Written by Marc Pallisco
Sunday, 07 February 2010 23:38
Realestatesource.com.au
IF you think the average size of new inner-city apartments has shrunk, you’re right.
And what some are calling a stroke of sustainable genius, others are calling an opportunity to capitalise on supercharged demand by cultures, which have come from environments where relative micro-sized apartments, are the norm.
Australian Institute of Architects president-elect Karl Fender told the AFR two-bedroom apartments of about 50 squares will become the norm.
Until recently – and through building booms in the 1960s, and 2000s – an average one-bedroom apartment would measure between 50 and 60 square metres.
Mr Fender expects designers to develop projects with more communal facilities, like theatres, conferencing and a bar, to “create a community sense within a building.”
He said there are two markets for the apartment type – young professionals, and empty nesters.
Leighton Properties executive Andrew Borger said Australia’s “quarter acre syndrome” is slowly becoming overcome by the younger generation, who are more intent on smaller, sustainable homes closer to the CBD and transport infrastructure.
Leighton is building a community concept development, Mosaic, in Fortitude Valley, Brisbane.
Vivas Lend Lease, which is developing the Convesso 8 complex, in Docklands, expects buyers demand for sustainable apartments to increase, as “acceptance of global warming grows”.
But Charter Keck Cramer said demand for these kind of properties comes from cost conscious investors, many of who were not interested in buying into these projects solely because of their sustainable attributes.
Director Robert Papaleo told the AFR “the concept of smaller Melbourne apartments was first tested by international students who were accustomed to high rise living.”
“Their willingness to rent the product is now driving supply.”
He said a 50 square metre, two-bedroom apartment would have been unheard of just three years ago, adding some studio apartments are now selling for $350,000.
In many cases, banks won’t lend on properties of less than 50 square metres, excluding a car park, without the purchaser having a substantial deposit.
