Project Review by Property Mash: May 2, 2017

In many parts of the world a 1 bedroom apartment is a stepping stone into property ownership. Australian’s have a long lover affair with property and owning your own home. As housing affordability because increasingly worse however, many home buyers will be forced to swap the dream of a 3 bedroom home in the suburbs for an inner city apartment. So we have asked the question, just how does the average 1 bedroom apartment compare with similar 1 bedroom apartments around the World on price, size and amenities.

Brisbane

Average one bedroom CBD apartment: AUD $1,800 per month or $450 per week

1 Bedroom CBD Apartment
1 Bedroom Apartment in Mary Street, Brisbane CBD
Source: realestate.com.au

This apartment in Mary Street comes in just under $1,800 p/m at $1,720 p/m. It is within walking distance to the bustling Queen Street Mall, Central Station and the ever happening South Bank.

So what do you get for $1,720 per month or $430 per weekin Brisbane?

  • A total living space of 63 sqm
  • 1 Bedroom
  • a Study
  • Balcony
  • Air Conditioning

Building facilities included are:

  • Pool
  • Sauna
  • BBQ area

You get the sort after Brisbane CBD location which puts you within walking distance of any amenity you can think of.

The Apartment is quite small with the standard features; The Kitchen and living room are situated close together, the bathroom is quite small with a shower over a bathtub and one sink, the bedroom is able to fit a queen size bed and side tables but not much more.

Sydney

Average one bedroom CBD apartment: AUD $2,520 per month or $630 per week

1 Bedroom CBD Apartment
1 Bedroom Apartment in Sydney CBD
Source: www.domain.com.au

Sydney’s rental prices are by far one of the highest in Australia. This apartment in Sussex Street is right in the heart of the CBD. While this one bedroom apartment is not as compact as some of the 1 bedroom apartments we looked at, it is still hard to find value for money in this small but pricey apartment at $650 per week or $2,600 per month.

So what do you get for $2,600 per month or $650 per week?

  • A total living space of 61 sqm
  • 1 Bedroom with built in wardrobes
  • Balcony
  • Internal Laundry
  • Gas Cook tops
  • Video Intercom Security
  • 24 hour concierge

Building facilities included are:

  • Pool
  • Spa
  • Sauna
  • Gym

Sussex street is in the very center of Sydney and with that comes an abundance of facilities at your door. This apartment is in walking distance to some of Sydney’s most well known attractions such as the Sydney Harbor Bridge, Sea Life Sydney, Darling Harbor, King Street Wharf and China Town.

This apartment contains a larger than normal Kitchen which connects to the living room. The Bathroom includes a separate shower, bath and sink with storage. This apartment includes a separate laundry which is an extra feature as most 1 bedroom apartments incorporate the laundry with the bathroom.

The features of this building are quite inclusive containing a gym, spa, sauna and pool giving the resident full access to these amenities.

Melbourne

Average one bedroom CBD apartment: AUD $1,760 Per Month or $440 per week

1 Bedroom Melbourne
1 Bedroom Apartment in Melbourne CBD
Source: www.domain.com.au

Melbourne has a quite high standard of living, which is surprising as the rental prices for 1 bedroom CBD apartments are quite affordable. Melbourne CBD is a bustling hub that never sleeps, with world class theater, a sporting event on nearly every day and shopping that rivals many international cities. This apartment in Jane Bell Lane is one bedroom, priced from $440 per week or $1,760 per month and situated quite dead in the center of Melbourne CBD.

So what do you get for $1,760 per month or $440 per week?

  • A total living space of 56.8 sqm
  • 1 Bedroom
  • Video monitored security entry
  • Lift access
  • Air conditioning and heating
  • Stainless Steel appliances

On site facilities include:

  • Pool
  • Gym

Jane Bell Lane is situated in the heart of Melbourne CBD in one of Melbourne’s signature lane ways. Melbourne has a a reputation when it comes to cost of living and real estate prices, however this 1 bedroom apartment is not as expensive as one would assume, given it’s location. This apartment includes an open plan living room however the kitchen is very small. In terms of amenities this apartment has a communal pool and gym as well as video monitored security and secure lift access

Perth

Average one bedroom CBD apartment: AUD $1,440 per month or $360 per week

Perth 1 Bedroom Apartment
1 Bedroom CBD Apartment in Perth Source:www.realestate.com.au

During the height of the mining boom Perth had a very high cost of living, but today things are very different. Now days, the real estate apartment rental market has slowed down markedly with inner city apartments being less expensive a month than Melbourne, Sydney and Brisbane. This one bedroom apartment is located in James street, Northbridge which is approximately 1 km from the city center.

