The Age spoke to Hayball and Kokoda property in a half-page feature entitled “Downsizers ‘turning market,’ targeting leafy suburbs,” written by Philip Hopkins.
The feature outlines buyer response to Kokoda Property’s Evergreen development in Ivanhoe.
‘Empty nesters’ have been quick to purchase a number of three-bedroom apartments from the luxury apartment project.
The demand comes as a surprise to architect and managing director of Hayball, Tom Jordan. The brief from the client was intended to solely target investors.
“It’s a turning point in the market from our point of view,” commented Jordan.
“We had to do a substantial redesign to satisfy demand.”
The modern, timber-façade apartments are now 50 percent owner-occupied, a significantly higher figure than anticipated.
Hayball director, Ann Lau, has suggested that the shift is a result of a different type of buyer, who is swapping a house for an apartment.
Research from Urbis has shown over 4.2 million Australians fit the ‘over-60’ age bracket, and as such are likely candidates for this space.
However, Robert Papaleo, national executive director of Charter Keck Cramer, remains unconvinced that older singles are the only drive behind this.
“All the evidence we have points to the great majority of demand being expressed by investors,” he told The Age.
The Evergreen project highlights a growing need for luxury, apartment living to be accessible in suburban areas.