Apartments on the rise: Where ACT buyers should search for low-maintenance lifestyles
Low-maintenance apartment lifestyles continue to attract first-home buyers, professional couples and retirement-ready downsizers.
That demand is reflected in price growth, which has seen units in Coombs soar by 15.5 per cent, followed by Kambah at 9 per cent and Campbell at 6.5 per cent year-on-year according to Domain data.
And the pipeline is continuing to provide for this ready audience with as many as 170 developments planned or under construction throughout the ACT.
Mark Larmer of Independent City & Inner North says one and two-beds remain the most popular segment.
“But there’s certainly plenty of choice and sellers need to be very sharp on their pricing,” he says.
Larmer says buyers are price filtering online and quickly move onto another option if a property seems over-priced.
“Build quality and builder reputation have also become a high priority for buyers wanting to avoid the Opal Tower experience,” he says.
“Other drivers are location, size, aspect [views] and proximity to amenities like cafes, restaurants and other shops.”
Boris Teodorowych of Boris Property says while there is plenty of buyer choice the rental vacancy rate is very low.
“That means investors can be reasonably assured their properties will be leased,” he says.
He agrees buyers have become more risk-averse – as have their lenders – and they are carrying out much more rigorous due diligence before committing to an apartment purchase.
“They’re assessing the costs of rates and body corporates, even reading their minutes for any references to building defects,” he says.
- Location. The same number one rule applies whether it’s an apartment or a detached home: location. Sought-after areas like the inner city and around town centres tend to do better over time.
- Price growth. An indicator is the saturation of developments in popular suburbs. If further development becomes unlikely, then price growth can follow as demand increases from buyers keen to move into sought-after areas.
- Winning equation. Risk management (build quality and builder reputation) now tops buyer requirements, followed by price, size, views, secure car bays, and proximity to amenities like cafes, bars, restaurants and shops.
Allhomes’ top pick of apartments for sale:
Price guide: $440,000 +
1 bedroom, 1 bathroom, 1 car space
Imagine an apartment floor plan that allows you to configure how you’d like to live. That’s an option on offer at Kingsborough’s Warehouse building in Kingston.
The architectural form fuses the industrial and contemporary residential through metal-clad walls, three-metre-high concrete ceilings and a timber pressed concrete facade.
The configuration flexibility is delivered through non-load-bearing internal walls giving buyers the ability to personalise their floor plans. And the services at Warehouse run under a timber sub floor, making it very easy to modify each apartment.
This approach means the 75-square-metre space can comfortably be configured to fit two bedrooms or perhaps include another option such as a home office.
Other features in the east-facing unit 210 include windows on two sides, privacy (with no units looking in), two-way bathroom, modern kitchen with stone benchtops, dishwasher and washer/dryer, reverse-cycle airconditioning and huge sliding, double-glazed windows. There’s also a single basement car bay and storage enclosure.
The developer is also looking to dedicate two share cars to the village, as well as community electric vehicle charging points.
A members-only two-lane, 25-metre indoor/outdoor lap pool and gym will be completed soon.
And, of course, right on the doorstep is a variety of boutique shops and food choices including the Warehouse Roast Tap Brew Cafe, Canberra Magic Kitchen, Kingston Yoga, and Kingston Foreshore Cycles.
Private sale
Agent: Independent Inner North & City, Mark Larmer 0403 215 246
Or try these:
Price guide: $375,000
1 bedroom, 1 bathroom, 1 car space
Price guide: $469,000
1 bedroom, 1 bathroom, 1 car space
16/8 Trevillian Quay, Kingston
Price guide: $545,000
1 bed 1 bath 1 parking
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