Many downsizers choose luxury apartments when it comes time to sell the large family homes. With the security of being able to lock up and leave for extended holidays and access to amenities such as rooftop gardens and pools, an apartment makes perfect sense.
Those considering an off-the-plan apartment are generally more astute than your average buyer. They’re aware that there are inherent risks and they typically do extensive research, having heard stories about poor-quality builds or designs that aren’t reflective of the marketing.
What sets the luxury buyer apart?
The luxury buyer has a precise set of needs and expectations that smart developers understand. A luxury buyer already has a very clear idea of what they want when they make an enquiry – they’re often well advanced with their buying journey. They’re comfortable with their price range, their preferred location and non-negotiable features: everything from marble benchtops to desirable common amenities. Often, they’ll also have preferred orientation expectations and have considered city views, north-facing vantage points and terraces.
They’ll also seek out properties where the locations infrastructure supports the “investment” side of the purchase with buildings that are close to cafes, schools and amenities, especially in suburbs with limited supply that are tightly held by owner-occupiers.
How do developers work with clients?
Quality developers will work closely with luxury buyers to customise their homes. After all, they’ve chosen an off-the-plan purchase so they can create a home that suits their specific needs. The flexibility of the process is appealing, and the best developers understand this.
The key people behind a development will often meet with the buyer and spend time learning about them and their vision for the project. The relationship between developer and client is key at this stage. Not only does it build trust, it builds the developer’s reputation through word-of-mouth praise.
What should prospective buyers look for when choosing a luxury off-the-plan apartment?
To ensure you’re getting the best possible design and build, make sure you do your research into the developer and their previous projects. It also helps to know as much as possible about your project before you agree to proceed. That means finding out which architect, builder and landscape gardener have been engaged. When you know that each supplier is reputable, it helps to mitigate any risk.
Finally, the best apartments in prestige developments are often secured fast. In this market, it’s a good idea to be proactive. This can be as simple as being on a Project Marketer’s email lists, so you’re the first to know when new offerings are soon to be released.
About The Author
Leonard Teplin, Director at Marshall White Projects, has sold real estate in Melbourne’s most prestigious suburbs – largely the leafy Eastern suburbs in Stonington and Boroondara. In more recent years, Leonard has directed this focus at the off-the-plan market and heads up the projects arm of the Marshall White business. More than a sales agent, Leonard works with developers to design and deliver boutique apartment product tailored specifically to luxury buyers.