Published via Domain - 09/11/2021 Buyers are not looking to downsize from a luxury waterfront family home to any ordinary apartment, agents say, so they're combining already palatial units to create one mega-apartment.
Mega apartments are trending on the Sunshine Coast with hungry off-the-plan buyers purchasing multiple apartments to live in as one huge residence.
Apartment amalgamation is more commonly seen in developments on the Gold Coast as well as Sydney and Melbourne, but developments on the Sunshine Coast are now catering for an increasing number of wealthy buyers.
Developers believe COVID has ignited a hankering for apartments with house-like proportions, particularly in downsizers.
Evidence of the trend for larger-than-average apartments on the Sunshine Coast can be traced back to a Maroochydore apartment building that finished construction six months ago.
Avalon, a pair of seven-storey buildings, was originally designed to include 26 apartments, but developer Mosaic Property Group wound it back to 15 based on buyers’ appetites for more spacious residences.
“I think people underestimate the Sunshine Coast. There’s actually a lot of wealth and money there,” said Brook Monahan, Mosaic’s managing director.
“So, people who already live in fairly substantial homes, particularly connected to water, are at that stage where they are genuinely looking to downsize and they don’t want to give up what they’ve already got, which is lots of space, storage and an amazing connection to water.
“They’re not looking to transition from a three-storey house on a 1000-square-metre block to a 200 square metre apartment. They’re looking for a full-floor apartment.”
Demand for mega-apartments saw Mosaic develop another residential tower near Avalon on the Maroochydore River. Titled Lorient, it housed 15 apartments reaching whopping sizes of more than 600 square metres with price tags up to $7.5 million.
Published online via Domain
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Read more7 News Sunshine Coast - 22/09/2021 A Sunshine Coast apartment block with riverfront views has been named the state's best commercial project of the year by Master Builders Queensland.
Read moreMaster Builders Queensland - 09/09/2021 Mosaic Property Group snapped up the sought-after Project of the Year title for the stunning Avalon by Mosaic multi-residential development, as well as best Residential Building (high-rise over 3 storeys) over $20 million.
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