A NEW approach to apartment developments is bridging the gap between different buyer types, allowing individuals such as downsizers, first home buyers, families and single professionals to mix as a community.
How can a single apartment development be attractive to such a diverse buyer range?
Beyond elements of price points and quality product, developers are looking at the fundamental needs of residents and finding that they are able to cater for a far broader group.
More emphasis is placed on liveability, with the inclusion of premium amenities and understanding how these can be utilised by different buyer types.
For example, downsizers will see communal cooking and dining areas as an opportunity to eat out without having to venture from their building, while first home buyers might see the space as a way to entertain friends and family.
Investors, on the other hand, are drawn to strong communal areas because they increase the value of the apartment and assist in attracting renters to their property.
The traditional property path is changing. Buyers are moving away from large single-home residences and choosing apartment living at any stage of their life, regardless of age or purchase type.
With apartment living now working for a range of buyers, a related trend is for multi-generational buyers to band together, with friends and families of differing ages often purchasing in the same development.
One development that understands the importance of liveability and is successfully catering for a range of buyer types is Quayhouse by OpenCorp, a four-storey boutique development that is conveniently located at the heart of new master-planned community Port Coogee.
“An increasing amount of purchasers are looking to live in the same development as their relatives and friends, and it’s important that developers start to build smart and cater for a wider range of buyer types and age groups,” says OpenCorp director Allister Lewison.
Consisting of just 38 apartments, Quayhouse includes a luxury communal rooftop space with a pool, alfresco cooking facilities, entertaining areas and a private outdoor cinema. Additionally, Quayhouse’s seaside location within Port Coogee makes it an attractive option for all.
Rod Coleman, a 50-year-old business owner, along with his son and friend all recently purchased apartments at Quayhouse.
“My son and I were originally going to purchase together but options at the time weren’t right for both of us, so when the units at Quayhouse became available we acted on it to secure our own individual apartments,”says Mr Coleman.
“My friend, son and I were all attracted to Quayhouse because of the rooftop facilities as well as the location.
My son and I will be living in the building whilst my friend chose to purchase as an investment. We couldn’t be more thrilled with the outcome.”
Lewison says it is rare to find an apartment building that suits a range of buyers such as Rod and his group.
“Often developments will be designed with a certain buyer type or age group in mind, Quayhouse however was designed with liveability at the forefront, meaning its location and amenities are able to be utilised by a range of people for different purposes, therefore catering for a broader market,” says Lewison.