Apartment living has become increasingly popular in the Brisbane market as more buyers seek an inner-city lifestyle of culture and convenience similar to what is offered in major European cities.
In recent years apartment developments have become more prevalent than housing in Brisbane, accounting for 64 per cent of approved dwellings as of 2015.
Inner city apartment developments like EPV Developments’ The Wellington currently under construction in East Brisbane will assist in meeting the rising popularity of apartment living.
TOTAL Property Group Managing Director Adrian Parson, who is also the marketing manager for The Wellington, said that apartment living is on the rise across Australia.
“Given the typically younger Brisbane demographic I would not be surprised to see the popularity of apartment living in Brisbane continue to rise at a healthy rate.
“When we look at the last census 48 per cent of Australians living in high-rise apartment units were between 18-35 years of age, we estimate that number will have changed over the past four years as a wider range of people are opting for the convenience and higher standard of living offered by new inner-city developments,” he said.
“People tend to view inner-city apartment living as a way of achieving a work life balance as it allows them to spend more time relaxing and less time on menial tasks such as house maintenance and work commuting.
“Nowadays all age-groups are travelling more and want the convenience of being able to lock up their apartment and set off on an adventure without a second thought to maintenance or security.
“People are also wanting to live a more European lifestyle, with the cultural offerings such as cafés, restaurant districts, theatres and art galleries within a short distance of their home as well as access to public transport facilities on their doorstep,” Mr Parsons said.
Mr Parsons said that younger buyers are taking advantage of low interest rates and Government incentives to secure their place at developments such as The Wellington.
“The Wellington’s high quality facilities, security and location appeals to a range of buyers, from young first home-buyers to downsizing baby boomers.
“Although the appeal of apartment living is diversifying, we are still receiving strong interest from younger buyers who can see the great opportunity currently available for them to escape the rental cycle and kick start building a strong property portfolio,” he said.
“With the median age of Brisbane residents sitting at 35 years we are seeing this market take advantage of the record low interest rates and the $20,000 Queensland Government’s First Home Owners’ Grant to purchase apartments at The Wellington.”
The Wellington’s one-bedroom and two-bedroom apartments are available in a variety of floorplans designed to offer contemporary living and are priced between $339,000 and $560,000.
The Wellington is positioned on the corner of Wellington Road and Overend Street in the high-demand suburb of East Brisbane, just a short walk from The Gabba stadium and the dining and shopping destinations of Logan Road and Stanley Street.
This article first appeared on The Urban Developer, 22nd December 2016
Last updated on: 05 Jan 2017 at 23:44 pm