Falling Off-The-Plan Settlement rates for Investors
Aside from the continual gentrification and upscaling of the suburb, Darlinghurst and surrounding suburbs are becoming more family friendly. This is reflected in a new trend amongst buyers of combing and redeveloping properties to home families. Gen-Y families looking to apartments for financial reprieve are also met with growing support from developers and the market.
For families wanting to upsize their properties to accommodate growing families, some compromises must be made in today’s Sydney property market. A couple with a plan to grow a family may forgo the backyard for location. Location is ever important as it has been with property and amongst busy families wanting to reduce commute times and maintain a good quality of life.
An artists impression of the view from Potts Points' newest development, Omnia.
Developers have begun to open the doors to young owner-occupiers in Sydney’s inner suburbs. This has come from a demand from buyers for bigger property from couples looking to raise families in apartments.
The demand has come from Gen-Y buyers. They first lot of this generation of buyers have gone through up to a decade of sharing property and living in apartments themselves. To maintain an urban lifestyle and quality of life, they are happy to remain in this lifestyle and buy accordingly.
“We see a combination of increased supply from property developers for this housing demand, as well as some creative thinking amongst buyers”, says SydneyLinks principal agent Trisiana Muljono.
“Buying larger properties and adding bedrooms or combining properties to create large homes have popped up”, she says.
As demand increases and acceptance of apartment living for families grows socially, so will the availability of larger properties for new young families.
The SydneyLinks team
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