Luxury apartment ‘rightsizing’ boom reshapes prestige property market

Australia’s prestige apartment market is booming as wealthy homeowners increasingly choose to “rightsize” into luxury apartments rather than remain in large family houses.

New research from McGrath shows the number of prestige apartments sold in 2025 has tripled over the past decade as high-net-worth buyers prioritise lifestyle, security and convenience.

McGrath chief executive John McGrath said the shift reflects a growing preference among affluent Australians for luxury apartment living.

“Prestige apartments have been the strongest market segment in the last few years as high-net-worth individuals choose luxury, security and lifestyle in apartments over houses,” he said.

“Demand has increased dramatically as luxury apartments have gone to a whole new level in design, finishes and amenities.”

Queensland has led the surge in prestige apartment sales, accounting for 43 per cent of East Coast transactions in 2025. New South Wales followed with 41 per cent, while Victoria made up the remaining 16 per cent.

Southeast Queensland leads the trend

Southeast Queensland has become a particularly popular destination for luxury apartment buyers seeking waterfront lifestyles with convenient access to major cities.

Mr McGrath said the region’s beaches and rivers had provided the ideal setting for a new generation of high-end residential developments.

Prices for newly built prestige apartments have also significantly outperformed established units over the past five years. New apartments on the Gold Coast have surged 88 per cent, compared with 60 per cent in Brisbane, 34 per cent in Sydney and 32 per cent in Melbourne.

Apartments getting larger

Developers have responded by building larger apartments with more bedrooms and premium amenities to appeal to affluent downsizers.

McGrath’s national head of research, Michelle Ciesielski, said the emerging rightsizing trend had reshaped the type of apartments being built across Australia.

“After identifying the emerging rightsizing trend in Australia back in 2020, there has been more than double the delivery of apartments with three or more bedrooms, and the average apartment built was one-third larger,” she said.

Hotel-style amenities and premium parking

Buyers are also increasingly seeking features previously associated with luxury hotels, including pools, gyms and high-end shared facilities.

More than two-thirds of residential towers across the CBDs of Sydney, Melbourne and Brisbane now include both a pool and gym.

Parking has also become a major selling point in the prestige apartment market. Research shows Sydney apartments with more than four car spaces command a 62 per cent price premium compared with those with just one space.

Despite strong demand, developers continue to face rising construction costs, labour shortages and higher material prices when delivering new luxury projects.

Even so, McGrath said demand for prestige apartment living is expected to remain strong as wealthy Australians look for sophisticated homes that offer space, security and a lifestyle-driven alternative to traditional houses.

Sydney watch collectors can now explore the world of Rolex at the dedicated Rolex boutique inside Chatswood Chase, one of the North Shore’s best-known luxury shopping destinations.

Operated in partnership with specialist watch retailer The Hour Glass, the boutique is located on Level 1 of the redeveloped Chatswood retail precinct. It is the eighth dedicated Rolex boutique in Australia and forms part of the Swiss watchmaker’s growing presence across Oceania.

More than simply a place to view watches, the Rolex boutique at Chatswood Chase Sydney has been designed as an immersive environment. Its architecture, materials and private consultation spaces create a setting in which visitors can learn about Rolex watches, their craftsmanship and the history behind the brand.

A Rolex boutique inspired by an iconic design

The boutique’s exterior draws inspiration from one of the most recognisable details in Rolex watchmaking: the fluted bezel.

Originally developed to help seal the Oyster case, the fluted bezel has evolved into a signature Rolex design element. At Chatswood Chase, this familiar motif is translated into a façade of vertically fluted travertine stone.

The architectural reference is subtle but distinctive, connecting the boutique’s physical design with the watches displayed inside.

Travertine continues throughout the interior, where it is paired with walnut accents, deep green upholstery and sculptural lighting. Together, these materials create a sophisticated but comfortable atmosphere suited to both experienced collectors and people exploring Rolex for the first time.

A personalised experience for watch collectors

The layout has been developed to support a more personal approach to choosing and learning about a Rolex watch.

Generously sized consultation tables provide space to examine individual timepieces closely, while two private VIP rooms accommodate more detailed appointments. The boutique can welcome individual clients, couples and larger groups without losing its sense of privacy.

Specialist staff from The Hour Glass are available to explain the features, materials and heritage of the Rolex collection. This expert guidance is particularly valuable given the breadth of Rolex watches and the technical differences between models.

Displays and photography throughout the boutique offer additional context, connecting the watches with the brand’s wider history of precision, performance and exploration.

Rolex and the world of sport

Visitors will also find references to Rolex’s longstanding relationships with leading international sports.

The brand has established strong connections with tennis, yachting and motor sport, supporting major competitions and prominent athletes across each discipline. Imagery inside the Chatswood boutique highlights these partnerships and features selected Rolex Testimonees—the champions and leading figures who represent the brand.

These displays place Rolex watches within a broader story of achievement and endurance. They also demonstrate how the brand has built an identity that extends beyond traditional Swiss watchmaking into sport, culture and exploration.

Rolex watchmaking and the pursuit of precision

Rolex is an independent Swiss watch manufacturer headquartered in Geneva. The company designs, develops and produces most of its watch components at its own facilities in Switzerland.

Its manufacturing capabilities cover numerous stages of production, from casting proprietary gold alloys to machining and finishing cases, dials, bracelets and mechanical movements. This integrated approach gives Rolex close control over the quality and performance of its watches.

The movements used in Rolex Oyster Perpetual and Perpetual watches are tested and certified in-house for precision, reliability and performance. Watches that meet the company’s criteria receive its Superlative Chronometer certification, represented by the green seal.

The word “Superlative”, inscribed on every Rolex Oyster watch, expresses the brand’s pursuit of continual improvement. That philosophy can be traced to founder Hans Wilsdorf and the innovations that shaped the modern wristwatch.

Among the company’s best-known milestones are the Rolex Oyster, introduced in 1926 as the first waterproof wristwatch, and the Perpetual rotor self-winding mechanism, developed in 1931. Rolex has registered more than 700 patents over the course of its history.

The Hour Glass and Rolex in Oceania

The Chatswood Chase location is operated by The Hour Glass, a specialist luxury watch retailer with an established Rolex presence across Oceania.

The company represents Rolex through 10 regional points of sale, comprising five dedicated boutiques and five authorised dealerships. Its stores combine carefully designed retail environments with teams of specialists who assist watch enthusiasts and collectors.

For The Hour Glass, the Chatswood boutique expands access to Rolex for clients on Sydney’s North Shore. Its location within Chatswood Chase also places the brand alongside a curated selection of premium fashion, lifestyle and dining businesses.

Rolex recently celebrated 100 years since it introduced its Rolex Oyster watch back in 1926. To celebrate the milestone they released the Oyster Perpetual 41, which pays homage to the historic original.