Melbourne’s luxury apartment market is set to strengthen this year, driven predominantly by the baby-boomer cohort demanding high quality, spacious apartments in inner city pockets.
Industry veteran and South Yarra pioneer, Michael Yates, said the last few years saw the makings of the “boomer-boom”, with his development Yarra House in South Yarra selling more than 70 percent of apartments to owner occupiers in the over-50 bracket.
According to Mr Yates, the baby-boomer demand for Yarra House is a shift from previous projects in the area where at least 40 percent of stock was snatched up by investors.
He said baby boomer demand for apartment living will continue to grow this year as the industry steps up to cater for this new apartment dweller.
“We ensured our next development, 55 Claremont, ticked the boxes for baby-boomers – spacious and flexible floorplans, a boutique development in a prime location and a dress circle view of Melbourne.”
Located at 55 Claremont Street in South Yarra, the signature Michael Yates development neighbours the recently completed Yarra House and is a one minute walking distance to Melbourne High School and the Yarra River. The development is in line with Michael’s commitment to only purchase premium sites in the exclusive inner-city suburb.
55 Claremont offers 37 exquisite residences with uninterrupted city and Yarra river views. Each has been meticulously designed with a maximum of only three residences per floor.
“Another trend we’re seeing is the downsizers’ desire to merge floorplans. The ability to create your own, bespoke apartment combined with a five-star hotel ambience has been embraced by empty nesters looking to enjoy their encore years,” said Mr Yates.
With development in South Yarra skyrocketing in recent years and over 40 projects currently underway, 55 Claremont is the last of its kind to offer panoramic, never-to-be built out views of the Yarra River and Melbourne CBD.
“The view isn’t just a nice-to-have,” said Mr Yates. “It also means each apartment has an abundance of light and ventilation – this is a rare exclusive opportunity for those looking for their own slice of South Yarra.”
Michael L Yates & Co. continue their longstanding relationship with architects Bird de la Coeur and interior designers Hassell on 55 Claremont.
The apartments feature stainless steel Gaggenau kitchen appliances, stone-finish island benches and oak timber flooring, whilst residents will be able to enjoy a communal lounge with dining and barbeque facilities on the terrace as well as a fireplace.
55 Claremont is located in the heart of South Yarra, moments from the bustling Toorak Road and Yarra Lane and home to the likes of Palace Cinema, The Olsen Hotel and Adriano Zumbo Patisserie. The bike tracks along the Yarra and Botanical Gardens are also a short walk away.
“With the kids out of home, or retirement on the way, these buyers value being in close proximity to Melbourne’s best restaurants and cafes, cinemas, recreational facilities, parks and the city,” said Mr Yates.