The trend of empty-nesters moving from large, luxury homes into large, luxury units has now spread to families, with record numbers of parents with children relocating into prestige apartments.
A new report from Knight Frank, Rightsizing – Australian Prime Residential Insight 2020, has found the downsizing lifestyle trend towards luxury, low-maintenance apartment living is as strong in Australia among families as with active retirees.
“Rightsizing appeals to younger generations, and we often see this at a much earlier stage than in previous years given the agile, transient and global nature of our work and play,” said Knight Frank’s head of residential research, Australia, Michelle Ciesielski.
Ironically, the report found it’s becoming harder to find quality three-bedroom apartments with the share of those being built in medium-density projects falling in Sydney over the next three years to just 44 per cent, and in high density to 14 per cent.
That proportion is also falling in Melbourne in high density to 21 per cent, although Brisbane has an 87 per cent share of three-beds in medium-density projects, the Gold Coast has 81 per cent and Perth saw the largest growth, from 27 per cent to 50 per cent.
“Everyone is time-poor and the notion of looking after a garden and the maintenance of a house on top of everything else involved with looking after a family can be too onerous,” he said. “People want to have more time for themselves, and lock-up-and-leave and travel.”
It’s a trend across the country. “Apartments are the new family home,” said Ben Collier of The Agency in Sydney’s eastern suburbs. “We see a new breed of downsizer: the family unit of parents with younger or teenage kids, who are downsizing for convenience and lifestyle.”
Michael Vettoretto of Queensland Sotheby’s International Realty, says it’s as strong in both Brisbane and the Gold Coast. “People are selling out of the traditional family home and moving into apartments with their families,” he said.
And our feature property, the two-year-old 545-square-metre three-bedroom Fawkner penthouse on Melbourne’s St Kilda Road, is now being sold by the developer who’s been living there happily with his family since completion.
Three prestige apartments for downsizing families
This large 446sqm three-bedroom, four-bathroom penthouse is one of only two apartments in the building, with house-like proportions over two levels and stunning Harbour Bridge, harbour and city views.
An amalgamation of two apartments originally, it has high ceilings, wide hallways, both formal and casual living areas, the potential for a fourth bedroom and a communal heated saltwater pool.
Full floor-to-ceiling glass sliding doors open to the panorama of the ocean, city and Broadwater from this four-bedroom, four-bathroom beachfront penthouse.
There’s also a roof terrace with a private pool, entertaining terrace and BBQ kitchen, deck and the building is close to Pacific Fair shopping, schools, Griffith University and the Gold Coast Hospital.
On the 73rd floor of the Eureka Residence, this four-bedroom, four-bathroom apartment takes up a whole half floor and has a study and incredible views from its riverside position.
It has a formal lounge and dining, and a less formal open-plan kitchen looking down over the MCG, Rod Laver Arena, Federation Square and the Arts Centre.