One of the country’s top developers is tipping property sales in 2024 will be led by cashed-up baby boomers, as market conditions continue to favour downsizers.

Consolidated Properties Group CEO and Chairman Don O’Rorke said now the pandemic-fuelled sales stampede led by interstate buyers has cooled, baby boomer downsizers are ready to take advantage of the much-improved value of long-held family homes.

Mr O’Rorke said strong sales in Consolidated Properties Group’s flagship project Monarch Residences, which sits on the riverfront in Toowong, was evidence of growing demand from those making the move from a home to luxury apartment.

He said data from property analysts Urbis showed Monarch Residences had led apartment sales in Brisbane market over the past three quarters, accounting for an impressive market share of more than 30 per cent.

“Baby boomers who are looking to downsize have reclaimed the mantle from investors and first-home buyers, who have dominated sales in recent years,” he said.

“The timing is perfect for them because we have seen a sustained rise in home values, particularly in Brisbane, and downsizing to a luxury apartment means they can release equity without sacrificing the quality of their property.

“More than half of our recent purchasers at Monarch Residences are baby boomer downsizers from the surrounding western suburbs, and they are purchasing apartments worth up to $5 million.

“Some of our residences and penthouses are the size of an average home or larger, so downsizing is not always the primary motivation – sometimes it’s more about a shift in lifestyle and being able to enjoy where they live without the upkeep.”

Mr O’Rorke said the tight supply of high-end apartments had kept some downsizers on the sidelines in recent years, but with new projects like Monarch Residences now under construction, buyer activity and confidence had lifted.

“Buyers recognise the quality of what we are offering at Monarch Residences and are selling their homes in what is a strong market to be in a position to settle by the time construction ends in Christmas 2025.

“For the coming years we will remain focussed on the luxury inner-city apartment market, due to high buyer demand with a strong unit price that incorporates current construction price levels.

“With current building price levels, developers cannot produce and sell a two-bedroom apartment for under $1 million, so it makes sense to concentrate on high-end product, especially since there is strong appetite from buyers.”

Monarch Residences, which will deliver 224 apartments and penthouse residences across two buildings, has achieved more than $300 million in sales.

“It’s no surprise Monarch Residences has been so popular as it’s on a rare riverfront site just 3km from the CBD with spectacular city views, well-designed apartments, private resort-style amenities and the character and charm Toowong is well known for,” Mr O’Rorke said.

Remaining apartments in Monarch Residences are priced from $1.9m.

For more information or to register your interest, visit https://monarchresidences.com.au/.