Living the high life

The luxury apartment market in Brisbane has really heated up over the last couple of years as buyers, investors and renters seek out the perfect blend of lifestyle and convenience. 

What makes a luxury apartment?

This style of housing ticks every box when it comes to comfort and convenience. Luxury apartments are spacious even though they are units. They have modern fittings and features, and they are cleverly designed for quiet living (soundproofing and carefully thought out floor plans ensure it’s not so easy to hear the neighbours). 

A luxury apartment will feature all or at least quite a few of the following: 

• Separate living and dining areas
• Modern design with open plan kitchens
• Stone countertops and island benches
• Secure underground parking
• Elevator access
• Swimming pool and gym for the exclusive use of the residents
• Hot tub and sauna
• Playground and bbq outdoor areas
• Sweeping views
• Multiple balconies
• High end kitchen appliances
• Internal laundry
• Walk in robes
• Ensuite bathrooms
• Ample cupboard space
• Storage unit in the basement or carpark
• Swipe to access security at the front door and in the elevator

These buildings also often have a concierge or building manager who is regularly on site and can help attend to any urgent issues. 

The advantage of a luxury apartment is the ability to ‘lock up and leave’ at any time. While there are always strata fees involved with maintaining the property, there is no stress around organising gardeners, fixing the front gate, painting the outside of the building or worrying about the need for exterior repairs. 

Regular travellers may also see the advantage of listing their luxury apartment on AirBnb when they travel. Companies now exist to help people create an advertisement and take care of things like cleaning and changing the sheets between visitors. It’s an opportunity to generate some additional income for those who don’t live in their apartment full time or who want to offset the cost of a holiday. 

Who is buying luxury apartments in Brisbane?

While many people may associate luxury apartments with cashed up retirees, the truth is they are in demand from all demographics. 

Retirees prefer luxury apartments for all-on-one-level living and usually exchange a family home for this type of abode. 

‘Right-sizers’ are also seeking this type of accommodation out as a way to escape the pressures of a larger, family home while still providing a bedroom and breakout space for older or adult children (not to mention separate bathrooms). Rightsizing tends to happen around ten years before retirement when the children have either left or are not around as often. It’s a great strategy to get ahead of the market. 

Young professionals with healthy budgets also see the value in purchasing a prestige apartment over a house. The buildings are often close to the city and public transport stops so they make sense for someone who wants to live a metropolitan lifestyle. 

Overseas investors or expats who have plenty of funds are often used to apartment living and wouldn’t even consider buying a house. The push for high quality apartments is also coming from investors from NSW and Victoria who have plenty of funds after selling during the boom of 2021 and early 2022. 

It is difficult to go wrong with a luxury apartment in a quality building with good management. As reported by Domain around a year ago, “prices for penthouses and whole-floor apartments soared by up to 30 per cent in a year, with experts now describing the high-end unit market as a marathon that’s hit its stride.” 

I hope you enjoy the read.

Matt Lancashire