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Residential Research RESIDENTIAL RESEARCH THE DOWNSIZING LIFESTYLE TREND TOWARDS LUXURY APARTMENT LIVING Rightsizing beyond 2020 -Page 2 Dwelling migration routes The strong demand from downsizers Rightsizing also appeals to younger -Page 3 seeking easily maintainable prime generations, and we see this at a much properties close to city centre locations earlier stage than in previous years given Buyer profile of prime apartments has been identified as one of nine global the agile, transient and global nature of -Page 4 trends being monitored over the coming our work and play. years, as identified in the Knight Frank Prime Global Forecast 2020. Apartment living allows for low Trends in prime apartments maintenance living when at home, -Page 5 When working with our clients, many tell convenience of concierge and the ability us their home is no longer required to of lock-up-and-leave when away. provide the lifestyle they once had, and Pipeline of new dwellings in prime more often, the cost to upkeep This prime trend follows a similar path to suburbs -Page 7 outweighs the surplus space once the wider market with the average new desired. house size built in 2018/19 falling 1.3% on the year before, whilst the average Owning strata titled property With this new active retiree lifestyle, they new apartment size grew by 3.2%, -Page 8 seek simplicity, and to feel the vibe from according to the Australian Bureau of living close to the action. Downsizing the Statistics (ABS) when commissioned by Case study: The cost to upkeep living areas is not part of this movement CommSec. Apartments compared to houses in —the yard most certainly—but their new Australia home request is to be the right size for Across the major cites of Australia, -Page 9 them, with amenities to match their Greater Sydney, at 42%, recorded the lifestyle. highest portion of medium– and high- Check-list: The rightsizing process density dwellings at last Census in 2016, -Page 10 Large prime luxury apartments, with closely followed by the Gold Coast LGA increased number of bedroom with 41%, and Greater Melbourne configurations is required to keep up with comprising a 32% share. Trends to monitor -Page 11 this growing demand. Less than a quarter of dwellings in Having provision for potential lateral Greater Brisbane and Greater Perth living, allows those seeking privacy and (23%) were apartments, townhouses, Definitions and geographies -Page 12 improved accessibility, to design their terraces, semi-detached, duplexes and apartment to span the entire floorplate. villas with these cities skewed towards Distribution of total dwellings and the percentage attributed to medium– and high-density dwellings Based on number of private occupied dwelling structures across the greater cities^ in 2016 42% 32% 23% 23% 41% SYD MEL BNE PER GC HOUSES TOWNHOUSES, TERRACES, SEMI-DETACHED, DUPLEXES & VILLAS APARTMENTS Partner, Head of Residential Research Follow Michelle at @MCiesielski_AU 2 RIGHTSIZING: AUSTRALIAN PRIME INSIGHT 2020 RESEARCH low-density housing with ample future home. The legislation states the property to the growing sinking fund is the next land supply. sold must be the person’s home (main cited hurdle to downsizing. residence and be eligible for the main Those who hesitate downsizing from their residence exemption for capital gains tax) When the average costs are analysed for luxury home often cite the cost of stamp and held for at least the past 10 years. a 3-bedroom prime apartment the duty as a major barrier. To encourage the quarterly levy can range from $3,000- dwelling migration, the Australian federal This will increase their tax-free fund $8,000 depending on the size of the government introduced a downsizer limits. Couples will be able to contribute complex and the number of amenities incentive on 1 July 2018. up to $300,000 each, giving a total available. contribution per couple of up to Those aged 65+ years can make a non- $600,000. For a 3-bedroom house in a prime concessional (after-tax) contribution into suburb, these costs extend on average their superannuation fund of up to Making funds available for the quarterly from $9,000-$15,000 per quarter. A case $300,000 from the sale of their family owners corporation levy and contribution study is provided on page 9. Freestanding, single dwellings A house containing two separate with the ownership containing dwelling units. Either one above the land and any built forms the other, attached side-by-side within the boundaries. Also or freestanding. Also known as a known as ‘Standalone’ or single-level apartment residence. ‘Landed Property’. Partly detached but shares a common wall. A pair of homes A building containing separate joined together and forming self-contained residential units, a block by themselves. commonly not less than three, with common areas such as main entrance, lifts and gardens. A lateral living apartment can accommodate the whole floor, or a floorplate can be divided into several ownerships. Also known as a ‘Unit’ or ‘Flat’. A group of one or two-storey dwellings separated by fire rated party walls. Also known as ‘Row Housing’. Self-contained, either attached or freestanding, property within a complex of three or more dwellings. Also known as a Small, single-level home within a ‘Villa’ in Queensland. complex of dwellings. 