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The proportion of Australian households in the rental market has also increased from 28 per cent in 2006 to 31 per cent in 2016.

“Compact housing can boost supply and affordability, and provide more choice, but this housing must be located in places where residents can access amenity outside of the home.”

The development industry has responded to the trends in the market with increased flexibility in apartment design. At Frasers Property Australia’s Central Park precinct in urban Sydney, ‘dual key’ apartments – two independent residences under a single strata title – enable multi-generational living or simultaneous home occupancy and investment.

Over at Fairwater in Blacktown, Frasers Property has developed family homes with ‘Fonzie’ apartments – named after the Happy Days character who lived in an apartment over the Cunninghams’ garage. These apartments provide separate dwellings for adult kids or income generation.