Are Sydney apartments winning the popular vote over detached dwellings?
In June earlier this year, Melbourne Square garnered media attention as several buyers sought to buy up several apartments to converge the square meterage, forming “super apartments”. Melbourne Square was also popular among buyers consciously opting for apartment living for their added lifestyle benefits.
It appears that apartments being chosen as a first option (before traditional detached dwelling homes) is a trend which has also reached Sydney, according to sales feedback from the recently completed Potts Point development Omnia.
The Greenland Australia development was delivered with the goal of challenging the common perception that you have to compromise your standard of living when you move to an apartment.
“What I find most interesting is that there is still a perception out there that apartment living is deemed by many as a back-up option, when in fact these buyers clearly chose to spend $2 million for a two-bedroom apartment in the inner city over a stand-alone family home in the suburbs. This is not a compromise to them, but a preferred lifestyle decision – for the same price, they could have easily afforded a family home in a highly desirable suburb, however they clearly chose convenience and the inner city over the perceived space offered in suburbia.”
Sherwood Luo, Managing Director, Greenland Australia.
Perhaps location is key – or perhaps it’s the unparalleled amenity offerings, but with a string of compelling drawcards for property buyers, it’s with little surprise that we have seen an upward trend of apartment acquisition in Australia grow by 78% over the past 25 years.
The $262 million Durbach Block Jaggers-designed Omnia apartments tick many boxes for buyers seeking a 'lifestyle upgrade' offered by apartment living. The development is conveniently located between Victoria St and Darlinghurst Road, with 360º panoramic views of Rushcutters Bay, the Sydney Opera House, the CBD and beyond. Omnia’s three penthouse apartments also span across two levels, while the building also offers the convenience of an on-site Woolworths supermarket, as well as speciality stores and restaurants.
“Ultimately, buyers are attracted to the extensive communal offerings, range of services and close proximity to retail and work, that most houses in the suburbs don't offer. With buildings such as Omnia buyers barely even need a car, because home is literally in the centre of all the action… you can’t get much better."
Leor Shavel, Managing Director, Sierra PropertyCom
The landmark development has also been recognised at the recent Urban Taskforce Development Excellence Awards, claiming the High-Rise City Apartment development award.
Urban Taskforce of Australia CEO Chris Johnson also concurs that people are now making an active choice by opting for the lifestyle benefits of apartment living, rather than a home in the suburbs.
“Having a host of amenities in your building is deemed as preferable to many, not a compromise born from financial restraints. Ultimately, there needs to be a shift in this paradigm as apartment living will play a major role in defining Sydney’s future... In fact, we are calling on government to review their urban planning as we see the current narrative as being counter to this lifestyle choice.”
Chris Johnson, CEO, Urban Taskforce of Australia
Johnson is referring to the Welcome Home campaign which is asking for five policy considerations:
- Apartments must be located close to rail stations and in town centres.
- Industrial land should be able to become mixed-use precincts with jobs and homes.
- Apartment sizes must respond to the needs of young people. This means building a range of apartment sizes including micro-apartments, not just three to five-bedroom apartments.
- Affordable rental apartments must be encouraged through bonuses in height and floor space.
- State and Local Governments should incentivise new home production by reducing taxes that are passed on to buyers increasing the final cost of homes for ordinary people.
Interested to learn more about the Sydney off-the-plan market? Discover the 9 tallest future skyscrapers by 2025 or 8 of NSW's top luxury apartments.
Lead image credit: Joel Filipe, Julian Gentilezza