Apartments have come a long way since the cramped, dark boxy properties of just a few decades ago. More and more developers are catering to a market that appreciates good architecture, the latest technology and luxurious features that would make most homeowners jealous. This trend can be seen particularly in investment properties in Sydney, Brisbane and Melbourne, with low-rise and apartment towers offering property owners and renters the kind of life that others can only dream about. Let’s look at some of the innovations in building design and indoor and outdoor amenities being offered in off the plan apartments at the moment.
One of the biggest differences you can find in investment properties in Sydney today and those in the past is the sheer amount of greenery that is not incorporated into the design. Forget the token garden bed at the front entrance of the building, and think instead of a more European experience of entire walls covered in stunning and exotic gardens – in the industry these are called green walls – or rooftop terraces that are amazing virtual back gardens. There is even a push to include edible gardens with vegetables, fruit trees and herbs within the boundaries of residential apartment buildings. More and more developers such as Mirvac, Devine and Lend Lease are embracing green spaces as clever ways to enhance the space and create outdoor entertaining areas without sacrificing valuable land.
Today when developers want to give their off the plan buildings an edge, they think about adding the most value for the minimum amount of expenditure. Because our lifestyle has embraced outdoor living and entertaining, many new developments now offer feature fantastic usable outdoor areas, including extensive fully equipped kitchens, fireplaces and pits, gardens and lagoon pools. A new apartment building in Canterbury in Sydney being developed by Lumex Property will even feature a private outdoor cinema for the residents. The outdoor plans for many off the plan investment properties in Sydney at the moment resemble high-end tropical resorts and hotels.
Finally, developers are beginning to add a number of features and amenities to their buildings that would have been unheard of only a few years ago, including wine cellars, music rooms, libraries, health and wellbeing centres and children’s play areas. For example, in the northwest of Sydney the Crown Group’s Top Ryde City Living development includes two home cinemas, platforms with city skyline views, a huge library and a music room with a baby grand piano. These type of off the plan apartments are designed to appeal to a broad range of people, from professional single renters to small families and empty nesters who want to downsize without sacrificing luxury, security and convenience. The idea of living in a “village” rather than a sterile apartment block is appealing to everyone, and for property investors these type of developments offer a great way to buy a property that is likely to attract a higher rental return as well as increase in value over the long term.