3 Profile Profile Profile Age 25+ years Age 40+ years Age 55+ years Singles & Couples Couples—with or w/o Singles & Couples City Living dependent children City & Urban Living City & Urban Living Requirement Requirement Requirement 3+ bedrooms 4+ bedrooms 3+ beds 2+ car spaces 2+ car spaces 2+ car spaces Entertaining area Multiple living areas, Single level with outdoor living Technology Close to work & school Ample storage Accommodates pet/s Wealth Source Wealth Source Media & technology, self-made, Business & finance, property & Wealth Source next generation of inherited wealth, share portfolio, returned expatriate, Business & finance, successful self sports and entertainment. wealthy international family -made multi-millionaire, property living in Australia. portfolio, built on inherited wealth. Profiling ‘Rightsizers’ Although the mix of luxury apartments can be vast, there are three main categories that dominate the buyer The top 12 features considered by the ‘Active Retired’ group when buying prime profile—‘Entrepreneurs’, ‘Families’ and residential property in Australia ‘Active Retired’. A similar thread running Based on prime property buyer enquiries, as at Q3 2019 through is the minimum requirement of 3- bedrooms and at least two secured car spaces. 1. SMALLER PROPERTY, ALTHOUGH HOUSE-LIKE PROPORTIONS Looking at the top 12 features 2. ALLOWS CHANGE IN LIFESTYLE TO SIMPLER, NO MAINTENANCE LIVING considered by the ‘Active Retired’ group 3. when buying prime residential property in WALKABILITY WITH PROXIMITY TO ACTIVITY HUB & AMENITIES Australia, topping the list is buying a 4. HIGH SECURITY & CONCIERGE FOR LOCK-UP-AND-LEAVE smaller property—although it must have 5. house-like proportions. This is followed QUALITY OF DEVELOPER & BUILDER, WITH CERTAINTY OF DELIVERY by a simpler lifestyle, no maintenance 6. SINGLE-LEVEL WITH LIFT ACCESS living and to be in a walkable location with proximity to activity hub and 7. HIGH-LEVEL OF IN-HOUSE AMENITIES amenities. 8. VIEW & ASPECT Other features listed are high security and 9. ACCESS TO PUBLIC TRANSPORT &/OR AIRPORT concierge for lock-up-and-leave, a good 10. SENSE OF COMMUNITY WITHIN COMPLEX quality developer and builder with certainty of delivery, single-level, in- 11. SMART LIVING TECHONOLOGY house amenities, a good view and 12. NEW MODERN BUILDING aspect, access to transport links, a sense of community within the complex, smart living technology and a new modern building. 4 RIGHTSIZING: AUSTRALIAN PRIME INSIGHT 2020 RESEARCH Median Values Typical Local There can be a significant difference between the median value of houses and In Sydney, Barangaroo apartments Migration Patterns apartments in the same suburb for those ranked the highest value across the Typical local migration patterns of the looking to downsize (figure 6). major Australian cities in Q3 2019 with a ‘Active Retired’ group in the prime median of $2.9 million. Point Piper suburb regions are evident in each of the This can be attractive if the choice of apartments followed with $2.8 million, major cities (figure 5). Physical product is available and the desired then Millers Point with $2.4 million. boundaries have tended to keep many outcome is to utilise the balance of funds from crossing naturally occurring barriers after the new purchase. More often now There was a mix across the prime suburb like Sydney Harbour, Yarra River, the remaining balance is used to support regions in Melbourne with Brighton Brisbane River and the Swan River, younger generations buying property in a recording the highest median apartment although the beachfront have attracted prime location without compromising value with $947,500, second was Toorak cross-country moves like Mudgeeraba to their lifestyle saving for the significant with $929,675; then Balwyn North with Burleigh Heads on the Gold Coast. first home deposit. $917,000. Tennyson apartments, with a median value of $1.05 million, topped the Brisbane list, with Seven Hills ($679,900) next, then Bulimba ($637,000). Top 10 suburbs ranked by apartment median values Includes medium– and high-density prime suburbs^, Settled sales, Q3 2019 Apartments in Cottesloe ($775,000), North Beach ($750,000) and Mount Pleasant ($697,500) ranked highest in Perth.
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