New York style inner city apartments are popping up everywhere

It’s advertising stylish one bedroom suites for $700,000, a virtual bargain amid Sydney’s extravagant prices.

A quick aside — the block was designed by well-known architects Foster and Partners, the firm behind new luxury apartments on the corner of Lexington and 53rd Street in New York’s mid-town area, among many others.

Similarly, two bedroom apartments in the New Charsfield project on St Kilda Road in Melbourne are going for $620,000, according to Realestate.com.au. In Manhattan-like fashion, the building also offers views of local parks and an outdoor terrace and garden.

There’s also Melbourne’s Arthur Apartments, which actually boasts ‘New York style living on Albert Park Lake’, starting at around $445,000 for a one bedroom.

Meanwhile in Albion in Brisbane, prospective buyers will soon find 180-degree views of the city skyline in The Hudson building from $370,000, only six kilometres from the CBD.

And the capitals are seeing the most action, with around 80,000 apartments under construction and another 117,000 approved or in the off-the-plan marketing phase, a recent CommBank report showed.

As you might expect, many of these new blocks will be in inner city areas, including the Melbourne and Adelaide CBDs, Newstead and Wolloongabba in Brisbane, Mascot in Sydney and Southbank in Melbourne, said CommBank.

So for those dreaming of a Sex And The City or Gossip Girl experience in their hometown, don’t fret — there’ll be plenty of options.

While population growth has helped change the way we look at city life, overseas migration has played a specific role in our appetite for high-rise living.

For example, most states have been taking in new residents with a median age of 26 or 27, according to the Australian Bureau of Statistics. This has surely helped developers cater their units to a younger crowd, whether they’re owner-occupiers or renting tenants.

“Overseas migration over the last 10 years has been running at almost twice the average of the previous decade and a big component of that has been temporary migrants,” said Zigomanis.

“So there are people who will stay 12 months on various visas who want to sample all that city has to offer and get there easily from wherever they are. That’s also been a key contributor. The inner city offers an outside of working hours lifestyle of cafes, places to eat and bars to go drink at.”