Apartments the size of an average suburban block are attracting strong interest from owner-occupiers in southeast Queensland.
With the average size of the Australian home sitting at about 160sq m, and a standard inner-city Brisbane home lot about 405sq m, new apartments are being created for buyers who want the size of a house without the cumbersome maintenance.
In Brisbane’s riverside suburb of Toowong, Ideal Property’s Banc development will feature a 455sq m block-sized apartment as a “sky mansion” penthouse and two “garden homes” with 12m frontages and private gardens.
The two podium-level homes in Banc have a 227sq m outdoor entertainment terrace and landscaped garden with access to the shared pool, barbecue area and wine cellar. The price tag is $2.45 million.
Ideal Property director John Li said the homes, fronting Coronation Drive that runs along the Brisbane river, were aimed at downsizers.
“We recognise there is an increasing number of inner city buyers who want the convenience of apartment living without losing the amenity of a garden or private leafy entertainment area,” he says.
“The upside for these purchasers is that the landscaping surrounding their home can be maintained by Banc’s body corporate, which means if they travel they don’t have to worry about the upkeep of the gardens.”
WMK Architecture’s Russell Grady, who designed the 15-storey Banc tower, said the apartments were designed to evoke a private-home-near-the-river feel.
The complex is firmly targeting owner-occupiers, who have signed up to $26m in sales since it was launched late last year.
The developments typifies the shift in Brisbane’s crowded apartment market, where about 5200 apartments were built between January and September this year, with another 13,000 expected to roll out in the next 18 months.
A “flight to quality” has emerged in Brisbane’s crowded apartment market, with average sales prices lifting over the last quarter, property-research company Urbis says.
In Brisbane’s central business district, developer Sam Chong’s Mary Lane tower — above the opulent Westin hotel — features 152sq m three-bedroom
apartments with storage.
The two-bedroom units are about 100sq m in size and have sold at an average of $849,000.
At a development in Brisbane’s inner-city Newstead, a buyer paid $14m — including $9.5m for an entire level and three other apartments on a different level — in Kokoda Property’s Ella development.
Sales and marketing director Sam Tucker says Brisbane’s property market was recognising the value in higher grade product, rather than investor stock.
“We did extensive research to identify gaps in the market and to really understand where the market is moving in order to develop a luxury product that seamlessly connects with Brisbane’s culture and lifestyle.”
Originally Published On: http://www.theaustralian.com.au/