Pets are known to have a positive effect on our physical and mental health and with overseas holidays off the table and many people spending more time at home, interest in having a pet as a companion has surged.
While the current lockdown has highlighted the importance of having pets as part of your family, new laws by the NSW Government in strata living will help support this trend and hasten the desire for downsizing families to move to apartments.
The new laws will put an end to bans on animals in apartment blocks and strongly reflect the broader community sentiment. Existing by-laws that unreasonably prohibit the keeping of an animal in an apartment will have no force or effect in strata blocks.
Owners corporations will be expected to set reasonable conditions and a balanced approach through their by-laws on how pets are to be kept in their scheme.
This shift is already highlighted in purpose-built dog amenities in some residential developments – Hurstville’s new Lotus Residences comes with Sydney’s first resident-only pet playground with a private dog park, play equipment, and grooming amenities. The park even comes with specially designed dog play equipment, grooming facilities with bath, shower, and air dryer, a sandpit, lush grass area, and a shade sail!
If you are looking to buy a family-fido-friendly apartment in low to medium-rise buildings in Sydney, the demand is still strong in the Eastern Suburbs and Northern Beaches, which will usually result in a strong increase in values.
On the other hand, if you are an investor, some red flags you should consider are apartments in high or over-supply areas, as they are a significant risk. And high-rise tower apartments, which currently have high vacancy rates, due to the closure of international borders, which has caused a significant reduction in tenant demand as overseas migration inflows effectively fell to zero.
If it feels like it’s a dog’s life during Covid and lockdown, perhaps it’s time to get a dog!