Apartments in and around the Brisbane CBD have become increasingly popular with both Baby Boomers and Millennials (aka Generation Y), according to Place.
Judy Goodger, managing director for Place, noted that both age groups want living spaces that encourage an active lifestyle and are close to work and entertainment. Inner Brisbane’s high-density living conditions clearly fit the bill.
“Baby Boomers have always represented a strong portion of the market in the inner city, but in the past 18 months I’ve seen a noticeable upswing in the amount of people in this generation seeking CBD living instead of settling in the suburbs,” Goodger said.
“What we have seen – and will continue to see in the coming cycle - is that Baby Boomers have raised their children, the kids have moved out, and now these couples are selling the suburban home they’ve been holding onto to move into an inner-city dwelling.
“There is a new wave of buyers now though, with Gen Y also having a very strong desire for the inner-city lifestyle, resulting in a two-pronged surge of demand for high-density housing in these areas,” she noted.
It used to be that Gen Y buyers desired suburban homes further from the city, Goodger observed. The trend, however, is being reversed, as more young couples are seeking small one and two-bedroom apartments that are close to work and leisure.
Moreover, the report revealed that 98% of sales recorded in the Brisbane CBD for the quarter of June 2015 were one and two-bedroom apartments. Indeed, Consolidated Properties’ “Spire” residential tower posted 287 sales for this period.
Baby boomer and Gen Y demand for apartments was not limited to just the CBD, Goodger remarked. Surrounding suburbs with apartments such as New Farm, Newstead, Teneriffe, West End, Highgate Hill, Fortitude Valley and Hamilton were also popular.
“These areas provide the ultimate lifestyle that everyone desires – they are close to the city, they have excellent amenity and access to public transport, and they have that trendy feel.”
She detailed that high-density housing formed communities where residents can easily access public transport, walk to work without trouble, purchase from nearby shops, and even avoid traffic.
Although both Baby Boomers and Gen Y buyers want the same convenient living conditions, the former want high-quality (luxurious, even) accommodations with superior security, Goodger stated.
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