It has been widely reported this year that the average size of the Australian detached house is shrinking, which is a particularly interesting statistic when you consider the fact that multi-generational living is becoming far more popular in Australia. This begs the question – if houses are shrinking, how can all of these cohabitating, multi-generational families still fit comfortably in their homes?
While Australian house sizes are indeed shrinking, apartment sizes are continuing to increase. In fact, the Point Piper Estate that previously held the title for Australia’s most expensive residential property was toppled this year by a Sydney harbourside apartment. The $140 million price tag of the ‘One Sydney Harbour’ mega-penthouse – a bonafide ‘super-apartment’ – vastly eclipses last year’s $100 million sale of the Point Piper estate, proving that apartment living is becoming increasingly popular at all levels of the property market.
Families are starting to see the benefits of apartment living, and a number of new residential development projects have been designed precisely with this in mind. In addition to embracing the apartment lifestyle, living with extended family members is also becoming favoured around the country, so it makes sense that the two concepts are being combined – sparking the rise of multi-generation friendly ‘super-apartments’.
The many positives of multi-generational living, such as split costs, free child-care and having your family close by are quoted as some of the key factors as to why the practice is becoming more prevalent. Many forward-thinking developers predicted this growing preference amongst Australian families, since multi-generational living has already been embraced for many years in other cultures, particularly in closely neighbouring Asian countries.
Amenity-rich apartment living is often a great option for families looking to embrace a cohabitational, multi-generational style of living in Australia’s capital cities, and developers have begun to adapt their apartment development designs accordingly.
The Landmark in Sydney not only offers breathtaking vistas of Sydney Harbour, but also a plethora of resort-style amenities including a sauna, kids play area, piano room, virtual golf, cinema, library, lounge and dining room – making it ideal for family life. Oversized apartments provide a great opportunity for adult children to welcome living with their parents again, creating a perfect home for grandparents, parents and children to thrive in.
Melbourne Square, situated in perfectly-connected Southbank, also boats a number of ‘super-apartments’ and amazing amenities ideal for family life, with many residents purchasing more than one property in order to create the perfect home for multiple family members. One purchaser at Melbourne Square bought six apartments on two floors, creating 3 large 3-bedroom family residences - one for him and his wife - another for his adult daughter and a third for his adult son’s family with two young children.
The Catalina in Surfers Paradise offers large 3 and 4 bedroom apartments and penthouses suitable for families looking for impeccable design and a hyper-convenient lifestyle. The development has created an affordable price point for families who may not have otherwise been able to afford the exclusive Chevron Island address, not to mention enviable resident amenities such as a pool, BBQ areas, a fully equipped gym and cinema.
By moving into these luxurious ‘mega-apartments’, many families gain access to facilities and amenities that they may not have had in their traditional, detached family home. The option to customise floorplans and combine multiple properties makes multi-generational living even more achievable and enjoyable.