Apartment Living On The Rise In Sydney’s Eastern Suburbs
Apartments are increasingly hot property in Sydney’s Eastern Suburbs because they suit the lifestyles of a large and growing pool of buyers.
Empty nesters are giving up their sea and treechange behaviours, instead looking towards the Sydney’s CBD, Eastern Suburbs and inner city areas to spend their twilight years. Retirement-age residents in the Sydney council area are expected to be the fastest-growing group by 2026 – up 72% on 2011, according to population analysts, forecast.id. Empty nesters want lifestyle apartments close to all amenities with easy access to the CBD.
They enjoy the lock-up-and-leave security when travelling and the lower maintenance of strata living. We are also seeing increasing demand from young singles and childless couples who prefer the convenience and affordability of apartments, as well as the opportunity to live in the best parts of Sydney’s most prized suburbs where apartments are in greater supply than houses.
The ‘rentvesting’ trend continues, with many would-be first home buyers choosing to rent where they want to live and purchasing a more affordable property elsewhere for investment. More families are also choosing apartments, with some new developments featuring on-site child care centres.
Developers are recognising people’s desire for spacious apartments with high architectural standards and luxury fixtures and fittings. New projects are also very popular with foreign investors due to regulations that require them to usually only purchase new properties.
Research from REA Group’s sister site, My Fun found Rose Bay, Darlinghurst and Darling Point among the top suburbs of interest for Chinese buyers.