Lifestyle more important than living space
Apartment sizes are shrinking as renters prioritise location over living space, according to a new report from Colliers International.
The 2013 Property Outlook found that new apartment designs have fallen in size in the past five years.
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Previously, the average studio apartment was approximately 45 square metres, while a one-bedroom apartment averaged 65 square metres.
Today, studios are around 38 square metres, while one-bedroom apartments are around 50 square metres.
This trend has also held true for two- and three-bedroom apartments, with few three-bedroom apartments being developed over 100 square metres.
The report claims unit owners are more interested in access to lifestyle options than larger rooms.
“Buyers are now willing to forego internal space to ensure immediate access to facilities such as employment, cafes, restaurants, bars and beaches,” the report states.
In addition, more developments are offering a variety of lifestyle amenities within the complex, including gyms, pools, kids’ rooms and meeting spaces.
However, the report warns that dwellings are unlikely to downsize any further.
“Clearly there is a limit – internal areas can not diminish much further and are therefore set to plateau,” the report states.
“However, this is an important change in apartment design, with lifestyle demands driving the trend.”
