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Bigger is better when you purchase at Prospect Box Hill!
Apartments within Prospect are not only luxurious and perfectly positioned in the premium Box Hill CBD, they are also spacious. Designed with a range of different living arrangements in mind, Prospect’s apartments are expansive, airy, and open – meaning you’ll never feel cramped when you choose to call one home. While most apartments in Box Hill start at just 52sqm, the smallest offering at Prospect is 58.2sqm.
We explore why bigger is better when it comes to purchasing an apartment – whether as an owner occupier or as an investor.
Bigger apartments are in demand
Apartment sizes across Australia are trending upwards, as more people begin to view units as a long-term property solution for families rather than short-term accommodation for singles, couples, or university students. What’s more, COVID-19 made people re-evaluate their need for bigger dwellings after being forced to stay inside during extended lockdown periods. Urbis director Paul Riga said that investors previously made up most of the apartment purchasing cohort, however, research by the leading consultancy firm indicates that more owner occupiers are entering the apartment market. “Apartments are no longer just an investment option to house students; they are now seen as family homes,” said Mr Riga. These insights are backed by Urbis’ Apartments Essentials report, which states the average two-bedroom, two-bathroom apartment sold between September 2020 to September 2021 increased from 86sqm to 91sqm. In the same time frame, three-bedroom apartments grew from 127sqm to 134sqm.
Victorians have the biggest desire for larger apartment sizes compared to the other states and territories. According to the 2021 CommSec Annual Home Size Report, Victoria has the highest average square metreage at 156.8sqm.
Buying at Prospect gives you more bang for your buck
It goes without saying that the demand for larger apartments is set to drive up the value of bigger units for sale. At Prospect, you can purchase a spacious, luxurious apartment for an affordable price, that will continue to increase in value. With apartment sizes reaching record lows between 2017-181, many apartment complexes built before or during this era are offering buyers smaller apartments that aren’t equipped with the latest high-end amenities. What’s more, apartment complexes built prior to the pandemic have not factored in the lifestyle shift most home buyers are now seeking. With more buyers wanting their place of residence to be a ‘one stop shop’ for work, rest and play, the team behind Prospect adapted their original plans for the project’s ground-floor commercial space in favour of retail shops and a café, so residents can shop or grab a cup of coffee without having to leave the building.
Additionally, as most workers have shifted to flexible working arrangements, Prospect will include plans for a co-working space at the podium level that will provide residents with a quiet, convenient place to work or study, as well as a wellness club and other contemplative spaces that are an extension of their own apartment.
So, whether you purchase an apartment as an investor or owner occupier at Prospect, you can rest assured knowing you’re investing in a residence that is equipped for residents to spread out and enjoy life on their terms.
Buy now and move in by September 2022! With a range of developer incentives on offer, R&F Property Australia has made it quicker and easier to get your foot on the property ladder. To learn more, click here to arrange a time to speak with our friendly team today.
1 Statistic taken from the CommSec Annual Home Size Report, November 2021