Cashed-up downsizers moving into Brisbane's biggest apartments

Fears of apartment oversupply have not deterred buyers from Brisbane’s high-end unit market with the top end booming, according to agents.

Despite a drop-off in smaller apartment sales, cashed up baby boomers are downsizing from houses to luxury house-size apartments.

School teachers Bill and Julie Whitting are trading their four-bedroom Queenslander in Sherwood for a three-bedroom apartment in Taringa’s Oakridge apartments.

Bill and Julie Whitting outside their Sherwood house. Photo: Supplied

Mr Whitting said since their children moved out of home they are choosing to spend more on their lifestyles.

“Being a Queenslander it means that the upkeep is constant so we would rather be spending money on lifestyle rather than an asset,” Mr Whitting said.

“There is a pool which is used, at most, three times a year,” he said. “The house is too big for our needs.”

Velocity Property Group’s Oakridge apartments in Taringa. Photo: Supplied

The pair said their decision to buy in a boutique block of seven apartments was made based on location and size.

“We bought because of the location [and] good elevation to catch the afternoon breeze and still close enough to the shopping, cafe precinct in the Graceville area we have enjoyed for many years,” Mr Whitting said.

Location has been a key driver for baby boomers with more luxury developments being built close to Brisbane’s CBD.

443 on Queen Street Photo: Supplied

One of the more notable is the 443 Queen Street apartments in the heart of the city.

CBRE selling agent Paul Barratt said despite an oversupply of lesser quality units, higher end apartments were in demand.

“There’s no denying the shoebox stereotype market aimed at interstate investors is not getting traction and the buyer market has disappeared,” Mr Barratt said.

“But there’s not just one market and the mid-to-upper ends are proving to be very strong,” he said.

Inside the 443 apartments. Photo: Supplied

Mr Barratt said the 443 Queen Street development was most popular with downsizers looking for “better amenities and location”.

“Four-bedroom, house-sized apartments have been most appealing to the semi-retired baby boomers who are our largest demographic of buyers,” he said.

Another choice among many downsizers is to move out of the city and onto the bayside.

Ahead of retirement, Michael and Bonnie Cunial recently bought a Mon Komo apartment in Redcliffe for $695,000.

Michael and Bonnie Cunial have recently purchased in Mon Komo. Photo: Supplied

The pair, who live in a four-bedroom house in Upper Kedron, plan to move into their new unit in the not too distant future.

“Even though we weren’t quite ready to move in permanently, we decided to purchase and use our apartment as a weekender until we are in a position to relocate,” Mrs Cunial said. “Now every weekend feels like a holiday at a luxury resort.

“Every time we visited Redcliffe we felt so good so we decided to purchase a home here,” she said.

Mon Komo marketing manager Adrian Parsons said ocean-front apartments were in strong demand.

“The developer, Kyko Group, has recognised this shift in the prestige market and increased levels of buyer confidence, releasing the final penthouse for sale along with the final 12 apartments in the Mon Komo residential tower,” he said.