Property Development

The prestige apartment market is proving popular with downsizers

The prestige apartment market is proving popular with downsizers
Written by The ReReport
As seen in the Source link, written by on 2019-07-06 20:35:19

The garden terrace apartments at Banc, Toowong.

Brisbane downsizers are exchanging their family homes for luxury apartments as they seek out a “lock and go” lifestyle that better caters to their next stage of life.

Place Kangaroo Point agent Deb Maguire said the past year had seen a trend emerge where downsizers were being drawn to the prestige apartment sector.

“A lot of my business is the increasing baby boomer’s market where a house has become too much and they’re looking for a property that gives them the freedom to travel,” Ms Maguire explained..

“At the same time, they’re seeking quality, with extra features like large living spaces, views, wine cellars and lifts.”

Ms Maguire said apartment buildings that had attracted recent baby boomer interest included Haven at Newstead and Banc at Toowong.

In total, Ms Maguire has handled 22 transactions at Haven and 26 at Banc.

“I had quite a few buyers at Haven who purchased penthouse apartments on the top five floors then amalgamated them into large four-bedroom apartments with floor space of up to 350sq m and views.”

The premium apartments came with a price tag between $2.25 million and $3.4 million.

“Buyers are used to quality in their home environment, and use the proceeds of the sale of their home to fund their new purchase while keeping some cash in the kitty,” Ms Maguire said.

The Haven project in Newstead..

At Banc, the apartments have a price point between $1.39 million and $3.25 million, and Ms Maguire said downsizers were attracted to the finish quality and the river view.

“These apartments have all the bells and whistles – travertine finishes, high-end appliances, automated lighting, air-conditioning, the security of a private foyer, a wine cellar and a wine tasting room.

Place Projects director of Residential Research Lachlan Walker agreed inquiry levels from baby boomers and retirees had picked up in the high-level, boutique-style living sector.

“We have a lot of baby boomers in Queensland who have held property a long time and are now looking to make a lifestyle change,” Mr Walker said.

Place research indicates 24,000 people moved to Brisbane from interstate in the past 12 months, with 21.3 per cent of those aged over 50.