Retirees Buying Apartments

Market Insights
8 years ago
2 minutes

Local downsizers and retirees have been quick to purchase apartments in Ivanhoe’s sold out development, Evergreen, developed by Kokoda Property.

Designed by award winning architecture firm Hayball, Evergreen has attracted a high owner-occupancy rate (45 per cent), combined with a large number of sales from the local vicinity (40 per cent), including a group of five semi- retired friends.

“Ivanhoe is a precinct with a limited supply of existing and new apartment dwellings,” says Hayball Director Luc Baldi.

“The response of the sales from Evergreen indicates a strong desire for people wishing to downsize and stay within the community of Ivanhoe.”

The success of the three bedroom apartments in particular is indicative of the living preferences of older generations, with a large proportion of the owner-occupier purchasers aged over 60.

“The success of the three bedroom and larger two bedroom apartments indicate that this older generation are happy to embrace the convenience of apartment living as they age but without compromising on the existing lifestyle of the three bedroom plus home,” Baldi says.

Originally planned to host 75 per cent one-bedroom apartments, developer Kokoda have responded to a strong market demand for larger apartment sizes in Ivanhoe.

As a result, the final mix of apartments includes 49 per cent two and three bedroom apartments to better accommodate the desires of tenants and the area’s ageing population.

Research published by Urbis in 2013 shows 29 per cent of older singles over 60 live in medium and high-density private dwellings, reflecting the demand for quality developments at the right price.

This age group is already the largest cohort in Australia, and with numbers expected to grow by 1.5 million by the year 2026, this has significant implications for property and public policy.

“Quality apartment developments such as Evergreen are what’s required to cater for Australia’s rapidly growing ageing population, allowing residents to remain in their local neighbourhoods close to support systems,” says Sam Tucker at Kokoda.

The exterior architecture designed by Hayball features a striking use of timber on the façade that has been integrated throughout the interiors.

This façade system comprises of a composition of stackable timber crates, deployed to alleviate the perception of the singular massing of the building. The crates form the surrounds to the terrace and balcony of the apartments, providing screening and privacy to the apartments.

A large, communal rooftop garden provides further amenity and with northerly solar aspect and views to both the city and the Dandenong Ranges.

Evergreen is located in close proximity to Austin Hospital and public transport.