News Blog - Residential

14 April 2016

ANALYSIS PARALYSIS | SEARCH FOR THE WOW FACTOR

In the current residential property market, buyers are spoilt for choice and most are overwhelmed by information overload that’s presented to them, or alternatively on their smart phones. Although extremely convenient, a double edged sword comes from too much choice, resulting in indecision, procrastination and uncertainty. It not only prevents decision making, but can also have a dumbing down effect as the massive product variety causes confusion.

As a result, one notices an ever-increasing need for the immediate ‘wow-factor’ of a development to capture buyer’s attention. This starts with the quality of the architecture, design features and the cache, right through to the project’s location.

Experienced property professionals understand product in a much deeper sense.

They identify a sell-out development before construction commences, recognising the integral aspects of the project as a whole rather than identifying an individual apartment.

Location

It starts with the location… An ideal location is not necessarily a hot suburb that is more popular than others. Recently there has also been increasing popularity for inner-west Sydney suburbs rather than CBD living. An increase in popularity within such suburbs has been apparent due to their close proximity to the city whilst still being able to afford the luxury of the numerous amenities that come with a quieter area. These amenities can range from parks and sporting fields to cafes and shopping centres.

Design

Preceding the finer details of design, the architect plays an important role in the lifeblood of the project. Architects like the late Zaha Hadid, famous for their eye-catching design and alternate vision, are able to take a piece of land and turn it in to a true architectural masterpiece. This can be seen in the design of her upcoming controversial Brisbane Towers Project. Not only is the development located in a city where the property market is really booming, but the massive one acre (4,500 square metres) site has transformed a previously abandoned ABC broadcasting building in to three beautifully crafted towers that can accommodate up to 400 apartments. The real specialty of this development is its ability to complement its surrounding riverside park and bring life to a previously dull area.

The Porter House building is a recently approved project soon to come to the Sydney CBD. This 36 storey, 131 apartment, 100 room hotel, mix-use development will transform the southern end of town with ground floor commercial and retail space, along with a bar, residential and hotel lobbies.

The Architect

The architects, Candalepas & Associates, incorporates a variety of design features to bring the ultimate city-living experience. Whilst maintaining the integrity of the heritage listed Porter House building, the design combines internal gardens and a myriad of views through archways to create a real Mediterranean feel.

The project truly integrates the stylistic vision and lifestyle of Candalepas’ architectural form. With levels 1-8 comprising of hotel rooms and the luxurious public spaces within, this development will make by-passers want to leave the city streets and wander into the building.

Examples of new developments in Sydney

Examples of such developments can be seen everywhere you look. Recently a development named Ashlar was placed on the market. This project, located within the vibrant Surry Hills and designed by award-winning architecture firm SJB, establishes something not yet seen in a suburb that has recently sprung in to life. The 6 level building is crowned by a breathtaking metal-clad ‘lantern’ encompassing a penthouse and a communal rooftop garden on level with dramatic city views reminiscent of New York. The overriding success of this building evidenced a couple of market truths.

Firstly, the owner occupier market were very much drawn to high quality finishes and indeed are willing to pay for that level of luxury in boutique buildings.

Secondly, it highlighted the continuing popularity of city fringe developments and even a mindset shift away from relying on cars when transport and the Sydney CBD are so close. This shift almost signals the incorporation of the Surry Hills precinct into the CBD fold, as if Surry Hills is now an extension of the city.

The latest project to arrive in Lewisham, Alpha apartments are now all sold. Designed by Tony Owen Architects, we once again see a building that is unique for its area, with its pod designs bringing a sense of nature to indoor living. With 68 apartments comprising 1, 2 and 3 bed sky-homes over 5 levels this design opens the apartments to a distinctive style of living with both city and district views. In addition to the beautiful design, Alpha apartments are hosted by a beautiful area with multiple transport options situated just moments away. The new Lewisham West Light Rail Station is adjacent to the project giving the precinct fantastic public transport access. Located 10 minutes away from Leichhardt’s Norton Street and an array of restaurants, cafes, bars and weekend markets there will never be a shortage of choice for residents.

The architectural design features of a project are a true indication of the ‘wow factor’ that is needed to draw in the buyers of today. With such a large supply of residential apartment buildings in Sydney, it is very important for a development to stand out from the rest in the property market. Today’s buyers have an increasing desire for environmentally sustainable design. The concept of passive solar design is a great way upon which a developer can drive the demand for their project. Simple notions like having a northern orientation, cross ventilation and having effective shading devices can go a long way to increasing the value of an apartment.

Whether it’s the location, design features, the architect or the cache, the wow-factor is vital in capturing a potential buyer’s attention. In a time where information is so easily accessible, it is easy to see how a buyer looking for a property can be swamped by an overload of material. With indecision and hesitation the need to seek a stand out project is important.

The key for a developer is in the presentation of the product. A picture tells a thousand words. In this case, the appearance of images in a development advert or a strong project name can say a lot more about the project than a lengthy worded description.

Ultimately, as a buyer, it is the wow-factor that will draw you in. As a buyer seeking a new home or an investment property, one should not panic nor should they get distracted.

Find a development that sets new benchmarks for design and is in that special location with a range of amenities, find a development that has that wow-factor.

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Date: 14 April 2016 Author: Jean-Paul Markopoulos
Residential
Jean-Paul-Markopoulos

About the author:

Jean-Paul Markopoulos

Jean-Paul is CEO & Licensee in charge of TGC Residential Projects, an arm of TGC who market and sell high end Residential Projects, mainly in the Sydney area. With over 20 years in the industry, Jean-Paul is recognised as a market leader in Residential Project marketing having set many record property prices.

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