Apartment view versus size
Urban living is all about the choices you make. Housing is one of those big choices that usually pits budget against personal taste and leads to inevitable compromise. One of those compromises is space over view. We asked GoGetters the ultimate apartment question: What would they choose, size or view? Overwhelmingly, they picked view with about 34% opting for space, but almost two thirds opting for view. Could this be part of a trend? It might be. After all, so-called micro apartments are catching on in many cities. According to a TreeHugger.com poll, young urban professionals are increasingly trading space for price: “The appeal of micro units is largely about economics, but place and privacy are all part of the equation. Most respondents interested in micro units are willing to consider them in exchange for a lower monthly rent (approximately 20 percent to 30 percent below that of a conventionally sized unit), a highly desirable (typically authentic, urban/urbanizing, walkable, trendy) location, and the ability to live alone. Location is definitely a part of the equation and makes sense of why a view is so critical.” If you’re living in Central Park, Sydney, an important fact of life is always having the urban vista outside of your window. Other factors, like keeping a car, become a lot less important when you’ve got options like GoGet in the basement and a fantastic neighbourhood all around you. The point is that view is part of your immersion in the urban environment. According to PropertyWay.com.au, low-rise complexes still outperform hi-rises in capital growth with one important exception: views. The site makes some important points about this though: “Take an area like Sydney – many buyers will pay massive premiums for apartments with views of Sydney Harbour – no matter how big the complex. Both renters and buyers are prepared to pay a premium for views. Remember too though that views can be built out. In Melbourne we have seen many cases of developments being built out around Southbank and the Docklands, resulting in massive capital declines for property owners who lost their apartment views. Again, it is very important to do your numbers on the expected rent v the increased body corporate fees, stamp duties and purchase price to ensure that any premium prices are worth it.” This point from Treehugger also makes the case that smaller can be better even stronger: “Many of these smaller units are designed and configured to feel larger to potential renters than older conventional units by virtue of higher ceiling heights, larger windows, built-in storage, and in some cases, flexible furniture systems. The evidence from the market indicates that smaller units tend to outperform conventional units, they tend to have higher occupancy and achieve significant rent premiums.” So in conclusion, you’re probably going to be in pretty good shape if you opt for the view over the space.