Developers switch to larger apartments
A new trend is emerging with developers redesigning apartment projects to include fewer one-bedrooms and more large apartments to meet buyer demand in a changing market.
The demand for larger apartments has grown momentum over the past two years and the trend doesn’t seem to be slowing down, as more people seek value for money in apartment market. Buyers are looking for apartments that are more functional and offer more flexibility.
It comes amid a regulatory clampdown on bank lending to property investors, as well as elevated house prices that are enabling empty nesters to sell the family home and downsize into a luxury apartment.
According to recent media reports, many developers are seeing one-bedroom apartments become less preferable, whereas the bigger two-bedroom, two-bathroom apartments are becoming more popular. Catering to a wider variety of people, such as owner-occupier couples with a young child or retirees, the two-bedroom, two-bathroom trend draws interest for a far bigger buyer pool. For investors it's appealing because it suits two couples renting together.
This also bodes well for owners of older apartments that tend to be larger and in smaller blocks. Renovating these types of apartments is often popular among buyers.