Affordability gap driving unit sales

first_imgThe pool at Breeze apartments. More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoA render of Breeze ApartmentsDirector Kim Pradella said the development was a perfect example of the new lifestyle opportunity attracting younger couples and families back to Brisbane’s inner south. “Riverside Precinct is actually our 18th project in the 4101 postcode,” he said. The living space inside one of the units at Breeze ApartmentsMr Pradella said the Breeze apartments were spacious and bright, featuring open plan designs, large balconies and stylish fixtures and fittings. “Outside, there is an amazing rooftop skygarden terrace with a 20-metre lap pool and landscaped entertaining areas suitable for residents of all ages,” he said.Census data shows the average age of a West End resident was 34 in 2016, with 2132 families calling the suburb home. center_img A kitchen at Breeze ApartmentsYoung couples and families are leading the surge in demand for new apartments in Brisbane’s inner ring, according to new research.Planning and advisory group Urbis has revealed the shift from traditional housing to apartment living was being driven by changing lifestyles and affordability, and it was opening up some of the city’s most expensive suburbs.The Urbis research noted the changing buyer demographic and the affordability gap between houses and apartments as key drivers in the West End market, in particular.“The median apartment price for West End in the December quarter was $523,000 compared with the median house price of $900,000,” Urbis property economics and research director Paul Riga said. “This creates a $377,000 affordability gap, so it’s understandable that demand for West End apartments has remained strong and young residents are making their presence felt.”But more recent data shows the affordability gap has widened even further. CoreLogic data shows the median house sales price in West End has hit $1.048 million. For a unit, the median sales price is $548,750.One development reaping the rewards is the Breeze Apartments, one part of Pradella’s wider 5.3ha masterplanned community. last_img

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