Lofty living changes the Canberra property landscape

If your backyard can be the Kingston Foreshore or the NewActon precinct, why bother with a quarter-acre block?

It’s a sentiment shared among the residents of the city’s most beautiful apartment complexes, and when you take a look inside some of these homes it’s easy to see why.

What’s been saved on the price of land has been put towards high-end inclusions. It’s also hard to better a view from the top of a high-rise building.

According to Allhomes data scientist Dr Nicola Powell, 855 Canberra apartments sold in the first eight months of 2016 – a 17.8 per cent year-on-year increase or 129 additional sales.

“The number of sales of units and apartments has vastly improved,” Powell says.

“It’s the complete opposite to houses, which is really interesting. I think Canberra is going through a building transition.”

Powell says two and three-bedroom apartments are quickly snapped up and agents have also observed a lift in demand for penthouse apartments.

“This selling season there have been far more inquiries for properties just like [this week’s feature home at] Eastlake Parade,” Peter Blackshaw Manuka agent Andrew Chamberlain says.

“It was a little slow for a while and some of the larger apartments that were constructed were sticking on the market. That has reversed.

“What we’re finding is that previously many apartments were seen as the domain for couples or people downsizing, but they’re now also seen as a real alternative for families as people become busier.”

Chamberlain says about 50 per cent of penthouse inquiries are from families, boosting the overall demand for the housing type.

New developments are coming to market with a larger percentage of two and three-bedroom homes in their mix. According to luxury apartment specialist and BORIS. director Boris Teodorowych, plenty of buyers are opting to construct even larger homes by purchasing two apartments and combining them.

Teodorowych said a number of buyers customised their apartments at Crafted’s foreshore development The Prince and he is fielding similar inquiries for the developer’s new inner-city release The Capitol.

“There’s a demand for these customised apartments of a larger magnitude, but it’s not really provided for in most developments,” Teodorowych says.

“Combining a couple of apartments is a way that can be achieved and certain developers are able to entertain the idea.”

Independent Property Group director of project marketing Wayne Harriden says bespoke three-bedroom homes have also been popular among buyers at the Green Square development Atria.

Colliers International director of residential project marketing Derek Whitcombe says larger apartments are also beginning to attract investors, as they can command a higher yield.

“An interesting situation is that three-bedroom apartments are renting quite well and the return that you’re getting for three-bedroom apartments in Canberra is quite high,” Whitcombe said.

“It’s a changing landscape. In the past developers have provided a high percentage of small apartments targeting investors, but investors are oversupplied in those sort of apartments. Developers in Canberra are pretty savvy and they’re adjusting their mix to meet demand.”

With international flights set to take off for from the capital this month and Tiger Airways providing an affordable domestic option, Canberra is on the map for interstate buyers seeking the penthouse lifestyle, according to Whitcombe.

“The prices of three-bedroom apartments and penthouses are minuscule compared to Sydney and Melbourne and there are a lot of reasons for people to buy here, particularly with the change in our travel situation,” Whitcombe said.

“There’s an attraction for people to live in Canberra and you get a lot of bang for your buck in Canberra apartments compared to other cities.”

New wave of large apartment owners

• The investor – The entry price of a one-bedroom apartments has always made smaller abodes popular with investors, but the yield that can be achieved for a three-bedroom option has proven to be an attractive alternative in recent years.
• The family – A penthouse can offer as much indoor space as a suburban property, and those who are prepared (or in some cases thrilled) to relinquish the backyard have found their dream home in an apartment building.
• The creator – If your ideal development does not contain your ideal home, you may be able to create it if you’re buying off the plan. Large, bespoke homes have been designed by combining two adjacent apartments.

More privacy, not less

Lisa and Scott Cowdell’s three-bedroom home at the NewActon South complex is a shining example of how reducing your footprint can improve your lifestyle.

“There’s a misconception that apartments lack privacy, but here we’re not looking at our neighbour, we’re looking out across Canberra,” Lisa says.

“We’ve got more privacy, but we feel more connected to what’s happening in the city.

“Suburbs are for people who need a backyard for their dog or room for their kids to play cricket.”

The couple purchased the home through Boris Teodorwych about three years ago and they love living in the precinct.

NewActon provides an urban playground for its residents and Lisa and Scott enjoy a film at the Palace Electric Cinema every week.

“That’s our main hobby,” Lisa says.

“Every weekend we can take a cup of coffee from home and be sitting in the seat at the cinema in a couple of minutes.”

Premium penthouse living

52/9 Eastlake Parade, Kingston
$2 million-plus
Auction on Saturday, September 24, at 11am, onsite
Inspect on Saturday, from 11am-11.45am
Peter Blackshaw Manuka, Andrew Chamberlain and Alec Brown 0412 411 422 or 0406 866 007

The size and scale of this penthouse residence at the Kingston Foreshore makes it one of the most impressive apartment homes in Canberra.

Direct water frontage and proximity to lake and foreshore attractions have lured strong numbers to open homes. However, the grandeur of the apartment needs to be seen to be believed, according to Peter Blackshaw Manuka agent Andrew Chamberlain.

“The grand main living room and garden-sized terrace have made a big impression on the steady stream of visitors,” Mr Chamberlain says.

The luxurious three-bedroom home occupies the top two floors of the premium Waterfront development. The lower level features open-plan living and the opulent master suite.

The new owners will have one of the finest entertaining venues in Canberra – a 207-square-metre entertaining terrace, which doubles the size of the home and offers sweeping views across Lake Burley Griffin.

A modern kitchen with stainless steel Bosch appliances sits at the heart of the home.

Two bedrooms and a study nook are on the upper floor along with the main bathroom.

Secure lift access, private garaging for two cars and reverse-cycle heating and cooling are all part of the package.