Boomers drive demand for larger flats ‘with the lot’

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THERE’S a giant previous recreation of musical homes occurring throughout the Gold Coast proper now.

Households and {couples} are upgrading to life-style properties by the seaside, river or on acreage whereas First Dwelling Consumers are benefiting from authorities incentives to get a foot on the actual property ladder.

However it’s empty-nesters and energetic retirees who’re shaping the scope of many new house initiatives throughout the town.

The newborn boomer era is downsizing en masse to prime life-style areas, and in keeping with trade specialists dimension and facilities do matter.

“Downsizing has been a significant driver of demand for flats in life-style areas across the nation, particularly markets such because the Gold Coast,” says Urbis Gold Coast director Matt Schneider.

“These consumers are usually extremely energetic retirees, or empty nesters, who need house residing ‘with the lot’, and extra builders are responding to this demographic.”

An artist’s impression of Stream Residences, Rainbow Bay.


An artist’s impression of the pool space at Stream Residences, Rainbow Bay.


The Gold Coast is among the many largest adopters of the bigger house pattern, with analysis from Knight Frank displaying 70 per cent of medium-density dwellings constructed since 2017 supplied three bedrooms or extra, which is larger than any main metropolis in Australia.

These Gold Coast initiatives to have jumped on the larger house bandwagon are seeing success on the gross sales entrance — the $74 million Stream Residences at Rainbow Bay is offered out; Cru Collective’s Siarn flats at Palm Seaside have all offered previous to development completion; and there may be lower than a handful of three-bedroom flats remaining in Spyre Group’s $77 million Natura mission at Burleigh Heads.

An artist’s impression of Natura, Burleigh Heads.


An artist’s impression of Natura, Burleigh Heads.


Lengthy-time Gold Coast developer Rayjon has additionally tapped into the power of the downsizer market at Vantage Benowa and is seeking to replicate its success when it launches a mission in Burleigh later this yr adjoining to the Treetops Purchasing Centre.

“The widespread denominator with all of those initiatives is they’re tailor-made to the “rightsizer” – those who’re leaving their homes, downsizing, however not sacrificing the residing areas that they had of their houses,” Mr Schneider mentioned.

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“These are all giant flats that maximise liveability and area whereas permitting folks to get out of the normal house.”

An artist’s impression of Siarn Palm Seaside North.


An artist’s impression of Siarn Palm Seaside North.


Lately, the Urbis Gold Coast House Necessities report has proven bigger owner-occupier flats taking a much bigger market share of gross sales yearly on the Gold Coast.

In its newest quarterly report, Urbis Senior Guide Lynda Campbell mentioned the proprietor occupier market focusing on bigger flats has been the standout performer throughout the Covid period.

“Boutique-style initiatives that cater to the premium owner-occupier market are driving this pattern,” Ms Campbell mentioned.

“It’s change into a worth proposition that’s really working for consumers and for builders. Ultimately, this kind of growth supplies a greater consequence for the broader group as nicely.”

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