Spread a pile of apartment development applications across a desk and you’ll quickly figure out one thing, the dimensions for each apartment are significantly greater than ever before. Demand has driven instrumental change in the fabric of contemporary apartments, triggered by a new type of customer referred to as the ‘right-sizer’.
These right-sizers are a major power player in Brisbane’s prestige property market, as they seek not to downsize but instead relocate from their treasured family house of many years into a similar-sized inner-city apartment. Often the kids are still living at home, so a right-sizer still requires space and separation of living. They also need a low-maintenance lock-up-and-leave convenient design, suited to this post-COVID era where the ability to travel overseas or frequent the holiday home is once again a reality.
What else are my buyers looking for now the pandemic is receding? Turnkey properties are popular for the risk-averse concerned about the current state of the building industry and the so-called ‘profit-less boom’ tradies are struggling with. The less work required to the property, the more appealing it appears for these buyers.
Still working from home? You’re not alone, particularly for our buyers on overseas trading hours or managing interstate business. It means the good old study, which has grown to the size of a co-working hub space, remains a popular request on our buyer wish lists. It must not only be grand in scale, but located away from the main house, have soundproofing, built-in custom cabinetry and uninterrupted data connectivity.
I recently read a study out of Macquarie Business School which identified the immense impact COVID’s had on the Australian job market, so it’s no surprise this is felt beyond employment to all facets of the economy including property. Demands of residential purchasers may vary as times change, but there’s no denying the right-sizer is here to stay.
I hope you enjoy the read.