Developers selling boutique apartments to wealthier buyers say rising costs and longer construction times make it impossible to sell larger, more moderately priced projects – despite customers asking for them.
Privately owned developer Villawood, about to start marketing 12 boutique apartments at its Morphettville Racecourse redevelopment in Adelaide, said there was a lot of inquiry for cheaper homes in the $350 million project – but they were not feasible.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
