February 2023
Breakfast Point locals are finding an upside to downsizing, with two-bedroom apartments becoming increasingly popular within the waterfront community. Alison Beveridge, principal of Breakfast Point Realty, says around 30 per cent of recent sales have been to residents already living within the suburb, who are keen to move to a smaller property with cheaper strata fees.
“It is a really surprising trend and particularly popular with semiretired locals,” says Alison. “Downsizing from a three-bedroom apartment to something smaller allows people to maintain the Breakfast Point lifestyle they love and put some money into the bank for the future. This also gives them savings on their strata fees which could be around $2000 a quarter depending on the individual building and its precinct.
“We had one couple recently sell a three-bedroom courtyard apartment in an older style building for $2.1m and upgrade to a two-bedroom unit with a water glimpse for $1.5m – so there is good incentive to make the move,” she adds.
The latest figures from Domain show the median price for a two-bedroom unit in Breakfast Point has increased 12 per cent over the past year to $1.33m, with 77 sales recorded.
This is double the number achieved pre-pandemic for the same period in 2019, and is also higher than the number of transactions for both 2020 and 2021.
Recent sales include 21/1 Juniper Drive, located in the newly updated Chateaux Building, which fetched $1.865m through Breakfast Point Realty.
Also selling was 13/21-25 Peninsula Drive, located within the Savannah complex, featuring a grassed courtyard, which sold for $1.63m; while a top-floor two-bedroom unit at 509/2 Rosewater Circuit was recently purchased for $1.34m.
Alison said more affordable two-bedroom units also appealed to younger buyers. “These are couples who have been priced out of the housing market and want a lifestyle, so they forgo the backyard to buy here.”