LIFESTYLE options, space and security – all with minimum maintenance – top the list of wants for Baby Boomers who are now actively downsizing from their family homes.
Developers are catering for the cashed-up generation, aged between 48 and 67, with three-bedroom apartments, often located in precincts with shops, restaurants and easy access to transport.
Unlike Generation X and Y, boomers wed in their 20s and bought into home ownership early in life. They have cashed in on several property booms (and free tertiary education), making them the richest generation—ever.
According to the Australian Bureau of Statistics, people aged 45-64 now boast the highest discretionary spending power.
Brookfield Residential Developments has sold 80 per cent of its three-bedroom high-end apartments in the Pinnacle building at Portside Wharf to Boomers.
The luxury apartment project on the river at Hamilton is set for construction later this year after chalking up more than $46 million in apartment and penthouse sales since its release in April.
Three-bedroom apartments in Pinnacle’s first stage have sold out, forcing Brookfield to release the final three-bed stock ahead of schedule.
Project director Lee Butterworth said Baby Boomer buyers were looking for maximum space with minimum maintenance.
“Although they are now empty-nesters, these buyers are trending towards large, three-bedroom apartments with quality fittings and finishes, spacious balconies, plenty of storage and extras such as two carparks and security,” he said.
“A large portion of these buyers no longer want the maintenance of their existing homes but aren’t ready to drastically downsize their living space, making the 139sq m three-bedroom apartments in Pinnacle the perfect compromise.
“For those making the shift from house to apartment, the apartments make it an easy transition with huge balconies up to 20sq m, open-plan living and floor-to-ceiling windows that showcase the stunning river and city views.
“Now that the children have moved out, these Baby Boomers have time to enjoy some of the finer things in life so location is key as they look for proximity to entertainment and dining.
“Transport and amenity also play a significant part, and building facilities such as pools, gyms and entertainment areas are a determining factor.”
Pinnacle is located on the doorstep of the mixed-use Portside Wharf community with its shops, cinema, fitness centre and restaurants. Three-bedroom apartments start from $1.2 million. and come with two secure car parks, two bathrooms and a choice of study or media room.
The fifth residential building in the precinct, the 16-level Pinnacle is a mix of one, two and three-bedroom apartments, penthouses and two-storey terrace homes.
Developer Mirvac is also seeing success with the Baby Boomer market, attracting the generation to its first two residential buildings at Waterfront Newstead.
Residential CEO John Carfi said the projects had predominantly attracted locals. Buyers fromTeneriffe, New Farm, Hamilton and Ascot accounted for more than 60 per cent of sales in the luxury first stage of Pier and 50 per cent in the second-stage Park building.
“Of these buyers, the majority are Baby Boomers wanting to downsize from a large family home, and they see there is limited opportunity to purchase in absolute riverfront developments,” he said.
“They want to move to a precinct that will offer an enhanced lifestyle with a lower maintenance property and a range of lifestyle amenities at the doorstep, while still being in a private and secure location.
“Newstead and its surrounding suburbs, like Teneriffe and Fortitude Valley, boast an increasing collection of some of Brisbane’s most sought-after restaurants, cafes and retailers – making it an appealing location for Baby Boomers.
“Amenity is also high on their list of priorities with many drawn to the convenience of the newly revitalised Newstead Riverpark precinct with the neighbouring Gasworks Plaza development now open.”
At Australand’s $500 million Hamilton Reach project it’s a similar story. The group has notched up more than $120 mil-lion in sales with the precinct proving popular with empty-nesters seeking a luxury, inner-city riverside address.
The Watermarque and Watermarque on the Park buildings have each achieved robust sales, bringing them to 89 per cent and 72 per cent sold.
Watermarque offers 78 apartments across two, five-level buildings – North and South – while Watermarque on the Park has 68 dwellings over five floors.
Australand Queensland residential division general manager Cameron Leggatt said empty-nesters could downsize without sacrificing privacy or a premium location.
Hamilton Reach is located 6km from the CBD and is within Economic Development Queensland’s Northshore precinct, which is currently undergoing a $5 billion urban renewal.
A Place Advisory report on the inner-Brisbane apartment market revealed that downsizers were beginning to influence off-the-plan sales for the first time since the GFC.
Buyers are now demanding larger and higher quality stock.
Original article published at www.news.com.au by Paula Shearer Home Editor, The Courier Mail, 18/9/2013
Boutique Development Sites in Brisbane Growth Corridor Hit the Market
A demand-driven market shift for affordable convenient living is expected to generate strong interest from builders and developers in two approved boutique development sites on the north side of Brisbane.
The sites occupy a prime boulevard setting across from the lake in one of Brisbane’s most successful masterplanned communities, Capestone Mango Hill, only 5 minutes to Westfield and North Lakes Town Centre.
CBRE head of metropolitan investments and development site specialist Jon Quayle is managing the sale of the “shovel ready” sites via a national expressions of interest campaign.
Zoned medium-density residential, the cleared and vacant Napier Avenue properties are 1,040sq m and 1,108sq m respectively with development and building approvals for boutique apartment developments comprising 17 predominantly 3-bedroom apartments in each.
Quayle said the Mango Hill and North Lakes region is recognised as one of Australia’s leading growth markets for population, infrastructure and employment.
