Real Estate

Australian Apartment Advocacy research reveals increase in unit popularity

The new penthouse terrace area at Chester 7 Ella, Newstead has a private pool area.
Written by The ReReport
As seen in the Source link, written by on 2019-10-26 01:00:00

This penthouse terrace at Chester & Ella, Newstead has a private pool area.

Queensland has traditionally been known for its love of free-standing homes, but there’s a clear increase in popularity of units and apartments across the southeast.

Recent research, conducted by the Australian Apartment Advocacy with 3312 apartment owners nationally, showed that Queenslanders outstripped the rest of the nation with 32 per cent moving into their apartment because their kids had left home (compared to the national median of 21 per cent) and with 37 per cent classified as retirees.

While 91 per cent chose their apartment because of its location, 72 per cent said proximity to the beach or river was prime — again showing a clear difference to the rest of Australia, where apartment dwellers were more focused on being close to public transport.

However, on par with the nation, owners primarily bought an apartment because it was easier to maintain (62 per cent) and it was the right size for what they needed (60 per cent).

Australian Apartment Advocacy director Samantha Reece said lifestyle was a strong focus for Queensland apartment owners.

“Not surprisingly, 68 per cent of respondents had an outdoor pool in their complex and 63 per cent had barbecue facilities which is also the highest in the country,” she said.

REIQ CEO Antonia Mercorella said people in the past spent the big dollars on free-standing homes, whereas now they were spending that sort of money on luxury apartments, many of which as large and opulent as individual homes.

“Apartments and units offer a unique lifestyle proposition, where very little maintenance is required, there are ample facilities and amenities which you may not be able to access in a free-standing home, and complexes are generally conveniently located,” Ms Mercorella said. “Because of the lifestyle offering, an increasing number of Queenslanders are moving towards apartment living, and this includes non-traditional demographics such as families and retirees.”

Ms Mercorella said the number of luxury and penthouse apartments in Brisbane was growing. “With apartments for sale priced in the multi-millions, these homes include features such as private rooftop pools and gardens, curved interior walls, media rooms, high ceilings and stunning views,” she said.

Similarly, the Gold Coast also had a growing number of luxury and penthouse apartments.

“Sun City at Surfers Paradise and Pintari at Main Beach both saw recent sales of around $4 million for their penthouses, which include state-of-the-art features, panoramic views and luxurious finishes,” Ms Mercorella said.

Ms Reece said the Queensland apartment market was “unique to the nation”.