Why the new breed of luxury homes are in the sky

A luxury sprawling house with a lush backyard was once the Australian dream, but times are changing.

Now, apartments with sweeping views and rooftop terraces with house-like proportions are capturing the imagination of prestige home buyers.

Australia-wide, buyers are identifying more with the upsides of apartment living, including lower maintenance and access to great locations.

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Unsurprisingly, the trend is impacting apartment design in Australia, with new developments increasingly offering sky homes that provide all the perks of a traditional house, but up high.

The rise of apartment living

The first apartment buildings popped up in Australia in the early 1900s. But by 2016, more apartments were built than houses for the first time, while the number of Australians living in an apartment had increased by 78% over a 25-year period, according to the ABS.

More Australians than ever view apartments as the way to live.

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Affordability has been the primary driver for unit buyers in the past. However, more recently, competition for land is the critical factor, according to Anne Flaherty, REA Group economist.

“Areas we’re seeing become very popular for apartments is the more luxurious coastal areas — in particular on the Gold Coast and Sunshine Coast, as well as the inner city,” Flaherty explains.

“In these spots, it’s very challenging to buy a house — especially close to the beach — and sometimes there aren’t any houses to buy. So, we’re seeing a lot more demand for apartments, penthouses and sky homes in these areas.”

Bigger is better

As Australians embrace apartment living, a broader range of owner-occupiers are on the hunt for a dream home in the sky and the demand for larger dwellings is heating up.

Spacious modern apartment layouts cater to luxury lifestyles.

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Data from realestate.com.au shows, nationally, 27.9% of all apartment searches in the year leading up to July 2021 were for three to five-bedroom homes — up from 25.4% the year before.

“This has corresponded with a drop in searches for one to two-bedroom apartments,” Flaherty adds.

“Basically, people want more space and having more bedrooms is beneficial — especially since COVID with lockdowns and working from home arrangements.”

The greatest demand for larger apartments is in Queensland, where more than a third (34.7%) of online apartment searches are for three or more bedrooms.

Interest is being shown among all buyer demographics, Flaherty adds.

However, demand is notably higher among the downsizer segment “who have more equity to play with and want and can afford luxury”, she says.

Nothing but the best

When it comes to luxury sky homes, three exclusive apartments atop the new Perspective Nexus project in Palm Beach are an exquisite example of what life up high can look like.

New developments are taking luxury living to the next level.

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The three-level dwellings by the Sherpa Property Group boast four bedrooms, a private pool, and a vast rooftop terrace perfectly positioned to soak up views of the coastline and hinterlands.

“The top of the building is always critical, and we thought why don’t we take this to the next level,” says Sherpa Property Group CEO Christie Leet.

“Rather than doing a single-level penthouse, we were very much in favour of a sky home and putting in pools and such things, so they’re quite special.”

In the entrance, there’s a stunning chandelier hung in a two-storey void that sets a lavish tone. Throughout the interior, the theme is relaxed coastal with unique touches like natural timber herringbone floors, and floor-to-ceiling windows.

Prestige penthouses offer unparalleled views.

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The rooftop is what dreams are made of, with a private pool, spa and expansive terrace for entertaining or relaxing that’s highly private.

A private wine cellar, dedicated home office, and three to five car parks are also included.

Leet says these prestigious sky homes will help create the dream lifestyle for high-net-worth individuals, while offering excellent value with $250,000 in lifestyle upgrades, including an external barbecue area on the roof and top-end European kitchen appliances.

Prospective Nexus is also in a prime location on the Palm Beach foreshore, with residents only steps from one of the most stunning beaches on the coast.

Pictures are courtesy of Sherpa Property Group.