The future of renting: How tenants can dodge expensive bonds and avoid living with annoying housemates with a new type housing scheme
- Sydney Olympic Park has welcomed a new type of housing option for renters
- LIV Indigo, by Mirvac, bridges the gap between renting and owning property
- Tenants don't have to pay a bond and have flexibility in designing their space
- They can paint the walls, drill holes and are allowed to have pets in their units
Renters can dodge expensive bonds, avoid living with annoying housemates and save money on fridges and dishwashers by moving into a new type of housing in Sydney.
LIV Indigo at Sydney Olympic Park, about 16 kilometres west of the CBD, is the first residential community in NSW designed and built exclusively for renters, giving tenants greater flexibility in their living situation - but without the vulnerability.
Residents can make their Mirvac apartment a 'home' by freely painting on the walls, hanging pictures on nails and keeping a pet.
The tenants, who are not required to pay an expensive bond, simply sign a 12-month secure lease with rental increases capped.
LIV Indigo at Sydney Olympic Park is the first residential community in NSW designed and built exclusively for renters. Pictured: A bedroom inside one of the units
Residents can make their Mirvac apartment (pictured) a 'home' by freely painting on the walls, hanging pictures on nails and keeping a pet
The two apartment blocks, comprising of 315 rooms, also come with an on-site maintenance team who can organise repairs immediately.
All apartments are fitted with refrigerator, oven, cooktop, microwave, washing machine and dryer - to the joy of admin officer Gail.
The 24-year-old is moving into a one bedroom apartment next month.
Share this article
'The idea of having security and ownership without the hassle of mortgage was appealing to me,' she said.
'LIV would save me a lot of money especially because of amenities that tenants can use for free.
'I would say that it is very much worth its value.'
Admin officer Gail, 24, is moving into a one bedroom apartment next month. She is saving a lot of money on the amenities in the apartment she can use for free
There is a function space (pictured) which renters can book out to host guests
LIV Indigo renters can also enjoy the shared community spaces, which includes a gym, cinema space (pictured), co-working arrangements and a kids game area
Gail, who was previously living in the Parramatta area, said she is particularly excited she is allowed to drill holes in the walls.
'I couldn't mount my TV in my old apartment and I also wasn't allowed pets. Now I can have both,' she said.
'I'm also super excited about painting my walls.'
LIV Indigo renters can also enjoy the shared community spaces, which includes a gym, cinema space, co-working arrangements and a kids game area.
There are also function spaces which renters can book out to host guests.
Instead of spending money on a weekly gym membership, Gail is excited to use LIV's facility for free.
The 24-year-old said she 'definitely' recommends this new style of renting.
'It just takes away so much of the stress and hassle,' she said.
'Why buy when you can rent and still feel like you own the place?'
At the LIV Indigo launch on Wednesday, Mirvac CEO and Managing Director Susan Lloyd Hurwitz said the apartments are bridging a gap between owning and renting.
'We are living in an era where property ownership is not the overarching goal of all Australians,' she said.
'And those who do aspire to home ownership will on average spend more time in the rental market before they can afford to buy their home.
Tenants of the two LIV Indigo towers can say goodbye to gym memberships by using the gym on-site
Residents working from home can book meeting rooms in the shared community space (pictured)
Renter Gail, 24, jumps in front of one of the LIV Indigo buildings at Sydney Olympic Park
'People who choose the LIV lifestyle will know that for as long as they want it, this is their home.'
Ms Lloyd Hurwitz said Mirvac crafted the housing choice that offers convenience, comfort and security after studying the market overseas and speaking to Australians about their rental experiences.
NSW Minister for Planning and Public Spaces Rob Stokes said build to rent was a game changer for the state's housing market.
'We can't just assume that the homeowner model is for everyone. As society changes and grows, our policies and approaches to living need to reflect that,' Mr Stokes said.
'Build to rent can attract direct investment in construction at a time when bank finance is hard to secure. It is a critical way to ensure housing is built during difficult financial times.
'Not only do we need different types of housing, such as detached, high-rise and missing-middle types, we need different tenures so that individuals and families can access secure housing that suits their circumstances.'
LIV Indigo is by Australian property group Mirvac.
Pictured: The kids room in the shared community space of LIV Indigo
A hallway shows the different rooms residents at LIV Indigo in Sydney Olympic Park can use
Comments 0
Share what you think
No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.
