_How City Believers have rebranded Sydney’s inner-city
The move towards urban living in Sydney comes as no surprise – similar trends have been playing out in markets around the world and it was, in fact, one of the key future trends earmarked in the Knight Frank Prime Global Forecast 2020 Report.
Despite perceptions, in Sydney, it isn’t just rightsizers looking to make a move into the CBD, young families and professionals are also opting for the apartment lifestyle. Dubbed ‘City Believers’, they are the driving force behind Sydney’s inner-city rebrand and proof that apartments continue to be the impetus for growth in Sydney’s residential landscape.
Image: Super-prime apartments on the water's edge, Crown Residences, located on the higher levels of Crown Sydney's new One Barangaroo, opening in early 2021
The new breed of City Believers
Many rightsizers, young families and professionals are now finding that modern city life has a lot more to offer than the traditional suburban dream. Willing to forego the classic ‘white picket fence and lawn’ in favour of perks such as convenience and accessibility, City Believers are flocking to the city in droves.
Image: recently sold CBD dwelling Carlson Terrace at Millers Point, a perfect blend of tranquility and inner city vibe
In our report Rightsizing 2020, we called out a lifestyle shift occurring in the narrative from downsizing to rightsizing we’re seeing taking place. We defined the Rightsizer demographic as empty nesters and active retirees who have typically lived in a larger house out in the suburbs, but are now looking at their homes and questioning, ‘do we actually need five bedrooms and a large garden?’ Larger homes mean more maintenance, which comes with a cost, both financial as well as time. Not only are they swapping out the sprawling family home, but they are switching camps to the City Believers: those in favour of easy apartment living.
Image: views, accessibility and location are highly sought after for CBD apartments, such as the iconic 'The Quay' at 2 Phillip Street, Sydney
Young families and professionals are also joining the fold. Traditionally these groups would have opted for houses outside of the CBD, however, the benefit of city living holds a strong appeal. No more long commutes means more time with the family, amenities and services within the building add a level of convenience unavailable in a house and public spaces are seen as a very viable alternative to the backyard – without the need to consider mowing the lawn! Moreover, in times like these, centrality of location along major transportation hubs and main motorways is a major advantage ensuring ease of movement to weekenders or coastal and rural retreats.
Cities are becoming more liveable
City centres have come a long way in terms of liveability, with the government encouraging more mixed-use spaces. New neighbourhoods in the CBD, Barangaroo as an example, has 50% open space, a mix of commercial, residential, retail and parks ensuring activity and life in the precinct 24 hours a day – gone are the commercial strips that are a ghost town at night or the residential precincts deserted in the day.
Image: the brand new ferry terminal located adjacent to the newly redeveloped Barangaroo precinct, an urban regeneration schemed compared to New York's Hudson Yard. Supplied by developer Crown Resorts
Developers are also responding to the increased demand from City Believers, embracing more intuitive apartment designs that feature larger living areas, private outdoor spaces and continued consideration of smart home offices. Apartments are moulded to match the lifestyles of city dwellers, offering a viable alternative that does not mean having to compromise on entertaining space, storage or community. Those developers who have responded to the needs of the City Believer within their designs have seen strong demand and off-plan city apartments are selling exceptionally well with owner occupiers rather than just investors seeking yields.
Convenience is the new currency
All of the above is well demonstrated when I consider the mixed demographic of purchasers of a Crown Residence at One Barangaroo. Yesterday I spoke with one of our purchasers; he has a young family and strongly feels that the convenience of living in an apartment in a well-planned precinct outweighs any perceived disadvantage of a lack of a backyard for his child. Equally, our young professional is looking forward to entertaining his business clients downstairs from his home after a quick call to his 24-hour concierge to book his favourite table at the whiskey bar.
Image: Separate residents lobby entrance and exclusive concierge access, one of the endless services available at Crown Residences at One Barangaroo
Meanwhile, our active retirees can’t wait to utilise room service, housekeeping and valet to pop the car downstairs. Convenience, thoughtfully designed, spacious apartments in a well-planned precinct appeal to all and we can only anticipate that like many other cities, Sydney’s City Believers will only increase – the views also help!
Image: Nobu Sydney from esteemed chef Nobu Matsuhisa, recently confirmed as part of the much-anticipated culinary line-up at One Barangaroo Sydney. Supplied by Crown Resorts Sydney.
Author: A fellow inner City Believer.
Erin van Tuil
Partner, Crown Residences at One Barangaroo
+61 409 325 700
erin.vantuil@au.knightfrank.com