As Australia’s population continues to grow, so does the demand for quality housing options. The traditional model of property ownership is no longer sustainable for many, especially young Australians who are finding it increasingly difficult to enter the housing market due to soaring property prices and increased cost of living demands. This has led to a rise in the popularity of build-to-rent (BTR) developments as an alternative to traditional property ownership.
As the name suggests, build-to-rent developments are purpose-built rental properties that, upon completion, are not offered for sale but for lease only. These properties are typically owned and managed by the developers or investors who are looking for long-term stable returns. Unlike traditional property development models, where individual properties are sold to individual buyers, build-to-rent developments are designed to be rented out in their entirety to tenants.
The concept of BTR developments has been around for some time, but it is only in recent years that it has gained significant traction in Australia. According to a report by CBRE, the BTR sector in Australia has grown from just 100 properties in 2015 to over 10,000 properties in 2021. As reported by JLL, there are 20,515 BTR apartments in the pipeline for 2023 to 2025. This is a significant shift in the property market, and one that is set to continue in the coming years.
There are a number of factors driving the growth of BTR developments in Australia. Firstly, changing demographics mean that more people are renting for longer periods of time, and are therefore looking for high-quality rental options. Additionally, the property market in Australia has become increasingly unaffordable, particularly in major cities like Sydney and Melbourne. This has led to a growing demand for affordable rental options.
One of the latest BTR developments to hit the market is Union Quarter by Suleman Group in Melbourne’s West. Located in Spotswood, Union Quarter is a thriving community, with its easy access to public transport and freeways, it’s less than 7km from the CBD and is situated near the picturesque Williamstown beach. The development will house over 500 people in spacious one, two, and three-bedroom apartments and duplexes, with residents enjoying stunning city and bay views. The retail activity centre is seamlessly integrated with the residential apartments, offering a full line Woolworths supermarket, Dan Murphy’s liquor outlet, and various shops and eateries. Union Quarter also includes a medical centre, pharmacy, and resident facilities spaces.
A prime example of the growing popularity of BTR developments in Australia, Union Quarter has been designed to provide residents with comfort, convenience and amenity, which they have done so by implementing the Keyvision app, our state-of-the-art building and community management platform, which enables residents to book facilities, access retail discounts, connect with the community and take advantage of a range of services providers such as dog-walkers.
The partnership between Keyvision and Union Quarter is a testament to the power of innovation and collaboration in the property development industry. With the Keyvision app, other build-to-rent developments like Union Quarter can manage their properties with confidence and achieve unparalleled levels of success.
For more information on the Union Quarter build-to-rent development, which opens in mid-2023, visit http://unionquarter.com.au/