New apartment buildings are offering a lot more than just a couple of bedrooms, a lift and hotel-styled bathroom. We look at the trends smart buyers are going crazy for this year.
Value and design
Buyers are aware of the pressure on home prices and will be keen to strike a deal with developers on new apartments. In Sydney and Melbourne, where thousands of apartments will be released over the next 18 months, value-based opportunities will exist. While there are some amazing apartments and designs on the market, nothing will concentrate the buyer’s mind this year like the chance to get a great deal. But if the design isn’t suitable, there are plenty more apartments to choose from.
Density & community
Discerning buyers will be picky about the density of apartments in a building and resist purchasing in a block they believe to be crowded with smaller, bitty apartments. A new global trend is for builders to offer community centres with amenities such as a co-working space, internet café, a secure package delivery station for online purchases and outdoor Wi-Fi in outdoor common areas with tables for laptops. In America, developers are benefiting from providing properties with two entrances so they’re Airbnb-friendly. This provides buyers with a secondary income at minimum inconvenience.
Expanding kitchens
New trends show the kitchen will become an even greater part of apartment living. Extra space will be dedicated to over-size islands and bar seating. They are likely to be more integrated into the rest of the home, with furnishings such as chairs and tables blurring the lines between the lounge and the kitchen.
High ceilings
Pressed metal ceilings are making a comeback. Trends in the US suggest buyers are looking to add character to their apartment. Decorative higher ceilings, combined with quality lighting fixtures, make a real statement and can increase the value of an apartment.
Health & wellbeing
Australians fork out almost $9 billion each year in gym memberships. Buyers continue to value on-site gyms in apartment buildings. While there is always going to be a levy for the service, it should work out much cheaper than an annual gym membership. One Melbourne developer, DealCorp, is even providing complimentary in-house fitness classes in a purpose-built studio with a wellness ambassador to oversee the program.
Teleworking
Apartment builders are responding to the global trend for teleworking, ensuring the best telecommunications facilities are installed. This is an important element for any buyer to check before purchase. Even if it does not affect their work-life balance, a poor implementation could impact on your re-sale potential down the track or ability to rent the apartment. Apartment designs are also incorporating home offices, or flexible spaces, and equipping the entire residence with smart-home technology. Amenities in common areas, such as co-working space and gardens with Wi-Fi and work tables, are also proving popular.