Article by Michelle Singer
Source: Mansion Global
The Australian luxury unit has been redefined. No longer mere apartments, they’re residences, a new class of luxury living that is cropping up in blue ribbon suburbs in tightly held inner city areas and premium coastal regions across the country.
It’s a niche buyer market which luxury Sydney developer Fiducia Property Group has dubbed the “rightsizers”—a class of buyer who is at the right time in their life for luxury, substance and convenience.
In Sydney these premium buildings are found in up-market established suburbs on the city fringe, in the eastern suburbs and lower north shore. They provide downsizers, who are transitioning from expansive family homes, with an abundance of space, privacy and exclusivity to the ease of access to village atmospheres and an abundance of amenities such as cafes, restaurants and retail.
This trend isn’t limited to Sydney alone. A heavy focus on owner-occupiers and downsizers is also appearing in Queensland’s premium coastal areas on the Gold and Sunshine coasts, Melbourne’s Bayside suburbs and on the country’s west coast in Perth.
There’s an emphasis on architectural integrity—inside and out—a reflection of these discerning buyers’ need for something unique without having to compromise on location and lifestyle after selling the family home.
These collections of homes, meticulously designed and curated, feature spacious interiors and opulent finishes, while exclusive residents’ only amenities such as private clubs, dining rooms and wine cellars are mandatory inclusions.
An aging population, buyer demand for quality over quantity and the transformation of prime inner-city sites into highly sought-after urban locations are some of the reasons driving the trend.
Strong pre-sales evidence appears to support the trend, whether it’s the overwhelming pre-launch registration numbers for ONE Subiaco in Perth, Western Australia, or the success of the locals-only marketing campaign for White Main Beach on the Gold Coast in Queensland.
After two years of softer residential market conditions in Australia, the buoyancy around this type of product suggests renewed confidence in the luxury apartment market.
All projects mentioned below have either recently been launched to the market or are soon to be released. At the time of publication, every project mentioned still has stock available for purchase, with some already under construction.