Developer reveals shifting buyer demands after landmark $10m Redcliffe unit sale

A circa-$10m off-the-plan apartment deal in Redcliffe has highlighted a dramatic shift in Queensland’s housing market, as buyers increasingly choose apartment living over houses — and pay millions for the privilege. The buyer, who had been living in Newstead and was returning to Redcliffe, bought about 600 sqm in Gardner Vaughan Group’s One Redcliffe development across two titles, although most buyers are now opting for less space. Gardner Vaughan Group has sold a unit in its One Redcliffe project off-the-plan for $10m. Gardner Vaughan Group director Sam Gardner said the developer had recorded a marked shift in the size and configuration of apartments sought by downsizers in just four years, as buyers became more realistic about how much space they actually needed. About four years ago, GVG’s most popular downsizer product was a four-bedroom apartment of about 160 sqm. Two years ago, that had fallen to about 140 sqm with three bedrooms. Now, Mr Gardner said the sweet spot was closer to 120 sqm with three bedrooms. “What this is, is the downsizer maturing,” Mr Gardner said. “The initial thought was second bedroom for guests, third for grandkids, fourth for a study. “In reality, gues...