{"id":12433,"date":"2017-06-22T15:30:34","date_gmt":"2017-06-22T05:30:34","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12433"},"modified":"2017-06-22T15:30:34","modified_gmt":"2017-06-22T05:30:34","slug":"changing-nature-of-apartment-developments","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/changing-nature-of-apartment-developments\/","title":{"rendered":"Changing nature of apartment developments"},"content":{"rendered":"<p><strong>n his column for\u00a0<a href=\"http:\/\/www.switzer.com.au\/the-experts\/john-mcgrath-property-expert\/changing-nature-of-apartment-developments\/\" target=\"_blank\" rel=\"noopener noreferrer\">Switzer<\/a>, John McGrath\u00a0discusses how apartment\u00a0developments have changed\u00a0over the\u00a0last 30 years.\u00a0<\/strong><br \/>\nFor the first time ever on record (since 1984), we\u2019ve seen more new apartments completed than houses in Australia. \u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-1807\" alt=\"mcgrath\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg?resize=150%2C143\" width=\"150\" height=\"143\" \/><\/a><br \/>\nThe latest Building Activity report from the Australian Bureau of Statistics shows 28,102 new houses and 28,527 new apartments and townhouses were completed in the December 2016 quarter.<br \/>\nWe\u2019ve had a major construction boom on the East Coast of Australia in recent years.<br \/>\nConstruction activity is still very strong in NSW, where new starts and the number of apartments under construction continues to trend higher.<br \/>\nHowever in Victoria and Queensland it is starting to decline, according to CoreLogic.<br \/>\nThe construction boom was brought on largely by strong market conditions in Sydney and Melbourne, a national undersupply of housing, population growth and the rising popularity of apartment living, among other factors.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"SydneyTerraces\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2016\/10\/SydneyTerraces-300x193.jpg?resize=300%2C193&#038;ssl=1\" width=\"300\" height=\"193\" \/><br \/>\nThe rise of apartment living has been one of the most important trends I have seen over my 30+ years in real estate.<br \/>\nWhile in many cases their simple affordability compared to houses is a factor, many people today would tell you they\u2019d rather live in an apartment for the security and low-maintenance lifestyle.<br \/>\nOne of the interesting things about apartment development these days is the changing nature of projects.<br \/>\nThe apartment blocks of old were concrete towers with either no residents\u2019 facilities or perhaps a small gym room and a kidney-shaped fibreglass pool out the back.<br \/>\nThings have changed.<\/p>\n<h4>Apartments are no longer the cheaper stepping stone to houses.<\/h4>\n<p>They\u2019re long-term homes for many buyers who expect great design, comfort and amenities<br \/>\nAs modern life gets busier, buyers also want convenience and recreation where they live and apartments often fit the bill.<br \/>\nIn recognition of this, developers are being far more imaginative in creating products that sell a lifestyle, not just a place to live.<br \/>\n<strong>Take the increasing number of master-planned communities, for example.<\/strong><br \/>\nThese are large estates usually with several apartment buildings and a mixture of communal facilities including gardens, barbecue areas, cafes, gymnasiums and aquatic centres.<br \/>\nEverything you need is on site, meaning great convenience but also a real sense of community, with residents able to socialise together in communal spaces.<br \/>\nAnother strong trend is the development of apartments directly above shopping centres.<\/p>\n<h4>This is a very New York-style of residential living.<\/h4>\n<p>Apartments above centres usually have great views and a two-minute trip down the elevator delivers you to an array of shops, restaurants and transport.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"apartments city\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2016\/09\/47954781_l-300x200.jpg?resize=300%2C200&#038;ssl=1\" width=\"300\" height=\"200\" \/><br \/>\nCushman &amp; Wakefield, one of the world\u2019s biggest commercial real estate services firms, discusses the rise of residential\/retail development in its\u00a0<em>Australian Retail Property Outlook 2017<\/em>\u00a0report.<br \/>\nIt describes mixed-use retail as \u201cemerging as a major category in Australia\u2019s retail landscape\u201d.<br \/>\nThe popularity of apartment living is providing a win-win opportunity for developers, retailers and buyers.<br \/>\nMany time-poor city dwellers love having supermarkets, shops, cafes and cinemas at their doorstep and retailers love the sizeable guaranteed patronage that \u2018shop top\u2019 housing provides.<\/p>\n<h4><strong>Here are some examples of the main trends in the mixed retail\/residential space.<\/strong><\/h4>\n<h4>1. Developers increasingly incorporating retail precincts into new developments<\/h4>\n<p>Meriton\u2019s largest retail development to date is Mascot Central in Sydney, which combines 17 eateries, shops and a major Woolworths beneath four towers of around 800 residential apartments.<br \/>\nThey\u2019ve also recently launched the Sundale development on the Gold Coast, which is Southport\u2019s tallest residential tower at 55 levels with 13 new shops beneath, including a Woolworths.<\/p>\n<h4>2. Re-development of existing shopping centres to include new residential apartments above<\/h4>\n<p>A great example is Top Ryde City Shopping Centre in Sydney\u2019s northern districts.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"Sydney map\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2015\/06\/Sydney-map-NSW-new-south-wales-location-300x199.jpg?resize=300%2C199&#038;ssl=1\" width=\"300\" height=\"199\" \/><br \/>\nTop Ryde was once a modest two-level suburban shopping centre.<br \/>\nIt was demolished in 2007 and a new centre was built with hundreds of shops and 653 apartments on top, many with views to the city or Blue Mountains.<br \/>\nCompleted by Crown in 2014, the Top Ryde City Living development is now home to more than 600 residents.<br \/>\nNot only do they have access to fantastic common facilities including a music room, library, theatre, 25m infinity pool and a children\u2019s playground, they also have direct access to a huge shopping centre with hundreds of retailers, an Event cinema and plenty of eateries just downstairs.<\/p>\n<h4>3. Shopping centre owners selling air space above existing shops to developers<\/h4>\n<p>Just recently, the owners of The Glen shopping centre in Melbourne\u2019s Glen Waverley announced they had sold the residential air rights above the centre to a developer who will build 539 apartments as part of the centre\u2019s redevelopment.<br \/>\nThe new centre will have 240 shops and eateries.<\/p>\n<h4>4. Shopping centre owners developing apartments on top of existing shops<\/h4>\n<p>In Sydney\u2019s Winston Hills, the owners of Winston Hills Mall are developing 86 apartments above their existing mall.<br \/>\nCalled The Langdon, it is the first apartment complex ever for the suburb.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"sydney\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2016\/09\/751969_l-300x200.jpg?resize=300%2C200&#038;ssl=1\" width=\"300\" height=\"200\" \/><br \/>\nResidents will have about 70 shops on their doorstep including Aldi, Big W, Coles and Woolworths.<br \/>\nI think we\u2019ll see more mixed retail\/residential development in the future.<br \/>\nWe\u2019ve got more people wanting to live in apartments, a greater desire for convenience and lifestyle, a lack of land and potentially, a growing interest among retail centre owners in diversifying into residential property.<br \/>\nWith the shopfront retail industry battling online competition, it wouldn\u2019t be surprising to see more centre owners converting commercial assets into mixed use developments.<br \/>\nAlternatively, they can sell the air space to developers who are desperate for opportunities given lack of land supply.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>n his column for\u00a0Switzer, John McGrath\u00a0discusses how apartment\u00a0developments have changed\u00a0over the\u00a0last 30 years.\u00a0 For the first time ever on record (since 1984), we\u2019ve seen more new apartments completed than houses in Australia. \u00a0 The latest Building Activity report from the Australian Bureau of Statistics shows&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":12439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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