Luxury apartment ‘rightsizing’ boom reshapes prestige property market
Wealthy Aussies are swapping large family homes for high-end apartments, with sales of prestige units tripling over the past decade.
2 min
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.
Rising rates, construction inflation and shrinking investor confidence are pushing Australia deeper into a dangerous housing spiral that monetary policy alone cannot fix.
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A former Paul Bangay estate in the Macedon Ranges blends heritage charm, sculpted gardens and pavilion living across 108 hectares.
2 min
Seemingly borrowed from a scene in Bridgerton, or plucked from the pages of a Brontë novel, St Ambrose in the picturesque Macedon Ranges of Victoria is a masterclass in English-inspired charm.
It’s no surprise, then, that the expansive 108ha estate, whose grounds are known as The Enchanted Garden, is the former home of celebrated landscaper Paul Bangay.
St Ambrose is a property with a genuine narrative. The story begins in the 1880s, when the original bones of the modernised homestead were just a humble schoolhouse.
Just over a century later, Bangay bought the country compound and spent a decade transforming it into a magical escape showcased in his iconic book, The Enchanted Garden.
Arranged as a sequence of “rooms”, the grounds are connected by sculptured hedges and framed planting that has been handpicked to connect with the surrounding Macedon landscape.
Now the estate is back on the market via an expressions-of-interest campaign with Campbell Kilsby and Tony Ryan of Kay & Burton Bayside, who are seeking offers between $8 million and $8.8 million. According to title records, it last traded in 2023 for $8 million.
A line of perfectly placed pencil pines frames a structured forecourt, anchored by a central, calming water feature.
Beyond the landmark gardens, the residence has also been revived, crafted into a series of connected pavilions balancing old and new. The former schoolhouse is still part of the story, now integrated into the main living zones.
Inside, the house features epic proportions with high ceilings, big fireplaces, spacious rooms, and expansive glazing that captures the romance of the outdoors from every angle.
The central country kitchen has stone surfaces, an island bench, shaker cabinetry, and French doors to the patio.
There are four bedrooms, including a main suite with a quiet garden outlook, while additional bedrooms are positioned for privacy. At the far end of the vast floor plan, there is also a fully self-contained one-bedroom guest residence for extended family or visitors.
Two separate garages have raked western red cedar ceilings, polished concrete floors, and custom timber doors that open the space up for entertaining in the stately setting. Ordinarily, the garage can accommodate more than five vehicles.
In addition to the heritage-style gardens, the grounds feature a newly rebuilt 20m wet-edge pool with an integrated spa, as well as an upgraded reflection pond complete with new filtration and lighting.
Other recent behind-the-scenes renovations include hydronic heating, air conditioning, irrigation, and water storage.
St Ambrose is close to Woodend Station and is approximately 70kms from Melbourne’s CBD.
St Ambrose at 7 Wood St, Woodend, Victoria, is listed through an expressions-of-interest campaign with Kay & Burton Bayside. Offers close on May 27 at 5 pm, and the price guide is $8 million to $8.8 million.
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