Over recent years, Australia’s property market has witnessed a significant shift in the preferences of affluent maturing residents who once called sprawling mansions their homes. These individuals, whose adult children have flown the nest to forge their own paths, are now seeking more compact yet equally luxurious abodes in the same exclusive suburbs they have come to cherish.
This trend has given rise to the luxury living vertical village – high-rise apartment complexes that offer a perfect blend of upscale living and a holistic activated lifestyle.
A growing number of property developers have identified this trend, catering to the preferences of the super-rich maturing population. 2021 data from the Australian Bureau of Statistics, showed there were more than 368,000 high-rise residential apartments in towers with nine or more storeys in Australia. Suburbs like Dalkeith, Mosman Park, Crawley, and Nedlands are at the forefront of this transformation. As they say, the western suburbs of Australia have long been the epitome of opulence, and once residents move in, they rarely leave.
The two main factors driving the trend for vertical villages include:
Lifestyle
According to the Australian Housing and Urban Research Institute, Australians consider lifestyle factors as a crucial determinant when moving to a new home. Luxury vertical villages meet these demands by providing state-of-the-art facilities including fitness centres, pools, and concierge services.
Location
The appeal of these vertical villages is further enhanced by their strategic location. Proximity to nature, yacht clubs, and shopping precincts ensure that residents can enjoy an upscale urban life while still being connected to serene surroundings.
As the luxury living vertical village phenomenon continues to gain momentum in Australia’s western suburbs, the property market is evolving to meet the demands of this discerning demographic.
If you are looking to buy or sell property in the Western Suburbs, contact us today so we can talk about your specific needs.
