Housing showcased within South Melbourne

May 10, 2017 by  

Developer Tim Gurner has unveiled a luxury housing project in a southern suburb of Melbourne.

Gurner has been involved in promoting Albert Place Residences – a $150m initiative located near a lake. Similar developments have been constructed recently, including one in Melbourne. Brochures from Caulfield might be used to advertise other luxury apartments in the city.

The developer explained that people who are downsizing often have plenty of money, and he believes that sharp rises in property prices have given many of the older generation considerable choice. Some of these affluent individuals want to live in state-of-the-art apartments.

Gurner told The Australian:

“When you’re selling a $10m to $15m house and you can buy an amazing apartment for $2m to $5m and buy a place down at the beach and a place in Port Douglas as well … it becomes very attractive.”

The average price of housing in Toorak within Melbourne has boomed in recent years. According to Gurner, this fact means that a possible decline in property values is unlikely to limit the purchasing power of residents in the area in a significant way.

Gurner pointed out something else of relevance to the likely buying habits of wealthy people looking to downsize. He commented that the individuals largely inhabit the same social networks, meaning one property purchase can lead to another as group members may emulate the behaviour of one another.