Why apartment living is more attractive than ever
Sydney and NSW buyers are increasingly viewing contemporary apartment living, and all its perks, as the go-to for their home and lifestyle demands.
Apartment living has become more attractive than ever.
With cheaper price points, along with complexes adding conveniences of parking, gyms and pools, people are diving in with a view to save in the long run.
Apartments are adding more and more housing stock across Sydney and NSW with first homebuyers, investors and downsizers jumping on board.
Erskineville’s Jane Turner made the move from a terrace to an apartment complex just three blocks away.
The move erased the mortgage and added a variety of conveniences from undercover parking to a pool.
“If I’d have known, I’d have done it a lot earlier,” she said.
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“We downsized the mortgage to having none and we have all these added extras. It made sense for us and our daughter lives upstairs.
“The apartments are designed so well that three of us comfortably live there and I am able to run my business. If you want to live in the inner city, you pay a lot of money to buy a house but an apartment can be a better option.”
It comes as apartment sales are holding strong across the Harbour City with developer and builder ALAND on track to deliver 652 new homes this year.
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ALAND recently topped out two of its residential developments including the Quartz building at The Gladstone Village in Merrylands and Carson on the Park in St Marys.
“Carson on the Park has achieved an 85 per cent sell out and Quartz has sold over 70 per cent with a recent spike in first homebuyers due to the affordable price point and completion date,” ALAND chief executive officer George Tadrosse said.
“We have also seen a surge in inquiry in the last two weeks leading into the new government schemes coming into effect on 1 July. Both projects are due for settlement by the end of this year, with over 1700 residents anticipated to move in.
“To date, we have only recorded a less than 1 per cent fall over due to finance. This statistic is credited to our affordable price point that is currently meeting the high demand for urgent housing.”
The 652 apartments make up approximately 50 per cent of ALAND apartments currently under construction this year, with a further 6500 new homes in the pipeline.
Mr Tadrosse says Sydney’s chronic housing shortage and a high demand from buyers and investors was driving its strategy.
“We take a medium to long term view on our projects,” he said.
“We can see development approvals dropping off and supply slowing yet demand continues to increase. There’s a need for projects in Western Sydney for buyers who want to enter the market or investors looking to build their wealth,” he said.
Carson on the Park in St Marys will have 289 new apartments priced from $475,000 and Quartz in The Gladstone Village will have 363 new apartments starting at $567,000 for a one-bedroom.
By 2024, Paramount on Parkes in Harris Park will deliver 331 new apartments with prices from $705,000 while Archibald by ALAND in Gosford will see 363 new apartments starting from $450,000 for a one-bedroom.
ALAND founder and director Andrew Hrsto says with its focus on meeting the demand for inexpensive housing stock in NSW, ALAND is committed to forging ahead and delivering new homes to the market where they’re needed most.
Meanwhile sales for one of the Central Coast’s luxury developments in Gosford are being “overrun by downsizers”, according to Alceon development director Todd Campling.
Mr Campling said the $250m Rumbalara Residences development was ahead of schedule and expected to be sold out before completion in October/November 2024.
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He said the luxury development was designed for two demographics; downsizers and couples aged 25 to 35.
“We have been overrun with downsizers,” he said. “We’ve still got a handful of younger buyers but capacity has been limited with interest rate rises. 80 per cent of buyers are aged 50 plus.”
He said the popularity was a testament to the product and lifestyle of the Central Coast, with younger downsizers compared to Alceon’s Sydney projects.
“They are coming out of Sydney or substantially larger Central Coast homes,” he said.
“They can see the value in the added amenities on offer from a commercial grade gym, sauna.
“The costs for these amenities is built into the levies which are 25 per cent higher compared to the area. It equals out if not saves people money.”
Price guides for Rumbalara start from $580,000 for a one-bedroom apartment to $1,445,000 for a three-bedroom apartment.
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Originally published as Why apartment living is more attractive than ever
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