ABS data puts spotlight on apartments
The recently released ABS data on Australian apartments tells an interesting story.
Sydney leads the nation in high-density apartment living, housing nearly half of Australia's high-rise population.
About 45 per cent (247,506) of the people who live in high-rise flats reside in Greater Sydney, where there are nearly 120,000 apartments, or 32 per cent of the national total.
One in five NSW homes are now apartments, an increase of about 2 per cent since the last census, with a corresponding drop in separate and semi-detached homes.
A higher proportion of NSW residents live in flats and apartments compared to Victoria and Queensland.
And what is interesting is that for the first time the ABS has revealed that 50% of apartment owners live in four storeys or more and are therefore not protected under the Home Warranty Scheme.
Ms Reece Director of AAA stated this data demonstrated that the lion share of apartment owners had no back up if their builder went bust.
"This data has highlighted that State and Federal Governments are somewhat behind the eightball in terms of keeping up with buyers and their resulting protection," Ms Reece said.
"In addition, while those residents living four storeys or higher were predominantly couples without children (58%), 25% were families and 12% single families.
"This indicates that as apartments are becoming more popular across all age groups, each level of Government needs to provide the surety that buyer are purchasing a safe home that they can rely on for the long term."