BIG GAINS IN SMALL COM­PLEX

The Courier-Mail - Home - - DEMAND GROWS - BELINDA CHILTON

Large apart­ments in in­ner-city bou­tique com­plexes are hot prop­erty, with the lat­est re­search re­port show­ing de­mand for these apart­ments will soon out­strip sup­ply.

The Ma­tusik Prop­erty In­sights re­port finds while Bris­bane’s wider unit mar­ket is en­ter­ing a down­turn, large apart­ments in small in­ner-city projects are hold­ing firm, with de­mand from down­siz­ing owner-oc­cu­piers on the rise.

The re­port finds bou­tique apart­ments stack up fi­nan­cially, with small projects in prime po­si­tions – on the river, in high-street lo­ca­tions or with un­in­ter­rupted CBD views – de­liv­er­ing bet­ter gains in 2016 (3.9 per cent) than other in­ner-city apart­ments (-1 per cent).

It also shows larger apart­ments are the ones to buy, with three-bed­room apart­ments across in­ner Bris­bane av­er­ag­ing gains of 9.6 per cent per an­num over the past decade, more than dou­ble the av­er­age of 4.6 per cent.

Re­port au­thor Michael Ma­tusik said in­nercity lo­cals look­ing to down­size lo­cally, more cou­ples with­out chil­dren stay­ing in or re­turn­ing to the in­ner-city, and fewer peo­ple liv­ing alone were con­tribut­ing to the grow­ing de­mand for bou­tique apart­ment liv­ing in the city. “There is a need to build more owner-res­i­dent ori­ented hous­ing stock across in­ner Bris­bane that is largely fu­elled by res­i­dents look­ing to down­size and, im­por­tantly, stay in their area,” he said.

Bulimba is iden­ti­fied in the re­port as a sub­urb with ris­ing de­mand from down­siz­ers. Mr Ma­tusik points to just a hand­ful of bou­tique projects on Bulimba’s river­front that will de­liver apart­ments to suit dis­cern­ing down­siz­ers.

They are: Amara Res­i­dences, with 13 two and three-bed­room apart­ments; Barca, with 31 units; 29-31 By­ron St, with 16 apart­ments; and 27 units in The Boat­yard. “This strongly sug­gests that, un­like other lo­cales across in­ner Bris­bane, the Bulimba area is un­der­sup­plied with ap­pro­pri­ate hous­ing choice,” Mr Ma­tusik said. “We be­lieve there is con­sid­er­able lo­cal pent-up de­mand, as most lo­cals can­not find the ap­pro­pri­ate prod­uct to down­size to.”

The Boat­yard at Bulimba (left) will help cater to pent-up down­sizer de­mand in the sub­urb, along­side Amara Res­i­dences (right) and Barca (be­low right).

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