You’re searching for a place to live or invest in real estate. You scroll through listings and see “condo” on one property and “apartment” on another—but they look the same. What’s the difference? More importantly, does it even matter?
Yes, it does. Understanding condo vs apartment differences and similarities is essential whether you’re buying, renting, or investing in Australian real estate. The two may look alike, but their ownership, fees, maintenance, and living experience can be vastly different.
In this guide, we’ll break down condo vs apartment differences and similarities, helping you make an informed decision based on your lifestyle, financial goals, and long-term plans.
Condo vs Apartment: Key Differences in Ownership
The main difference between a condo and an apartment comes down to ownership.
- Condos (Condominiums): Each unit is individually owned. The owner may live in the property or rent it out. Condo owners are part of an owners’ association, which manages shared spaces and amenities.
- Apartments: Typically owned by a single entity (like a company or developer) and rented out to tenants. Renters do not have ownership rights or responsibilities beyond their lease agreement.
Who Handles Maintenance and Fees?
- Condos: Owners are responsible for interior maintenance but pay strata fees for shared areas like elevators, lobbies, and gardens. The owners’ association hires a property management company to handle these tasks.
- Apartments: The landlord or property management company handles all maintenance. Tenants only need to pay rent and utility bills—no additional fees beyond the lease agreement.
Living in a Condo vs Apartment: Amenities and Community
Both condos and apartments can offer luxury amenities like pools, gyms, and lounges, but there are some differences:
- Condos: Often have customized interiors, reflecting the owner’s taste. Some condos have high-end finishes, smart home technology, and unique layouts.
- Apartments: Generally uniform in design with standard kitchen appliances, layouts, and materials.
- Community Living: Condo owners may engage more in community events, whereas apartments attract more short-term renters.
Which One Is Right for You? Renting vs Buying
Choose an Apartment If You Want:
- Flexibility: Lease terms make it easier to relocate.
- Lower Upfront Costs: No down payment, home loan, or insurance required—just rent.
- Minimal Responsibilities: No concern about market rates or property management—your landlord handles it.
Choose a Condo If You Want:
- Investment Potential: Buying a property means you can sell it later or invest in the market.
- Ownership Control: No landlord—your home, your rules.
- Long-Term Stability: Your mortgage locks in a loan rate, unlike rent, which can increase.
Market Trends: Condo vs Apartment in Australia
Australia’s real estate market is shifting. According to the latest Census, over 10.3% of Australians live in apartments, up from previous years. With rising property prices, many first-home buyers are considering apartments and condominiums instead of standalone houses.
Another trend is Build-to-Rent (BTR) developments, where entire apartment buildings are owned by a company and rented out long-term. This model is gaining traction in cities like Sydney and Melbourne, making renting a more viable long-term option.
Final Thoughts: Condo vs Apartment—Which Is Best?
Your decision comes down to purpose and lifestyle. If you’re looking for ownership, investment, and control, a condominium is the way to go. If you need flexibility, lower costs, and fewer responsibilities, apartments are the better fit.
If you’re still looking for your dream condo or apartment, we can also help you out in that department. Browse our search page to check out some amazing listings available right now. But don’t just stop there, download our app to get the full Soho experience.
Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
FAQ Section on Condo vs Apartment
What is a condominium in Australia?
In Australia, the term “condominium” is not commonly used. Instead, the equivalent form of property ownership is called strata title, which applies to multi-unit buildings where individual units are owned, but common areas are shared among residents.
Why is it called strata?
The term “strata” originates from the concept of multi-level apartment blocks and subdivided properties with shared ownership of common areas. It refers to apartments or properties on different levels within a building or complex.
What is the difference between a flat and an apartment in Australia?
In Australia, a flat typically refers to a single-level residential unit, whereas an apartment can have multiple levels or be part of a larger complex. A duplex can also be classified as an apartment.
What is the difference between a townhouse and an apartment in Australia?
A townhouse is a multi-level home that shares walls with neighbouring properties, offering more space than an apartment.
apartments are single units within a larger building, townhouses often provide multiple floors, outdoor spaces, and private entrances while still benefiting from shared maintenance through a homeowners’ association.
