Super-sized apartments sizzle for new breed of buyers
An artist’s impression of Charlton House. Picture: Mirvac
Developers are playing catch-up to cater for an emerging breed of buyers chasing ‘house-sized’ apartments after being priced out of the traditional house market.
Even Mirvac, which has largely concentrated on owner-occupier stock, has acknowledged the growing trend within its latest project, $125m Charlton House, part of the redevelopment of the Eagle Farm racecourse precinct.
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An artist’s impression of Charlton House. Picture: Mirvac
The Australian property giant has apportioned 30 per cent of Charlton House, the third of six apartment complexes planned within the racecourse’s boundary, for three or more bedrooms.
With 111 apartments across 14 levels, it will be the biggest of the complexes and a 37 per cent increase in three or more bedroom units than the previously finished Tulloch House.
There’s also an increase in car spaces within Charlton House as the company looks to tap into the growing demand for larger apartments,” Mirvac Qld general manager of residential, Warwick Bible says.
“There is an undersupply of premium owner-occupier designed apartments in blue-chip areas in Brisbane,” Warwick says. “We are now seeing younger buyers looking for home-sized apartments. The other trend is buyers amalgamating apartments into one large residence and we first started seeing that in Tulloch House when eight apartments became four large apartments.”
Aria residential manager Michael Hurley in a penthouse apartment. Picture: David Kelly.
The demand, in essence, has been driven by younger couples or families who have been priced out of buying a house in inner-Brisbane but still want to live in the area, says Aria Property Group executive Michael Hurley says. However, it is important not to size apartments at a price point beyond prospective buyers, he says.
“People request bigger apartments, now more often than not, but it’s a reflection on the increase on the average house price in that inner Brisbane suburb,” he said.
“Those priced out of the housing market may still want to live in the area and their option is an apartment on the larger side but within their budget.”
The increased appetite for “house-sized” units is a by-product of Covid lockdowns and homeowners and tenants having time to reflect on their needs, high-end architect Joe Adsett says.
The outcome is a low-maintenance lifestyle in a spacious residence, he says.
“Covid has given people time to reflect on what is right for their circumstances and there is an appetite for lifestyle living in house-like alternatives on a single level in desirable locations.”
An artist impression of the exclusive Queen of the Colonies, designed by respected architect Joe Adsett. Picture: Supplied
“Historically that hasn’t happened in Brisbane, most people picked a big house with a yard and land but it’s only because there hasn’t been product there to supply that market.”
One of Mr Adsett’s latest designs on sprawling Sunshine Coast clifftops at 20 Queen of Colonies Parade, Moffat Beach, is aimed for the pointy end of the market at some $5m each.
However, the design principle was the same with each apartment ranging in size from 270sq m with four bedrooms and 3.5 bathrooms including outdoor showers.
“There’s a lot of talk about cashed-up Baby Boomers selling their trophy homes and downsizing but there is an emerging demographic of those in their 40s and 50s who are choosing apartment living over housing.
“A house-sized alternative should be a minimum of 200sq m internal and 25m external with carparking in addition.”
An artist’s impression of Charlton House. Picture: Mirvac
Also upsizing their apartments is Consolidated Properties Group (CPG) which is behind Monarch, a multi-level residential development on the former ABC site on Coronation Drive.
Overall, the size of their apartments are between 10 and 30 per cent larger than previous floor plans, said CPG executive James MacGinley.
“About 90 per cent of the inquiries want a three-bedroom apartment and we are mainly talking about people in their fifties whose children are in various stages of leaving or have left the family home,” he says.