“Which has contributed to a 25 per cent increase in median house prices in Mango Hill over the past 5 years,” Quayle said.
“This growth, coupled with the emergence of dedicated local industry, retail and lifestyle amenity and the soon to open nearby University of the Sunshine Coast campus, has seen a push by owners and investors for more affordable dwellings to cater for the demographic shift and second generation residents who want to stay in the region but with the benefit of affordability and convenience over a traditional house,” Quayle said.
The Capestone development sites are located within 300 metres of a future shopping village, 400 metres to a recently opened childcare centre and has easy access to 4 leading primary and secondary schools within a 1.5 kilometres radius.
Quayle said that a game changer for the success of apartments in the area was the opening of the Moreton Bay rail link, with the East Mango Hill Station only 500m away creating easy access to the new university, Brisbane CBD and beyond.
“There has been just one other apartment building delivered in the immediate area which was completed last year and is of comparable design, bulk and scale to what is proposed for the 56 & 64 Napier Avenue sites,” Quayle said.
“Individual apartments sold in that building for prices up to $462,000 including a resale late last year for more than its original purchase price.
“Evidently demand exists for new, good sized apartments in the area yet there is still a lack of this product.
“This is the opportunity that exists for a builder or developer to take advantage of by securing one or both of these rare approved medium density development sites.”
56 & 64 Napier Avenue, Mango Hill will be sold individually or as a pair with expressions of interest closing at 4pm, 2 May 2019.
Developer Proposes Moreton Bay Marina Hotel and Apartment Project
Brisbane-based developer Kindred has lodged plans with the Moreton Bay Regional Council for two 10-storey buildings along Newport’s picturesque marina.
The 11,133sq m site is owned by local business owner Joshua Kindred, who is the CEO of Kindred Group.
The proposal, to create a “world-class marina” has been lodged on behalf of Kindred by planning group Urbis.
The first of the two proposed towers will comprise a 120-room hotel and 24-serviced apartments.
The second building will be entirely residential, with 93 apartments.
Designed by Rothelowman, the Griffith Road development will deliver a 555sq m conference facility, 980sq m of retail, as well as restaurants, bars, and office and marine facilities.
“We need more places like this. We have great festivals around here yet no where for people to stay,” Ryan Elson of the Redcliffe Peninsula Chamber of Commerce said.
“We have a lot of people coming in a 10 and leaving at 4, what we would love is for them to be able to stay the night to be able to experience the Peninsula for what it is and the short term accommodation will be amazing for that.”
The project is a record investment for a private development in Redcliffe Peninsula.
“We have more than 4 million visitors expected in the Moreton Bay region in this financial year,” Attorney General of Queensland the honorable Yvette D’Ath said.
“We don’t have enough short term accommodation or function centre space and that is what a development like this will provide.”
The development plans to create a leading education and science facility onsite, that also provides education to locals and tourist on the wonders of the bay and its inhabitants.
A 90,000L outdoor aquarium has also been proposed for the site which will double as an acoustic barrier, treating sound from the ground floor area.
An innovative bike share program for the Redcliffe Peninsula has also been sounded out as part of the development, to be set up through government agencies or a privately funded initiative.
Plans have also been sounded out for an innovative ‘shared solar car’ program within its residential offering.
Residents on site will also be able to book a shared solar car to use at their leisure.
The building heights surpass the Moreton Bay Planning Scheme where the Marine Industry precinct and surrounding buildings have a height limitation of 15 metres.
This has drawn pushback from local action groups who have voiced their concerns.
The development will now be subject to council approval.
Property Group Buys Land Plots for Development in Brisbane’s North
The land parcels total 6.72-hectares at Graham Road, Morayfield, and each lot will provide a new house ranging from 300 to 687sq m. The acquisition will take CFMG’s pipeline to more than 1,000 lots across Queensland and Victoria.
CFMG managing director Scott Watson said pre-release marketing had generated strong sales enquiry from both owner -occupiers and local volume builders looking to secure land for their clients.
“The momentum of the project is expected to continue with official data indicating the demand for quality affordable projects in strong growth corridors forecast to continue,” he said.
Since 2009 Morayfield has experienced an average of 2.5 per cent population growth, higher than the state average of 1.8 per cent.
The project also benefits from close proximity parkland facilities, schools, childcare, shopping centres, specialty retailers and public transport networks.
CFMG Capital operates two core divisions: a residential communities’ development business and residential funds management business which has raised more than $90 million in third party equity.
According to the company, sales in Morayfield have already been strong with 40 pre-sales already in place and current contract exchanges totaling a sales value of $7.2 million.
In the first half of the 2017-18 financial year CFMG secured more than 200 sales across six separate projects in Queensland and Victoria.
“Through most of calendar year 2017 we saw significant spikes in both enquiry and ultimately sales, and as a result we were able to achieve incremental price growth across multiple projects without noticeable impact on sales rates,” he said.
“Particularly in the back half of 2017, there was a strong appetite for land registering in early 2018 which could attract a premium price.
CFMG recently secured a 6.8-hectare land parcel in Bridgeman Downs, 12 kilometres north of the Brisbane CBD.
Originally Published: theurbandeveloper.com
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