Melbourne's top five suburbs for rightsizers and downsizers in 2023
Downsizers and rightsizers were the most active buying demographic in the Melbourne off the plan market in 2023.
Anecdotal feedback, as well as research of Urban.com.au data, showed over two thirds of enquiry in 2023 was to the next home buyer, as first home buyers and investors keep an eye on both the RBA's interest rate movement and potential buyer incentives offered by developers.
Some suburbs were more preferred by the next home buyer. We've taken a look at the most popular on Urban in 2023.
Southbank
Southbank's varied mix of apartment types, and its cultural vibrancy, make it one of the most sought-after suburbs across every buyer demographic.
Across the river from the CBD and home to some of Melbourne's most iconic apartment towers, Southbank always draws a crowd.
The Arts Precinct, Crown Entertainment Complex, and many dining options contribute to Southbank's allure for those looking to downsize without sacrificing proximity to urban amenities.
A number of projects have stood out in Southbank in 2023.
OSK Property's $2.8 billion Melbourne Square precinct has been particularly attractive, with both newly completed and off the plan opportunities. OSK has the final apartments in the completed East and West Towers on Kavanagh Street, as well as the recently launched BLVD which is slated for completion in 2026.
Central Equity's completed FOCUS Melbourne is also proving popular with downsizers, no doubt aided by the fact it won the Victoria Apartment Complex of the Year (over $25 million) award at the 2023 HIA Awards.
The 50-level building features one, two, and three-bedroom apartments and offers extensive resort-style facilities, including a theatre, heated pool, sauna, gym, and landscaped terraces.
Innovative features like resident-only keyless entry, 24/7 concierge service, and secure parcel lockers add to the appeal for discerning downsizers and rightsizers.
Of course there's STH BNK by Beulah, the Southbank Boulevard twin-tower skyscraper development which has rocketed to over 80 per cent sold in less than 12 months.
The game changing $2 billion landmark, which is soon to start its build, will home nearly 700 apartments, as well significant health, wellness, and social facilities for residents, a Four Seasons Hotel Melbourne, and the country’s first innovative cultural centre for young people.
Armadale
With its leafy streets and heritage charm, Armadale remains a timeless choice for downsizers.
This suburb, known for its grand Victorian and Edwardian residences, offers a sense of refinement and boutique shopping along the High Street.
With easy access to public transport and green spaces like Union Street Gardens, Armadale provides an ideal balance between tranquillity and urban convenience.
Most new apartment developments coming onto the market in Toorak generally start at $2 million, targeting either the local downsizer or a downsizer from another neighbouring affluent suburb.
Given the suburb is dominated by families (over 60 per cent according to the latest census), there's been a minimal opportunity to secure new, or even near new, apartments built on this side, which makes Lendlease Development completed Toorak Park a rare proposition for those trying to enter the Toorak market.
Topping as the most popular Armadale development with key strengths identified by the urban community as its floor plan designs, great location, and resident amenities, the 2.5-hectare project was designed in collaboration between Denton Corker Marshall and Carr Design Group.
A small number of one, two, three and four-bedroom apartments starting from $520,000 have hit the retail market, having been secured by an investment fund when the project was complete.
The $500 million masterplanned 16-building project features extensive landscaping by landscape architecture by Tract. Open space makes up about a third of the development, which also features a bluestone plaza with a convenience store, cafe, and communal gardens.
There are extensive resident facilities, including a swimming pool and a gym.
Brighton
A perennial favourite for those seeking a beachside haven, Brighton continues to hold its ground as an appealing destination for affluent downsizers and rightsizers.
With its iconic bathing boxes, beachside cafes, and proximity to quality schools, Brighton offers a relaxed coastal lifestyle without compromising on amenities.
Approaching completion is Martin Brighton, the luxury downsizer project by EBG Developments.
The striking Martin Street building of just 11 apartments has been popular with both local downsizers and those from Bayside looking to get into the Brighton market.
The architectural design of Martin Brighton is a testament to the expertise of the Buchan Group Architects, while the interiors have been curated by the renowned Miriam Fanning's MIM Design.
Boutique townhouse developer Sloane recently launched 111 Carpenter, their price-conscious collection of townhouses near the station.
Sloane, led by longtime developer Adam Sloane, says the project is all about the location.
"Brighton offers one of the best lifestyle offerings in Melbourne. There’s the beach, the parks, the café culture, cinemas, retail… it has it all.
"I knew 111 Carpenter was a fantastic, central site for a townhouse project based on the tree lined streets, shops, schools and transport which are all at your door. It is the ideal spot to base your family and explore all that bayside has to offer."
Prices at 111 Carpenter start from under $2 million.
Brunswick
Brunswick's eclectic charm and artistic vibe make it a standout choice for downsizers looking for a more bohemian atmosphere.
This inner-city suburb is celebrated for its diverse cultural scene, boutique shops, and many eateries.
With a mix of traditional and modern residences, Brunswick appeals to those seeking a dynamic and inclusive community near the Melbourne CBD.
Mirvac's Prince & Paraderategically located on the fringe of Princes Park, has been popular since its launch in mid-2023, with both local downsizers and affluent young professionals showing interest.
Prince & Paradesigned by Bates Smart in collaboration with Mirvac Design and landscaping by Jack Merlo, features 166 one to four-bedroom apartments.
The fully electric building features a residents' lounge and dining room and a rooftop terrace with extensive panoramic views of Melbourne. A library and a wellness studio complete the private amenity spaces.
Positioned on Park Street, just four kilometres from the CBD and within walking distance of vibrant inner-north suburbs, Prince & Paradealso conveniently close to Jewell and Royal Park Train Stations. Construction is slated to commence in early 2024.
Glen Iris
Tucked away in Melbourne's southeast, GLEN IRIS stands out as a peaceful oasis for rightsizers. Known for its tree-lined streets, parklands, and quality schools, GLEN IRIS offers a suburban retreat while maintaining accessibility to the city.
The Camberwell Junction shopping precinct and easy access to public transport contribute to the suburb's appeal for those seeking a laid-back yet well-connected lifestyle.
The latest apartment development in GLEN IRIS, GALERIE by LDS Property, has received positive feedback from the urban community for its various floor plan designs, quality finishes, prime location, and value for money.
The development features 29 one, two, and three-bedroom luxury residences, attracting downsizers and rightsizers with a limited-time offer of only a five percent deposit.
GALERIE is close to a thriving hospitality scene, eclectic cafes, and boutiques along Malvern Road and Glenferrie Road. The project has succeeded, with penthouses sold off-the-plan to a local downsizer who appreciated the high-end design and worked with the team to add bespoke features.
Two-bedroom residences at GALERIE cost $849,000, and three-bedroom apartments are priced at $1,159,000.
GLEN IRIS has also seen the completion of a boutique development by Werden Property Group, 225 Burke Road.
Another boutique development with just 16 apartments, 225 Burke Road has three-bedroom apartments starting from $1.2 million, presenting an ideal downsizer opportunity. The two-bedroom apartments were snapped up pre-completion.
Melbourne-based C. Kairouz Architects designed the building with a robust façade, which gives way to warm, inviting, and minimalist apartments designed to cater to the needs of modern living with contemporary fixtures and finishes.
225 Burke Road boasts an enviable location within walking distance of High Street trams, shops, cafes, esteemed schools, Glen Iris station, and the M1 Freeway, which offers easy access to the rest of Melbourne.