Apartment buildings are strata-titled, multi-level residential developments consisting of individual lots. Each individual lot owner also owns part of the building and common areas along with their residential unit.
The common areas include lifts, entrances and lobbies, car parks, gardens and any recreational facilities such as pools and gymnasiums.
The owner's corporation is responsible for managing and maintaining the building and common areas. Owners pay an owner's corporation fee, otherwise known as a strata levy, to cover these activities.
An individual lot may also be referred to as a unit, or apartment.
Apartment buildings tend to consist of three main categories:
- Low rise buildings: two to three stories, which may or may not include lift facilities
- Medium rise buildings: four to seven stories with lifts
- High rise buildings: eight or more stories with lifts
Inner-city developments are popular as investment apartments. This is due to their affordability which offers purchasers a range of pricing options. Usually, units on lower floors or those with restricted views are most affordable. Higher level dwellings with views, or the penthouses are most expensive.
Units tend to require less maintenance than a standalone house or townhouse, providing the occupiers with maximum use of their leisure time.
A further driving factor for attracting tenants are the amenities. The development will typically feature amenities such as pools, spas, gyms and entertainment rooms. These will be for the exclusive use of the residents.
Extra security is also provided, usually security gated underground parking with direct elevator access. Typically all buildings require key cards or codes for entry to the building, and to access the lift.
More and more inner-city dwellers see public spaces as extensions of their home. Buildings located near facilities such as bars, restaurants, sporting facilities and parks can provide a resident with a tremendous inner-city lifestyle.
Most units are also close to essential infrastructures such as train, tram, and bus stations, making the working commute far more achievable.
A further added advantage for an owner of an investment apartment is onsite managers overseeing the building. As they have a vested interest in the proper management and operation of the complex it is in their interest to look after your unit. Also, many buildings allow holiday letting, which if undertaken, can provide a higher rate of return than residential letting.