‘I’d rather watch the gardener mow the lawn’: Empty-nesters snap up Perth’s luxe apartments

Perth’s cashed-up empty-nesters are splashing out on luxury apartments as they seek resort-style living free from the shackles of property maintenance and to leave behind a legacy for their families.

Vanessa Iverach and her husband are downsizing from their house in the outback town of Alice Springs after purchasing an apartment in a nine-storey development in North Fremantle slated for completion in 2026.

A render of the Serai apartment complex with an inset image of Vanessa’s home in Alice Springs. Credit: Aresna Villanueva

A lack of existing apartment stock on the coast in Perth prompted the couple to buy an off-the-plan apartment.

“One of the important factors for us was for our retirement apartment was the location, it had to be near the water and family, in a safe location and close access to public transport and amenities,” she said.

“One of the attractions of an apartment is the reduction in the cost to heat and cool and not having all the maintenance that comes with a house and the garden.

“We realised it’s time to downsize and enjoy the watching the gardeners mow the lawn.

“I’d rather be at a cafe or the beach than spending five hours gardening every weekend.”

While it is currently challenging to get apartment developments started in Perth, boutique property developer Megara has two under construction, Ora in Sorrento and Serai in North Fremantle.

Director Jamie Clarke said the vast majority of purchases were downsizers and empty-nesters increasingly drawn to properties that offered low-maintenance living without sacrificing amenities.

He said the Serai project was 65 per cent sold, with 80 per cent of the buyers downsizers.

“They are owners of properties that have considerably increased in value and they are looking for a luxury lifestyle that includes high-end amenities and facilities, and access to views,” he said.

Clarke said to have the best chance of being feasible in the current market, apartment projects needed to be a premium product in a premium location.

Perth apartment stock remains at 24 per cent of overall housing availability, which is low compared to both other Australian capitals and international cities like Singapore, where more than 90 per cent of dwellings are units.

Clarke said demand for apartments in Perth would exceed supply for the foreseeable future as residents across multiple demographics looked for choice, and interstate and overseas migration brought residents already used to, and looking for, apartments.

Australian Apartment Advocacy chief executive Sam Reece said the apartment market offered strong drawcards for the baby boomer market, which was on track to become one of the richest age groups of seniors in the world by 2031, according to new research by the Super Members Council.

Reece said, however, that buyers needed certainty after a number of projects were publicly named for their shoddy workmanship including Shenton Quarter, Halcyon and those of NicheLiving over the past year.

“This has rightly shaken consumer confidence, and with some developers trying to hike up prices, even after construction has commenced, trust in the apartment sector is eroding,” she said.

“The state government has announced that mandatory inspections during construction will come into play in 2026, but from what we are seeing that is too far away.”

Clarke said it was important to recognise a few high-profile failures did not reflect an entire market.

“Just as you wouldn’t judge all restaurants based on one bad meal, the same applies to the broader apartment development industry,” he said.

“While certain projects have encountered issues, the vast majority of apartment developments have been successful, with many happy buyers enjoying their new homes.”

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