Off-the-plan buyers are shopping for luxury, but it’s not what it used to be. The definition of luxury has come to mean more than just location, views and quality design. Priorities have shifted, with wellness, security and convenience now at the top of the list, second only to location. It means today’s developers are taking a hard focus on what’s contained within the building, said Dean Lefkos, founder of developer Chapter Group.
“People think luxury is good-quality finishes and materials and so forth, but I think purchasers now really focus on the level of amenity within the building,” he says.
At Maleela Rise in Balwyn, residents walk into a lobby that immediately puts them at ease thanks to a plush adjoining library. This quiet space features a fireplace and views of a Japanese-inspired reflection garden. On the levels above, residents can meet with neighbours or guests in the club lounge and bar, or experience wellness through the shared gym and sauna. These high-level amenities cater to another item on today’s buyers’ wish lists: social connection.
“People are now really seeking to be in a building that has got a bit more of an identity and a bit more of an opportunity for that interaction and social cohesion in and amongst the residents, and also the broader community around the projects as well,” Lefkos says.
“Social cohesion and community are kind of one of our pillars of design now when we brief the architects and the interior designers. We’re intentionally designing communal spaces that are going to be used and will facilitate interaction.”
Security is also in high demand, with buyers requesting technology such as 24/7 CCTV and licence plate recognition at car entry points. Some buyers are also looking for higher-grade security measures that let them monitor more than just shared spaces.
“People are now asking for security upgrades to their apartment,” Lefkos adds. “So, there are doors and hardware we can use to upgrade security even more than the standard. A number of them request the latest monitoring, whether it’s through phones or through cameras that are not just in the common areas, but also within their own apartments.”
A concierge is where all three pillars of luxury – amenity, wellness and security – converge. Lefkos describes it as a “softer arrival experience” – a friendly and familiar face to greet residents as they enter and leave the building and, importantly, someone to watch the door.
At The Gild apartments in St Kilda, amenities were selected by developer Fortis to deliver value to residents. Jordan Winada, head of acquisitions for Victoria and South Australia at Fortis, says buyers want to know that the spaces outside their apartments will be well used and worthwhile.
“It’s things that they’re going to get use out of that aren’t necessarily going to push up their occupancy fees or OCM (owners corporation management) fees,” he says.
“So, things that they’re going to get meaningful use out of. At The Gild, that would be our activated rooftops – really well-furnished rooftop spaces with undercover areas so they can be used year-round. You might have barbecues and fridges and other things up there that allow people to get a bit more use out of the space and that can be booked by people, but they’re not necessarily high-cost things that you need to upkeep in the building.”
They might be at the top end of the market, but buyers looking for luxury are still price-conscious. Luke Berry, co-founder of Sydney-based developer Thirdi, said the basics of good value and investment at any price point have to be there.
“What’s important to people right now is price because it’s very expensive to buy real estate anywhere and then it goes to, in my opinion, the location, elevation, level of finish, then it follows with things like health, wellness, recovery and convenience,” he says.
At the boutique collection of apartments at Balfour Place in Lindfield, residents have the ease of shopping at their doorstep with a Coles supermarket at ground level. This proximity to daily conveniences, along with an architect-designed building and premium interior finishes, was like the icing on the cake for buyers, says Berry.
“Purchasers have never been more discerning in making sure that the fundamentals are there,” he says. “And the other priorities that we’re seeing is that they want to make sure that the amenity of the development is there as well. So, our projects that are built above a Coles, as an example, are in more demand than those that aren’t and they’ll pay a premium to buy them because of the convenience of Coles.”
