If you’re debating calling the big smoke home, what are some of the good things – and not so good things – about inner city living that everyone should know?
While the ‘Great Australian Dream’ is traditionally regarded as a house in the suburbs on a quarter acre block, times have certainly changed since this way of thinking was brought to life. Now, inner city living offers an alternative that still has its own set of individual perks to consider when it comes to chasing the dream of home ownership.
Your Guide To Inner City Living
For some people, the inner city means the area where cafe society thrives – or roughly a ten kilometre radius or circle around the central business district in cities like Sydney and Melbourne. As an example, in Melbourne the inner city is customarily defined as the area covered by the central municipalities of Melbourne, Yarra and Port Phillip (77 km2).
Contrary to popular belief, a recent report indicated that busy city centres beat suburban living when it comes to human wellbeing, as socialising and walking make for happier, healthier people. While inner city living may not be for everyone, it’s still an option to consider if your personal situation allows it. For some people, they prefer to have a smaller commute to work. For others, they enjoy being ‘in the thick of it’ and close to entertainment precincts. It’s also about weighing up the pros and cons, and how they apply to your own individual set of circumstances and overall lifestyle.
Pro: Affordability – While inner city living and affordability are not usually terms that are used together, home buyers can take advantage of living in an apartment if their circumstances allow it. For first home buyers, they can provide an affordable foot in the door to the housing market, and downsizers can take advantage of stamp duty reductions.
Pro: Public Transport – How many times can you say that you’ve had a great night out in the city, only for the evening to be soured with an enormous Uber bill? Inner city living can often mean ditching the car, and making the most of well laid out public transport options. Many city dwellers also opt for walking as a quicker, cheaper, easier and healthier option too.
Pro: The Lifestyle – Cities are vibrant places to live, with easy access to museums, art galleries, cultural events, and free entertainment – apart from employment opportunities, it’s arguably one of the main reasons why people choose this way of life. Jobs tend to offer higher salaries and wages too, meaning greater freedoms as to how you choose to spend or save it.
Con: Space – Unless you have a few million to spend, purchasing or renting a house in the inner city is significantly more expensive when compared to regional, suburban or rural areas, as the land itself is what drives the price. As such, many people live in apartments, units or flats, which may not be a viable option if you have pets or kids.
Con: Stress – While not everyone who chooses inner city living is more stressed, there are other factors to consider when choosing this lifestyle that may not apply in suburban or regional areas, such as crime statistics and pollution levels. Even on a day to day basis, the sheer number of people and the crowds may get to you eventually.
Con: Cost Of Living – One thing you can almost always count on if you want to live in a large city is a higher cost of living, the overall cost for things like groceries, health care and other expenses. Even going out for a beer with your friends is going to cost more in the city when compared to in the country or outside of a cosmopolitan hub.
In a nutshell, inner city living can work for some people quite well, while others loathe it. At the end of the day, it usually boils down to your age, career, budget, stage of life, and ultimately, personal preferences. When thinking about it from a real estate point of view though, investing in an inner city dwelling also holds just as many variables as to whether it’s a good choice or not.
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