Downsizers in Australia are increasingly looking for properties with house-like proportions and great amenities – and this has increased the demand for luxury apartments across the country. This trend is also driving a shift in the way the development industry approaches new projects.
"Downsizing has been a major driver of demand for apartments in lifestyle areas across the country, particularly markets such as the Gold Coast," said Matt Schneider, director from Gold Coast to consulting firm Urbis. "These buyers are usually very active retirees, or empty nesters, who want to live in apartments 'with the land' and more and more developers are responding to this demographics."
Schneider said he had already started to see a shift in the apartment market, moving mainly from one and two bedroom accommodation in large cities for young professionals to oversized apartments in large cities. Lifestyle places designed for the downsizer industry, dominated by the baby boomer generation.
A recent report by real estate firm Knight Frank found that the Gold Coast of Queensland is one of the biggest followers of the larger apartment trend, with 70% of mid-density housing built in the past four years with three or more bedrooms. The number is higher than in any major city in Australia.
"The economic reality in lifestyle cities such as the Gold Coast, for example, is that there is a ready market for luxury apartments that offer more space and flexibility to build. more rooms, ”said Schneider. “Apartment buyers may be looking for gated, maintenance-free homes, but they're also looking for the privacy and convenience with the moving room that they've become accustomed to in their family home.”
He added that such developments often feature landscaped open spaces with recreation areas that "enhance the feeling of a residential community" and large apartments with "deep habitable balconies and which are designed to optimize privacy '.
Typical facilities also include several car parks for each apartment, a large indoor space for residents, a large swimming pool with a residents' lounge, an outdoor barbecue, a catering pavilion, a gym and a sauna.
"The common denominator of all of these projects is that they are fit for the 'right' – those who leave their homes, downsize, but don't sacrifice the living spaces they had in their homes," he said. Schneider said. "These are all large apartments which maximize livability and space, while still allowing people to step outside of the traditional house."
In recent years, the Urbis Gold Coast Essential Apartment Report has shown that larger owner-occupied apartments occupy a greater sales market share each year on the Gold Coast.
A separate report from the company also found a surge in sales of apartments, townhouses, and duplexes of over $ 1 million across the city.
According to the study, Gold Coast recorded 478 apartments, townhouses and duplexes valued at $ 1 million and above sold in 2019, a 57% increase from there was five years. Between 2014 and 2019, there was also a 13% per year increase in sales of properties priced between $ 2 million and $ 2.9 million.
"What is evident is that the downsizer market does not want to sacrifice the space it might have had in a home and is looking for projects that deliver home style living. in larger, more spacious apartments, ”said Lynda Campbell, senior consultant at Urbis. "Boutique-style projects that cater to the high-end homeowner market are driving this trend."
“It's become a value proposition that really works for buyers and developers. Ultimately, this type of development also provides a better outcome for the community at large. And people will sacrifice being on the beach to find the apartment that offers these greatest living options, ”she said.
Top suburbs:
Harris park
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Flemington
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Bligh park
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mt colah
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Newcastle
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