Having lived in apartments for a number of years, living close to the city with the convenience of low work commute times combined with the extra lifestyle choices that inner-city living can bring, the new challenge for the 30 something Gen Ys settling down and starting or growing their families is finding an affordable three-bedroom apartment option.
In the past, developers have focused on delivering greater numbers of one and two-bedroom apartments options with the three-bedroom and larger apartments usually being offered on the upper and penthouse floors that also come with higher penthouse price tags of upwards of $2 million plus, which has pushed the affordability for three-bedroom family apartments, out of the reach of many families.
As demand continues to increase for an affordable three-bedroom apartment option for family buyers and renters, developers are starting to pick up on this trend by offering the opportunity to combine a one and two-bedroom apartment, off the plan, on the lower floors – to create a family style three-bedroom apartment option that’s more affordable.
Below is a typical floor plan for a one and two-bedroom apartment from Melbourne developer Farmer Cutter & Swan.
However, when you combine these two apartments into one larger footprint and redesign the space, you create a new family friendly three-bedroom apartment option that’s more affordable to purchase and rent than a three-bedroom penthouse.
This larger design with a larger living space, kitchen with a breakfast bar and bigger balcony plus the all-important bath in the bathroom for family bath time is proving popular for this new generation of city living families, who are happy to forego a backyard for the convenience of inner city apartment living.
In NSW the same principle extends to freestanding homes as well. If you have an existing house with 2 or 3 bedrooms, adding an attached granny flat or detached in the backyard adds flexibility to earn a separate cashflow, or provide space for extended family.
