News Corp Australia
First published 12 May 2025, 5:00am
Apartment living is becoming more desirable as luxury offerings convince Baby Boomers to
part with the family home and affordability forces younger buyers to abandon dreams of owning a backyard.
Experts say there has been a distinct shift towards Adelaide buyers seeking out apartments over traditional homes and, with limited housing stock and continued apartment building activity, the trend shows no signs of abating.
Where apartments were once considered a poor substitute to a detached home, Ouwens Casserly selling agent Oliver Bowler said an influx of off-the-plan luxury apartments coming to market, typically on the city fringe, were increasingly appealing to empty-nesters.
Among the offerings are an under-construction $50m residential complex at Rose Park, where penthouses are selling for $6m, and an apartment development at Brougham Gardens in North Adelaide, expected to get underway later this year, comprising 10 residences priced from $4.9m to $7.5m.
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The $50m Rose Park apartment block will replace a student accommodation building and offer 16 separate dwellings. Picture: Capital Prudential
“People won’t move (from the family home) unless the options are really compelling – staying put is always the easier option and that’s been the case for a lot of years,” Mr Bowler said.
“But the (new) apartments (coming to market) now have wine rooms, they have dressing rooms and private terraces and there’s gas fireplaces.
“And being city fringe means buyers can walk to get a coffee or go to their favourite restaurant.
“All of a sudden, it (apartment living) means you don’t have to downsize your lifestyle, you’re just getting rid of the (residential) space you don’t need.”
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The Brougham Garden Apartment development in North Adelaide will see the creation of 10 generously-sized homes and two restored heritage residences.
Luxury apartments now comes with many features often found in houses. This includes wine rooms, dressing rooms and gas fireplaces.
Mr Bowler said buying off-plan provided the ability to customise the apartment to suit buyer needs and style, while removing the “headache” of dealing with planning authorities.
With apartment builds typically taking two years to complete, downsizers could also take advantage of rising property prices, he said.
“That’s the advantage of buying off the plan – you buy at a 2025 price and sell (the family home to move into the finished apartment) at 2027 prices,” he said.
At the other end of the market, Real Estate Institute South Australia chief executive officer Andrea Harding said the high price of housing was forcing many first-time property buyers to turn their attention to older apartment buildings.
She said while the initial costs of buying an older apartment was much cheaper than a detached home, maintenance was also typically less expensive.
“Affordability is a big thing and the cost of maintenance is just as important as everything else,” Ms Harding said.
“One of the benefits of an apartment is that apart from whatever body corporate fees you pay, you don’t have to think about the (costs of) maintenance of a home and garden and everything associated with that,” she said.
Plastic surgeon James Katsaros, the developer behind the Brougham Garden Apartments, said the high quality and level of inclusions in modern apartments made them “incredibly attractive” to downsizers.
Jim Katsaros and wife Andrea outside the soon to be constructed Brougham Gardens Apartment complex. Picture: Tim Joy
Dr Katsaros and wife Andrea expect to move into a penthouse in the Brougham Gardens Apartment development in 2027.
Another penthouse within the development remains on the market for $7.5m.
“For people of my vintage, moving into an apartment is about lifestyle and also eliminating a lot of the headaches of having to care for a home,” said Dr Katsaros, who currently lives in a two-storey North Adelaide townhouse.
“We will still have three bedrooms and two separate living spaces and two terraces with views over the city and St Peter’s Cathedral.
“But I won’t have the maintenance work or have to mow the lawns and keep the front veranda looking spick and span.”
– By Lauren Ahwan
English (US) · 