Don O’Rorke says the “formula" for post pandemic apartments needed to change significantly
The Brisbane-based Consolidated Properties Group chief executive and chairman Don O’Rorke says his “formula for apartments has changed pretty significantly” following the pandemic.
The shift was especially in terms of offering more space.
O'Rorke noted it was being implemented in its Yeerongpilly, Cornerstone Living project at Coopers Plains.
And also will be implmented at its Toowong project at 600 Coronation Drive on the former ABC riverside site.
“The simple fact of it is — convenience and accessibility is an important factor for almost all purchasers,” Mr O’Rorke told The Australian.
He recently noted supply concerns.
"We are seeing new enquiries and I think there is recognition that the supply won’t be there in the medium to long term.
"So there’s certainly no chance of an oversupply, and probably an undersupply across all sectors of the apartment market including both investors as well as owner occupiers," he told UDIA Queensland CEO Kirsty Chessher-Brown in a recent forum.
"We are looking to be optimistic about things," O'Rorke noted
He also noted that the HomeBuilder stimulus packages seemed to be targeted towards house and land, rather than apartments, adding "house and land is very much a here and now experience, whereas apartments is a commitment to an acquisition in two years’ time, so there’s a different sentiment running through that product."