Luxury apartment dwellings are the new ‘black’ especially in all the right areas – as they say, it’s all about location, location, location.
Good things come in small packages, at least according to Brisbane home buyers who are trading in spacious houses for luxury apartment dwellings.
According to Velocity Property Queensland director Brendon Ansell, the growing baby boomer population is giving up their larger houses in favour of more manageable properties close to amenities.
“Baby boomers are a large portion of the population and after 20 years of economic prosperity in Australia they are wealthier than ever before,” he says. “They are choosing to remain in their inner city communities and want low maintenance, high quality apartments and townhouses.
“As the kids have left the nest they want to enjoy their retirement years.”
Ansell says the baby boomers are not losing out on anything as inner city suburbs such as New Farm, Bulimba and Red Hill have beautiful parks and lifestyle precincts with coffee shops and restaurants.
“So they get the best of both worlds, having access to these facilities plus a low maintenance home.”
Ansell said Brisbane has only just dipped a toe into the pool of apartment building, but the industry has a promising future in store.
“Brisbane is still new to apartment living, compared to larger cities such as Sydney,” he says. “With our three bedroom apartment projects we have a mixed group of buyers from younger professionals to some investors and empty nesters.
“Inner city areas within 5km of the CBD are currently popular. These areas have access to parks, transport, coffee shops and restaurant strips. Certainly the most popular areas in Brisbane at the moment for new three bedroom apartment purchases are New Farm, Teneriffe, Bulimba, West End and St Lucia.”
Advice for baby boomers
When it comes to baby boomers giving up their homes and moving into smaller apartments, Ansell has three pieces of advice:
- “Get a storage facility somewhere,” he says.“You will have accumulated a lot of possessions over many years and it will not fit into your new apartment. It can be stressful if you are too cramped.”
- “Engage an interior designer to help you customise your new apartment and personalise it to your taste.”
- “Ask the developer what demographic of buyers are buying into your development, because you want to be around similar owners. Look at the apartment both as an owner and as an investor.”