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.
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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.
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Held for decades by the Jesuit Fathers, the landmark Newport property combines direct sand access, sweeping ocean views and redevelopment potential across a prized 967sqm holding.
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One of Sydney’s most tightly held beachfront estates has emerged on the market, with a landmark Newport holding offering buyers the chance to secure an irreplaceable slice of the Northern Beaches coastline.
Positioned directly on the sand at 11 Calvert Parade, Newport, the 967sqm estate is described as one of the most significant beachfront offerings to hit Sydney’s market in decades.
Set within an exclusive oceanfront enclave, the property pairs sweeping coastal views with direct private beach access and a substantial grassed frontage that appears to spill seamlessly into the shoreline beyond.
From the home, uninterrupted panoramas stretch across Newport Beach towards Bilgola Headland, with Newport Reef sitting prominently within the outlook.
The offering is expected to attract significant interest from buyers seeking a blue-chip weekender, a long-term family estate, or a future architectural statement.
Concept plans by acclaimed Northern Beaches architect Dan Raymond present a vision for a new luxury residence designed to capitalise on the site’s scale and prestige.
The property’s history is equally compelling.
Known as “Howth”, the original weatherboard residence was built circa 1930, with the name derived from the Irish word for “headland”. In later years, the home was held by the Jesuit Fathers and used as a peaceful retreat for clergy.
Today, much of that nostalgic coastal character remains intact.
The primarily single-level home features ocean views from the main living zone, while a wraparound dining room and adjoining sunroom open onto a large entertaining deck overlooking the water.
Accommodation includes a main bedroom with an ensuite, a spacious second bedroom, and an oversized loft-style retreat that could function as additional guest accommodation, a rumpus room, or studio space.
A galley-style kitchen, high ceilings, original timber floorboards and ducted air-conditioning add to the home’s immediate liveability, while a repurposed two-way fireplace offers the opportunity for restoration.
According to the campaign brief, there are only 66 comparable oceanfront properties across Sydney, making opportunities of this scale and position exceptionally rare.
Located moments from Newport village, cafes and surf breaks, the property is also being marketed as the last remaining opportunity of its kind along Newport Beach.
The property at 11 Calvert Parade, Newport, is listed via an expressions-of-interest campaign closing on June 8.
For enquiries, please contact Nik Vuko: 0416029417
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