Where starter homes in quiet suburbs used to be the norm when it came to first buys for working professionals and young couples, it seems like J.G. Ballard’s 1975 novel, High Rise, may have predicted the future of residential development accurately. More and more individuals and families alike are choosing to opt for sectional title residence over freestanding homes and townhouses, much like the futuristic high-rise apartment buildings in Ballard’s novel.
Most tenants choose real estate that ascends to the heavens or cocoons you in the midst of other properties for two simple reasons: as a status symbol; or as a lifestyle choice. The status group, though, are in the minority. Think of authors who flood to New York’s Brooklyn, or the apartments of Paris and London, simply because so many great authors have written their masterpieces on those same streets. No matter the price, the location is what is important.
Those who choose sectional title residences to enable a more functional lifestyle, however, are the true reason for the shift in residential status quo. With working parents spending most of their days at the office and children spending more and more hours at school and at extra-curricular activities, residences have become more of a pit-stop in modern society, rather than the home that makes us think of Sundays with the family and evenings spent around the dining room table…without any smartphones, thank you very much.
Due to this, the focus has shifted from space to accessibility. As financial strain increases, saving on commute and travel to shops, restaurants, the gym, etc. is a primary benefit of sectional title living. Lifestyle hubs, with convenience stores, restaurants and gyms built on the same grounds as the living quarters, are becoming more and more popular for exactly this reason. These tenants rarely need to fish out their car keys. The increase in vehicle batteries that run down may actually become a problem.
Although we’re not close to the future Ballard predicted, where 40-storey high-rise apartments begin to fill the skyline, this may be the perfect time to consider choosing the residential solution perfect for our age.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. (E&OE)