnkey’ out that way,” she said. “They don’t want the maintenance of a yard and stuff like that.
“For single people, they like the security of a building.
“You also get a lot of investors and people who are buying apartments out of self-managed super funds.”
Debbie Beattie will get her first taste of apartment life later this year.
Ms Beattie, her partner and son have chosen to downsize from their four-bedroom house in Caroline Springs to a two-bedroom apartment on the top floor of Aqua Lakeside.
“We both work and we just haven’t got the time to maintain the garden,” she said.
“It was a pretty big four-bedroom home and there were only three of us.
“Here, I’ve got city views, lake views; you can walk to the schools, the shops, and you can have breakfast on the balcony in the morning, or a glass of wine on the balcony after
work.
“There’s going to be a restaurant downstairs – it’s very exciting, and the security here is fantastic.
“There’s cameras, and you can’t get up to our floor unless you have a card.”
The pros and cons of apartment living
PROS:
– Low maintenance – no back or front yard to look after.
– Yield higher rents for investors.
– Normally in a convenient location close to shops, restaurants and public transport.
– Affordable alternative to a stand-alone house
– Many apartment blocks have amenities that most homes do not, such as a pool, tennis court and laundry services.
CONS:
– Smaller living spaces.
– Adjoining walls to your neighbours – not good if they are noisy or like to throw parties.
– Many apartments are run by a body corporate or owners corporation, and can dictate everything from permitted blind colours to days you could move in or have tradesmen call.
– Little or no parking spaces.
– Not all apartment blocks allow pets.
