Apartment For 21.8 Million USD, Tokyo, Japan

In Australia, the term "flat" and "apartment" are largely used interchangeably. Newer high-rise buildings are more often marketed as "apartments", as the term "flats" can carry negative connotations of public housing. The term condominium or condo is rarely used in Australia despite attempts by developers to market it. A high-rise apartment building is commonly referred to as a residential tower, apartment tower, or block of flats in Australia.
Apartment buildings in Australia are typically managed by a body corporate or "owners corporation" in which owners pay a monthly fee to provide for common maintenance and help cover future repair. Many apartments are owned through strata title. Due to legislation, Australian banks will either apply loan to value ratios of over 70% for strata titles of less than 50 square metres, the big four Australian banks will not loan at all for strata titles of less than 30 square metres. These are usually classified as studio apartments or student accommodation. Australian legislation enforces a minimum 2.4m floor-ceiling height which differentiates apartment buildings from office buildings.
In Australia, apartment living is a popular lifestyle choice for DINKY, yuppies, university students and more recently empty nesters, however rising land values in the big cities in recent years has seen an increase in families living in apartments. In Melbourne and Sydney apartment living is sometimes not a matter of choice for the many socially disadvantaged people who often end up in public housing towers.
Australia has a relatively recent history in apartment buildings. Terrace houses were the early response to density development, though the majority of Australians lived in fully detached houses. Apartments of any kind were legislated against in the Parliament of Queensland as part of the Undue Subdivision of Land Prevention Act 1885.