Live

Rightsizing: Why Luxury Apartment Living is the Biggest Trend for 2020 and Beyond

img

RIGHTSIZING, NOT DOWNSIZING 

While the demand for active retirees seeking out easily maintainable prime properties close to city centre locations continues to be one of the strongest global trends, according to Knight Frank’s Prime Global Forecast 2020 report, the terminology needs to be adjusted.

While their home is no longer required to provide the lifestyle they desire, and the cost to upkeep outweighs the surplus space once desired, active retirees seek simplicity and a new home that is close to the action.

“Downsizing the living areas is not part of this movement —the yard most certainly—but their new home request is to be the right size for them, with amenities to match their lifestyle,” reported Michelle Ciesielski, partner and head of Residential Research at Knight Frank. “Large prime luxury apartments, with increased number of bedroom configurations, are required to keep up with this growing demand.

Having provision for potential lateral living, these residences allow those seeking privacy and improved accessibility to design their apartment to span the entire floorplate”.

img

Younger generations are also responsible for the growth of the rightsizing trend. “Apartment living allows for low-maintenance living, convenience of concierge and the ability of lock-up-and leave when away,” said Ciesielski. This prime trend follows a similar path to the wider market with the average new house size built in 2018/19 falling 1.3 percent on the year before, whilst the average new apartment size grew by 3.2 percent, according to the Australian Bureau of Statistics (ABS).

img
img
© 2021 · Property Weekly Privacy Policy