As the first quarter of 2018 draws to a close, Kay & Burton Projects is pleased to report strong sales results exceeding predictions for the sector.

Projects sales for this calendar year remain on par with the mammoth success achieved in 2017, which saw in excess of $50 million in gross sales and a median sales price of $1.4 million.

Also reflected in the recent sales data are the following key themes shaping the future of Melbourne’s apartment market.

Large apartments take centre stage

The previously strong preference for luxury apartments of any size is shifting towards larger products that emphasise private living areas over communal amenities.

Buyers report the size of these larger apartments offers a rich quality of life while also providing strong return on investment.

The tightening of lending requirements within the big four banks affecting foreign purchasers, and the increased stamp duty liabilities, are also factors underpinning this shift.

As a result, we’re seeing strong demand for large apartments in more boutique developments, particularly those in easy walking distance to village-style shopping strips such as Toorak Village, High Street in Armadale and Malvern Road around Hawksburn Village.

While not all these projects will feature the 24/7 concierge offering of a top-end luxury product, they are certainly not short on added amenities.

Open-plan living spaces, skyline views (where possible) quality secure parking in basements, residents’ lounges and ground floor retail shopping and hospitality remain standard features of Kay & Burton projects.

Secure car parking for at least two cars and storage space, including butler’s pantries and walk-in wardrobes, feature at the top of buyers’ priorities in this demographic.

Architectural pedigree drives demand

Developments with world-class architectural merit are the key exception to the current ‘size over luxury’ buyer preference.

Currently our most in-demand development is Mayfair on St Kilda Road, South Yarra, designed by the architectural practice founded by the Iraqi- British-architect Zaha Hadid who passed in 2016.

The building is being designed in conjunction with Elenberg Fraser and will feature the curvaceous lines Hadid’s projects are internationally renowned for to form an architectural landmark for the area.

There’s also no comparing the luxurious amenities of this project. Each lift in Mayfair will service only two residences on each floor for the utmost resident privacy, and the building hosts a 24-hour concierge, rooftop terrace overlooking the Royal Botanic Gardens, cinema and a climate-controlled wine cellar.

South-eastern suburbs still king

Since Kay & Burton’s first ever sale in South Yarra in 1938, this elite suburb and its neighbours have formed the backbone of the company portfolio.

The following projects in the south-eastern suburbs and the Bayside area have either recently launched to market or are scheduled to in the coming months.

Botanic

Corner of Domain Road and Anderson Street, South Yarra

Located in one of South Yarra’s most distinguished and opulent locations overlooking the entire Royal Botanic Gardens. Combines luxury living with architectural excellence by Carr Design Group.

Grantham

547 Toorak Road, Toorak

Offers a prime position on Toorak Road Hill in close proximity to Toorak Village. The project is being developed by the longstanding Toorak boutique developer and builder, Charbord Constructions.

Esplanade

26 & 28 Esplanade, Brighton

A boutique development of only 11 apartments located at Melbourne's most famous waterfront address. Designed by famed architecture practice Wood Marsh across two buildings to encompass stunning architectural form and uninterrupted bayside views.

For more information about Kay & Burton Projects, enquire here.


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