Inner-city high rise apartments are becoming the property purchase of choice for younger buyers.
The trend, which is being spearheaded in the Melbourne market, is a result of buyers being priced out of urban house markets but being unwilling to move to outer suburbs.
Sam Nathan, an apartment specialist with property researchers and advisers Charter Keck Cramer, told The Australian that Generation X and Generation Y saw apartments as their primary housing option.
"They have made a lifestyle decision not to live in traditional houses in outer suburbs," he commented. "They want to be close to the CBD so as to not lose contact with social and business networks."
Sydney is another market that is highly likely to see growth in the apartment market, as a result of off-the-plan stamp duty concessions introduced at the beginning of July.
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