Generation Y (20-39) and those with young families are embracing inner-city living but what are they looking for in an apartment? And, when they have more choice than ever before, how can your apartments stand out in the marketplace?
While a large proportion of the rental market belongs to younger, tertiary educated, singles and professions, there is an increase in families choosing the inner-city to live. This does not necessarily require larger apartments but it does require access to more communal and open spaces. Additionally, ABS data reveals almost half (42.6%) of Generation Y (20-39) choose the inner-city to live. This segment is increasingly demanding functionality, social space and active and healthy lifestyle opportunities.
Along with these more strategic issues is the need for developments (and developers) to differentiate themselves from one another. The marketplace is dominated by a highly effective but essentially similar model that is defined by its efficiency and ability to meet the investor market demand. In this context, a key lever that can be used to drive differentiation within a constrained envelope is amenity, primarily associated with outdoor spaces and landscapes. Executed well, a thriving landscape and strong sub-tropical theme that plays to the market and climate equally gives a compelling reason to buy one apartment over another.
Technology has aided in making these investments more realistic and sustainable, however the lens through which they are viewed needs to be recalibrated. Each element needs to be high performance and do two or three jobs. For example, a garden that is also a gym or a facade element that is also a trellis for each resident. No longer are theses amenities costs to be managed rather they are value to be added and more importantly, a pathway to speed of sales and long-term rental returns.
With over three decades of knowledge and experience, Majella Property Developments brings exciting new development projects and wise business investments to the market. We build, own and manage the construction of a diverse portfolio of assets across the commercial, retail and residential sectors.
Proven success of past projects and Concept to Completion (C2C) services advice separates us from the market.
Our specialist expertise provides investors with advice built on Majella’s three core principles - Quality, Integrity and Innovation.
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