Obviously, downsizers are accustomed to larger houses with land. With housing prices rocketing over the last 2 years, this group of buyers have an increased budget when considering their options. This is clearly reflected in the sales data gathered from more than 40 projects THREE SIXTY Property Group have sold in the past two years. Most of the boutique apartment projects are selling from top to bottom, a change to the usual pattern of the entry priced apartments always selling first.
- Affordability is always the most important factor for first home buyers. Under the new Better Apartment Design Standard, a 2-bedroom, 1 bathroom apartment is hard to fit into a space smaller than 65 sqm. With inflation and ever- increasing construction costs, the developer cannot sell an apartment cheaper than $10k per sqm. However, the majority of first home buyers are looking for homes under $600k. The 1 bedroom plus MPR is the best solution for this conflict.
- Functionality is a key factor for professionals needing an apartment close to work. An MPR that can be converted into a library or home office is therefore the ideal layout for this market.
- Value for money or higher rental return is the ultimate attraction for investors. An MPR that can be converted into a ‘bedroom’ is an attractive factor as investors can rent them as a ‘2 bedroom apartment’ for a higher rental yield by paying a cheaper price by buying a 1 bedroom plus MPR.
As a developer, improving revenue and offering a product that is more appealing than the competition is significantly important. THREE SIXTY Property Group - an independent project marketing firm in Victoria - can help you achieve this.
What are the game changers for projects?
- Office fit-out option for professionals.
- Study room fit-out for students.
- Convertible bed for investors who want to use the MPR as their spare room.
- Nursery for young families.
- Gaming room for youngsters.
These options not only cater to different sectors of the market, but they can also be easily integrated into your project whilst adding (on average) an extra $50,000 to the sale price.
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