The Australian dream was simple, yet an achievable vision 50 years ago. You would get a job in one of the few sectors and purchase a family home in a quiet suburban area for under $100,000. Weekends were spent mingling with neighbours and friends over a beer and barbecue, the kids would ride their bikes and play games till sundown, and all was perfect and serene in the neighbourhood.
Fast forward a few decades, take a look around, and the Australian dream is far from the humble vision we once knew. Add inflation, interest rates, the immigration boom, technology boom and an ageing demographic; now we have a whole new version of the Australian dream.
What does the modern Australian dream look like?
Well, the dream is still very much alive, however, an altered version, one with less maintenance and more amenities…you guessed it, apartment living.
While median house prices remain around the $1 million price point, the rise of higher-density living has become quite the appeal to Australian buyers, providing greater opportunities for work and lifestyle. Not only is it appealing to singles and couples, but we are also seeing an increase in “vertical families”, 1 in 4 families with children are now living in apartments.
Why?
Well, it comes down to a few factors, more notably, it is driven by a change in demand for convenience and flexibility in our lifestyles. Plus, the prospect of owning anything for less than $1 million is a dream in its self.
"Apartment living is not what it used to be; developers are creating beautifully designed spaces and amenities that compete with the hotel experience."
- Leor Shavel, Managing Director, Sierra PropertyCom
The generational shift also means that developers are now selling to millennial's. And we all know what drives millennial's…location, Sunday brunching, art galleries and beetroot lattes.
Let’s take a look at what a winning space looks like:
1.Impressive Communal Areas
Forget the pool, gym and sauna, we are talking about the WOW amenities; the rooftop infinity pool, tranquil gardens, wellness centre, 24-hour concierge and cinemas are some of the communal settings attracting purchasers. Buyers want it all, and conveniently positioned in front of their doorstep. They ultimately want more of the space they live in and less time maintaining the area. The maintenance is definitely an advantage; no need to clean the pool on the weekend, take out the garbage bins, mow the lawn or trim the hedges…it’s all taken care of!
‘Greenland Centre Sydney’, the hottest development and tallest residential tower, combines luxury, convenience and state of the art amenities. It will feature an expansive 2000sqm creative hub, ground floor dining, sun deck, indoor-outdoor pool, spa and so much more.
2. Proximity to retail, transport and schools
Not only do buyers want the best amenities, but they also want convenient access to lives simple pleasures and necessities. Buyers want to be able to buy a bottle of milk without having to jump in their car, they want access to public transport so they can jump on the train to work, drop their kids off to a nearby school and Sunday brunch till their heart desires. New developments are providing all of this and only a short elevator ride away. We are now seeing the emergence of shopping villages incorporated into new developments and this is the new standard that all buyers are expecting.
South Village Kirrawee, a beautifully situated development features 23 retail and dining spaces including a Coles, Aldi, Priceline, Lone Star Rib House, Christopher’s Cake Shop and much more.
3. Creating spacious living
Of course, the apartment will be one of the biggest selling features for the buyer, after all, this is where they will spend most of their time. Buyers want to be comfortable in their most intimate settings; they want modern appliances, premium finishings and quality design. Developers are creating spaces to feel like that of a spacious home. The seamless flow of inside to out is a key feature that purchasers are seeking. We now see full length glass sliding doors opening up spaces and enlarging areas. Purchasers also want premium finishing like brand name appliances, granite countertops and hardwood floors to name a few.
NBH at Lachlan’s Line; another spectacular development from Greenland Australia, features modern Miele appliances, strip lighting under cabinets, wood floors, and other high end finishes.
Even when purchasing a house is an option, we are seeing buyers favour apartment living. This is not just a roof over their heads, it’s a lifestyle. A lifestyle that offers convenience, maintenance and amenities; a lifestyle with more choice, greater flexibility and more time to enjoy the simple pleasures in life. Buyers are now realising that their dream house is actually an apartment.
If you’re a property developer, get in touch to discuss your future development and see how we can assist with managing the purchasers experience.