Baby boomers flood apartment market

27th Jan 2015

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Empty-nest baby boomers are increasingly selling up their sprawling suburban homes to move to the inner-city, fuelling a severe shortage in three-bedroom apartments.

According to Newstead-based property consultants Grow Consulting Group, three-bedroom apartments are in short supply on the fringes of the CBD, with those being offered in new developments snapped up as soon as they hit the market.

Group director Darrin Leung said there was so much demand, many buyers were now purchasing off the plan in new developments and were prepared to wait years for construction to be undertaken.

"Just a couple of years ago you wouldn't be talking about three-bedroom apartments getting snapped up but now there's multiple offers," he said.

"We have had a few meetings with developers who are reconfiguring plans to incorporate larger three-bedroom apartments.

"A couple of years ago the most popular apartments selling off the plan were one- and two-bedrooms but not anymore."

Mr Leung said those approaching retirement were seeking low maintenance lifestyles, with proximity to the river, walkways, parkland and dining and retail precincts high on their wish lists.

"I'd say it's nearly every second buyer in that market, they appreciate they need to cut out half their wardrobe but are happy to move into the next phase where their lifestyles and culture is changing," he said.

(Source: Brisbane Times)