Courier Mail 13/06/15
When Joe Marchiotto saw the plans for the $600 million South City Square in Woolloongabba, he immediately knew he had found his new home.
Mr Marchiotto and wife Sara have bought a three-bedroom, two-bathroom apartment in the terrace collection in stage one of the Pellicano project, known as One South City. Importantly, the Marchiottos did not want to ‘downsize’ from their current home in Carindale, with lifestyle an essential factor in their move.
“We have adult children, one of which has two little babies, and they come over a couple of times a week, so it is imperative we have space to comfortably cater for our family, and our friends, in our home,” he said.
“We have a 2.5m table, which will easily fit in our new dining area, plus a 105sq m balcony for us to enjoy the tropical Queensland climate. And, with floor to ceiling windows, we get to enjoy the views all year round.”
Being close to Woolloongabba’s cafe and restaurant scene was also appealing for the Marchiottos, with the precinct’s plans for a supermarket, boutique hotel and cinemas all drawcards.
Empty-nesters selling up the suburban family home are proving a powerful force in the inner Brisbane apartment market.
BIS Shrapnel’s Inner Brisbane Apartments Market Brief analysis of the age profile of residents suggested three main groups were driving occupier demand – students, younger adults, and older empty-nester adults. Empty-nesters accounted for 28 per cent of the non-student adult population of the area at the 2011 census, and the 45 years and older age group is growing faster then Greater Brisbane’s total population.
The report found Baby Boomers entering retirement were more likely than current retirees to live in an inner city Brisbane apartment. However, their ability to trade to an apartment depended on the strength of demand and price growth for houses in the upper quartile segment of the market.
The terrace collection at South City Square has been designed for downsizers and families.
The 118-apartment One South City, on the corner of Logan Road and Deshon Street, is now under construction.
Prices start from $345,000 and more than 85 per cent of apartments in the first release are sold.