Strong demand for larger, luxurious apartments has led the developer of a Toowoomba retirement community to amalgamate eight apartments into four - some six months into the project's construction.
The four new amalgamated apartments in the Ninth Middle Ridge project will all be around 215 square metres in size and be priced up to $1.3m. Three apartments of a similar size have already sold at prices up to $1.195 million.
The announcement is further evidence of downsizers demanding larger apartment sizes, in part because the strong market for detached houses is increasing their buying power and also in response to the desire for more living space during the COVID-19 pandemic.
The project is being developed by southeast Queensland retirement village provider and operator Aura Holdings at the Toowoomba Golf Club.
Construction began in August 2021 and the first residents will move in late this year.
The amalgamated apartments will include three bedrooms, two bathrooms, a multi-purpose room, study, butler’s pantry and multiple balconies.
“These redesigned apartments will take retirement living to the next level and are like nothing else offered on the Darling Downs,’’ said Aura Holdings director Tim Russell said. “We know that today’s retirees demand a high standard of living."
“We were taken by surprise by the interest in our larger, more expensive apartments after being told by some that Toowoomba retirees wouldn’t pay over a million dollars for an apartment, but they were wrong.
“Despite the doom and gloom surrounding COVID-19, the property market has continued to grow strongly providing retirees with more capital to fund their desired lifestyle.’’
Real estate agents Meg Robertson and Alex Lincoln of PRD Toowoomba confirmed the strength of the local market.
“Toowoomba has experienced an unprecedented surge in the market with more buyers coming from the Gold and Sunshine Coasts, Brisbane and interstate,’’ they said.
“Many retirees are taking advantage of the current conditions to sell their properties and downsize. The Ninth Middle Ridge is creating excitement in the Toowoomba market allowing them to downsize without compromising on size and quality.’’
The project's 75 two and three-bedroom apartments, plus penthouses, will have expansive views over the 55ha lush parkland golf course or across the Great Diving Range.
Residents will enjoy a private, maintenance-free lifestyle in the low-rise development of three and four-storey buildings with a range of community facilities.
- Find out more about the Ninth Middle Ridge community here
- Downsizers continue to drive demand for larger apartment sizes