Luxury apartments give Perth property market silver lining

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What we’re typically seeing are mum and dad downsizers with kids aged 16-24 still at home wanting an apartment that’s big enough for all of them but also offering privacy for each

“Now it’s predominantly owner-occupiers, mainly, the downsizing Baby Boomer.”

Developer and architect Barry Baltinas, of Baltinas Made, is selling apartments in two luxury complexes in West Perth. He said while downsizers were a big demographic, they were often bringing their grown up children with them.

“What we’re typically seeing are mum and dad downsizers with kids aged 16-24 still at home wanting an apartment that’s big enough for all of them but also offering privacy for each,” Mr Baltinas said.

“It’s really a case of designing apartments that essentially mean the children can stay at home while they study or work, but at the same time have them virtually ‘out of the nest’.”

Dempsey Real Estate director Mal Dempsey, who holds the sales record for Perth’s most expensive apartment, had also seen an increase in families buying high-end units.

“They’ll often purchase side-by-side apartments. One for them and one for the kids,” Mr Dempsey said. “I’ve even had sales when they’ve bought three — one for each kid.”

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Mr Dempsey said the luxury market was still buoyant, citing one South Perth riverfront complex where he had sold four units totalling $20 million in five weeks.

Mr Dempsey said the luxury market was still buoyant, citing one South Perth riverfront complex where he had sold four units totalling $20 million in five weeks.

He said he was also negotiating offers for a $14 million penthouse nearby.

Blackburne Property Group managing director, Paul Blackburne, said the company was planning more developments with units in the $700,000-$3m range, to capitalise on the demand for luxury units.