Downsizers are leading a change in multi-level developments, with an inner northwest project changing its design to include more three-bedroom layouts.
Caydon Property Group has added a further five three-bedroom apartments to its Hall St at Mason Sq development in Moonee Ponds in response to demand from a growing downsizer market seeking bigger, multi-bedroom apartments.
Of the now 30 three-bedroom apartments, 87 per cent have already sold, making it the most sought-after layout available in the development.
Downsizers and empty nesters are a growing market of buyers, moving from established suburban homes into bigger inner city apartments that offer more lifestyle choices and better security, according to Caydon.
“With much discussion of a perceived oversupply of apartments in Melbourne, the demand we have seen for Hall St at Mason Sq units demonstrates that a diverse range of apartment options is vital,” Caydon sales director Michael Sain said.
“This market of buyers is rapidly growing and taking advantage of Melbourne’s major shift toward apartment living.”
“This shows that the growth in demand for apartment living is not just segmented into small apartments for either first-home buyers or investors,” Mr Sain said.
“Without a doubt, this is an important segment with demand remaining strong, however it is crucial to cater for buyers who are looking at apartment living to satisfy different lifestyle needs.
“They are used to having larger spaces, but they now enjoy a lifestyle more suited to the inner city. They can have that with apartment living.”
Caydon has been able to accommodate the additional three-bedroom apartments without altering the structure or appearance of the building by reconfiguring 13 of its original one-bedroom units.
Residents will have access to Mason Garden, incorporating lush lawn, a multi-use sports court, swimming pool and planter boxes to grow for seasonal produce. A gym and a tool shed with tools, lockers and tables are also part of the plan.
One-bedroom apartments are priced from $360,500, two-bedroom layouts are from $603,500 and three-bedroom designs are from $718,500.
Originally article by Hayley Goddard was published on realestate.com.au on 21st February 2017.