Sydney’s luxury property landscape shifts from mansions to high-end apartments

In the ever-evolving realm of luxury real estate in Sydney, a notable transition is underway. Ayre Real Estate, a prominent player in the market for prestigious Sydney City apartments, reports a decisive shift in buyer preferences. Over the past decade, the trend has veered from grand mansions to the allure of spacious, single-floor apartments, blending the comforts of a traditional family home with the ease of apartment living.

This change is particularly pronounced among buyers at a certain life stage, poised to embrace a new, opulent lifestyle. Craig Donohue, the Principal and Director at Ayre Real Estate, notes that buyers are seeking “an ultra-convenient, ultra-luxurious lifestyle that combines the best of both worlds.” There’s a significant move towards properties that minimize upkeep while offering generous space, state-of-the-art amenities, and stunning vistas.

Donohue highlights the Barangaroo precinct, a hotspot for high-rise luxury that sets the standard in Australia. The recent completion of the One Sydney Harbour tower has sparked excitement, drawing buyers to the prospect of waterfront living. “Those who missed out during the initial sales phase are now showing strong interest in securing similar properties,” Craig remarks, pointing to the current high demand for such exclusive apartments.

Committing to off-the-plan purchases, according to Donohue, can greatly benefit bold buyers who are able to envision the potential of such investments. “The transformation in high-rise development over the last decade is striking,” he says. Modern buildings are now designed with diversity in mind, featuring expansive outdoor spaces and luxurious amenities that cater to the upscale market’s growing appetite for larger apartments.

International buyers, too, are gravitating towards these off-the-plan opportunities, further buoying the market. Ayre Real Estate has seen a resurgence in international interest, which is expected to carry forward, underscoring Australia’s lasting attraction as an investment haven and a place of residence.

As the year-end festive season approaches, a period traditionally active in the luxury apartment market, Ayre Real Estate is gearing up for a busy period. Homeowners are increasingly opting to downsize from larger houses to premium apartments, especially in the Sydney CBD. With an array of well-priced properties on offer and predictions of a looming shortage of units in Sydney, the company forecasts a 5%-10% increase in property values in the City and its environs, suggesting a timely opportunity for prospective buyers.