So what do you get for $1680 per month or $420 per week?

  • A total living space of 70.4 sqm
  • 1 Bedroom with Built in robes and balcony access
  • Balcony
  • Secure complex with remote entry
  • Intercom system

On site facilities include:

  • Heated Swimming Pool
  • Gym
  • Games Room
  • Residents lounge
  • Sauna
  • Pool Deck
  • BBQ area

This 1 Bedroom apartment is quite large in relation to the other apartments in this article and it is also the cheapest. This apartment includes a balcony, intercom system and an open plan living and dining.

The most unexpected thing about this apartment is that not only is it in the inner city but the amenities that come with this apartment are quite substantial. There is a heated swimming pool, a gym, games room, pool deck, sauna, a residents lounge and a communal BBQ area. This apartment is the cheapest out of the apartments reviewed here however, it is the one with the most facilities.

Hong Kong

Average one bedroom apartment: HKD $18,000 p/m = AUD$3,089 p/m

Hong Kong 1 Bedroom Apartment
1 Bedroom Apartment in Hong Kong
source: www.realestate.com.au

Hong Kong has the most skyscrapers in the world with 6,500 buildings over 150 meters tall, and is one of the most densely populated locations in the World, so it is no wonder that apartment living in Hong Kong is the primary form of accomodation. This apartment is located at Sai Ying Pun and is approximately 4 km or 11 mins from the Hong Kong CBD. This apartment in Hong Kong rents for AUD $3,089 per month or AUD $772.25 per week in AUD.

So what do you get for $3,089 per month or $772.25 per week?

  • A total living space of 51.2 sqm
  • 1 Bedroom
  • 1 Bathroom
  • Kitchen

On site facilities include:

  • N/A

New York

Average one bedroom apartment: USD $2,989 p/m = AUD $3,983

1 Bedroom New York Apartment
1 Bedroom New York Apartment
Source: citihabitats.com

New York City is know for its notoriously high property values. Small, compact and cozy are some words to describe what you will get for the average price of a 1 Bedroom apartment in New York City. This apartment is located in Upper NY; the closer you move into the center of NY the higher the price. This apartment is located in the Chelsea district and is priced at $2,183 per month.

So what do you get for $2,183 per month or $545.75 per week?

  • A total living space of 53.7sqm
  • 1 Bedroom
  • New Kitchen Appliances

On site facilities include:

  • Intercom
  • Bike Room
  • Pet Friendly

London

Average one bedroom apartment: £1,675= AUD $2,772

1 Bedroom London
1 Bedroom Apartment London

This apartment is located in Southwark, an inner city London suburb. It is a one bedroom apartment and is quite small at 51.9 sqm. This apartment rents for £1,560 per month which is $2,662.34 AUD coming just under the average price of a 1 bedroom apartment in London. The building where the apartment is located contains no communal amenities.

So what do you get for $2,662.34 per month or $665.58 per week?

  • A total living space of 51.9 sqm
  • Fully equipped kitchen
  • Integrated Appliances

On site facilities include:

  • N/A

The most obvious differences between the Australian capital cities and Hong Kong, London and New York is the size of the apartments. Austalian apartments are on average much larger by comparison. Another major difference is the wide array of amenity that most Australian apartment buildings come with. The majority of larger apartment complexes in Australia will have, at the most basic level, a pool and a communal BBQ area. In high density locations sucg as Hong Kong , New York and London, there are limited amenities provided within the 1 bedroom price points we looked at. No doubt this is a consequence of limited space and limited budgets.

Overall New York had the highest average rental price per month for a 1 bedroom apartment coming in on average at $3,983 per month, which can increase dramatically as you move into more center suburbs in Manhattan.

Perth was the least expensive of the cities we looked at, with the largest sized apartments. Now that the excesses of the mining boom has abated, perhaps Perth can regain that ‘livability and lifestyle’ that it has long been famous for. Larger and less expensive apartments are a great start!

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