Off the plan apartment hunters in NSW are turned on by groovy gardens, storage space and gyms according to a new survey.
Research conducted by the firm behind property portal realestate.com.au spoke to a cross section of the potential purchasing public to find out how they tick.
Of those surveyed, the most popular amenities for off the plan properties were storage cages (28 per cent), barbecue areas, landscaped gardens or decks (27 per cent) and fully equipped gyms (26 per cent).
“Projects are trying to differentiate themselves by the types of features and amenities they’re putting in. For NSW, it’s still things like landscaped gardens, swimming pools, and gyms which are quite popular,” said Mike Gill, head of research with the REA Group.
The new apartment market is a dynamic space and while for a long time investors were the target of developers, but times are changing, according to Mr Gill.
“You’ve got your downsizers, who tend to like the more boutique luxury projects, however more recently, we’ve had a bit of a focus on first-time buyers and giving them an affordable way to get into the property market,” he said.
“Then what we saw in the data that upsizers, that middle age group probably families with kids, they are also now considering apartments as well.”
Unsurprisingly, Mr Gill pointed out that Sydneysiders are the most likely in Australia to consider the multidensity lifestyle.
“They have really embraced apartment living. Not everyone wants to live 30 to 40kms out of the city. And a lot want the amenities and they’re obviously using apartments as a way to get into these suburbs – ones that they potentially couldn’t afford to buy a house in,” he said.
First-home buyers’ number one want is gyms (32 per cent considered this a priority), then gardens (30 per cent) followed by a pool (26 per cent).
Upsizers are after the pool first (36 per cent) then the gardens (29 per cent) and also a 24-hour concierge (27 per cent).
Potential buyers who are in the downsizing phase of home ownership are primarily seeking storage cages in the car park (51 per cent), then are interested in gardens and barbecue areas (41 per cent) followed by the possibility of a pool (28 per cent).
Investors were another category studied, and their wish list closely shadowed that of the downsizer bracket with storage cages top priority (29 per cent), then gardens and barbecues (28 per cent) and finally, heated indoor pools (24 per cent).
Mr Gill said that it was obvious that space was a “must-have” for many cashed up buyers looking to purchase off the plan.
“I think that apartments have had a bad rap. There’s nowhere to put your stuff. Your golf clubs, your linen, all that kind of stuff. Storage is really sought after by buyers, so a lot of developers are really starting to incorporate more storage, basement storage, storage within the apartment, storage in the basement. That’s definitely resonating with buyers,” he said.
“We also saw things like sustainable features becoming more important to buyers, as well. Everything from five star energy ratings, to noise-cancelling technology. So a lot of developers are using those sustainable features as a way to promote their projects, and it seems to be resonating with buyers,” he added.