PROPERTY TREND: DOWNSIZING IN STYLE

31-May-2016

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Author: 3004 St Kilda Road News

With the movement towards apartment living showing no sign of abating, a growing number of buyers are choosing to downsize to luxury apartments to take advantage of both the low-maintenance lifestyle and vibrant inner-city location on offer.

Leading Melbourne real estate company Lucas Real Estate say the luxury downsize market is emerging strongly as a key trend in inner-city Melbourne. According to Director Baden Lucas, “these buyers are working professionals, baby boomers or empty nesters. Their kids have moved on and it’s their opportunity to try something new, start afresh and try a contemporary lifestyle.”

The luxury downsizing trend could be just as well labelled ‘luxury upsizing’ with the new generation of modern apartments offering well-designed homes that maximise living space. Chic inner-city developments designed to take advantage of light and views now incorporate sophisticated high-end finishes including marble, glass and parquetry flooring.

Apartment features also include fireplaces, gourmet designer kitchens, walk-in pantries and additional bedrooms to accommodate family or guests. “These residences aim to raise the benchmark for apartment living,” says Lucas, “and show people that downsizing or choosing an apartment over a traditional house doesn’t have to mean compromised living.”

Developers are also catering to astute buyers seeking the convenience of a choice of amenities within their complex. Apartment facilities and services now often incorporate 24 hour concierge, rooftop gardens, private foyers, libraries, meeting rooms, cinemas, golf nets, and shared dining or entertaining spaces, plus the now ubiquitous pool, spa and gymnasium.

"It's very much a hotel feel within low-maintenance, residential apartment complexes," Lucas says. These communal facilities have also helped combat the social disconnect that modern living can bring, offering residents ways to connect – community gardens, sporting groups and social activities. Many developments also offer shared bike or car resources, plus have the benefit of being pet friendly.

A key benefit of downsizing is the upgrade in lifestyle, with an inner city location offering easy access to a choice of public transport, retail, cafes, restaurants and recreation options, often enabling shorter commutes to work. The low-maintenance living on offer enables more time to be spent on leisure and recreational pursuits. Downsizers enjoy active lifestyles within walking distance (or free tram rides) of Melbourne’s entertainment, sporting and cultural hubs. “We are seeing an increase in cashed-up empty nesters who want to want to be close to the action and take advantage of the arts, culture, great restaurants, sporting events and weekend festivals,” says Lucas.

Published in the 3004 St Kilda Road News