Menu
Menu
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.
“We don’t expect the Reserve Bank’s recent decision to lift interest rates to significantly impact the Breakfast Point market”
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.”
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.
“We don’t expect the Reserve Bank’s recent decision to lift interest rates to significantly impact the Breakfast Point market”
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.”
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.
“We don’t expect the Reserve Bank’s recent decision to lift interest rates to significantly impact the Breakfast Point market”
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.”
Domain figures show the median price for a three-bedroom apartment at Breakfast Point has also increased – up 8.9 per cent in the past 12 months to $1.895m.
Demand for larger units is being kept strong by those looking to make the switch to apartment living from freestanding homes in nearby surrounding suburbs. The third bedroom is seen as advantageous as it provides more flexibility.
“These are people coming from these older big houses and they want their own space,” says Alison.
“They like having their own television areas – they often don’t let on that is what the third bedroom will be used for, but it is often how we see them set up.”
Like others in the real estate industry, Alison believes the economy is likely to be facing some ”headwinds”.
But she doesn’t expect the Reserve Bank of Australia’s recent decision to lift interest rates to significantly impact the Breakfast Point market.
“We call it the ‘Brekkie Point bubble’ and I’ve seen it over the past 20 years where sometimes things going on around us – even as close as two streets away – we don’t seem to experience the same things here,” she says.
“Many residents here own their property outright or don’t have huge mortgages. Even the young people who have bought in Breakfast Point have done so because of its affordability – they haven’t wanted to take on a massive mortgage and extend themselves.”
Domain figures show the median price for a three-bedroom apartment at Breakfast Point has also increased – up 8.9 per cent in the past 12 months to $1.895m.
Demand for larger units is being kept strong by those looking to make the switch to apartment living from freestanding homes in nearby surrounding suburbs. The third bedroom is seen as advantageous as it provides more flexibility.
“These are people coming from these older big houses and they want their own space,” says Alison.
“They like having their own television areas – they often don’t let on that is what the third bedroom will be used for, but it is often how we see them set up.”
Like others in the real estate industry, Alison believes the economy is likely to be facing some ”headwinds”.
But she doesn’t expect the Reserve Bank of Australia’s recent decision to lift interest rates to significantly impact the Breakfast Point market.
“We call it the ‘Brekkie Point bubble’ and I’ve seen it over the past 20 years where sometimes things going on around us – even as close as two streets away – we don’t seem to experience the same things here,” she says.
“Many residents here own their property outright or don’t have huge mortgages. Even the young people who have bought in Breakfast Point have done so because of its affordability – they haven’t wanted to take on a massive mortgage and extend themselves.”
Domain figures show the median price for a three-bedroom apartment at Breakfast Point has also increased – up 8.9 per cent in the past 12 months to $1.895m.
Demand for larger units is being kept strong by those looking to make the switch to apartment living from freestanding homes in nearby surrounding suburbs. The third bedroom is seen as advantageous as it provides more flexibility.
“These are people coming from these older big houses and they want their own space,” says Alison.
“They like having their own television areas – they often don’t let on that is what the third bedroom will be used for, but it is often how we see them set up.”
Like others in the real estate industry, Alison believes the economy is likely to be facing some ”headwinds”.
But she doesn’t expect the Reserve Bank of Australia’s recent decision to lift interest rates to significantly impact the Breakfast Point market.
“We call it the ‘Brekkie Point bubble’ and I’ve seen it over the past 20 years where sometimes things going on around us – even as close as two streets away – we don’t seem to experience the same things here,” she says.
“Many residents here own their property outright or don’t have huge mortgages. Even the young people who have bought in Breakfast Point have done so because of its affordability – they haven’t wanted to take on a massive mortgage and extend themselves.”
Sign up to view digital copies
of Bon Vivant Magazine