QLD apartment owners dominated by retirees
Recent research conducted by the Australian Apartment Advocacy with 3312 apartment owners nationally, shows that QLD outstrips the rest of the nation with 32% moving into their apartment because the kids had left home (compared to national median 21%) and with 37% classified as retirees.
While 91% chose their apartment because of its location, 72% also stated that they liked the fact that their apartment was close to the beach/river – again showing a clear difference to the rest of the nation, that was more focused on being close to public transport.
However on par with the nation, owners bought an apartment because it was easier to maintain (62%) and it was the right size for what they needed (60%).
Ms Reece Director of Australian Apartment Advocacy stated that lifestyle was a strong focus for Queensland apartment owners.
“Not surprisingly 68% of respondents had an outdoor pool in their complex and 63% barbecue facilities and this also is the highest in the country,” Ms Reece said.
“But also interestingly this cohort had the highest rating in the nation for seeking more storage in their apartment (40%) and then more visitor parking (30%).”
The research also demonstrated that 56% bought a 2 bedroom and 34% a three bedroom apartment, but next time 45% would buy a three bedroom and 40% a two bedroom.
Ms Reece stated that while this market was geared for downsizers, developers had to be aware that these buyers were only really seeking to downsize the burden of the garden.
“These are residents who are used to large homes and they still want to feel like they have space in their apartment to accommodate grandkids and guests and hence the design needs to reflect these needs,” Ms Reece said.
“But saying this 98% are satisfied with their apartment and 67% would recommend it and that is an indication that these residents are enjoying the freedom that apartment living provides.”
The research also indicated that 22% of investors in the QLD apartment market were based in NSW and that 92% of these owners felt that their apartment values would improve over the next 10 years.
In conclusion Ms Reece said that the QLD apartment market was unique to the nation.
“As would be expected from the fact that QLD is a warm climate with a magnificent coastline, that these owners are all about maximising the lifestyle and wanting to have an apartment that meets that criteria,” Ms Reece said.
“It is important that developers keep this in mind when they plan the design of the apartment, its amenities and of course then the resulting price point.”