Selling Mini Strata Penthouses

It seems that we're all downsizing - even strata penthouse owners.  Well, at least some strata penthouse developers.


In this article by Stephen Nicholls in SMH Domain he explains how after slow sales at Australia Towers II in Sydney's Olympic Park have decided to change the set up of the prestigious upper floors - from 4 dual level penthouses to 8 one bedroom apartments.


It's an interesting statement about current real estate market conditions - which are challenging. 


But, to me, this news is even more important for the disturbing lesson it teaches us about strata urban planning outcomes. That the kind of strata buildings and apartments we usually get are mostly dependent on what developers can sell today rather than what governments, planners, architects and other experts on urban planning, design and mix really think we should have for the best outcomes.  Or, what developers say they want to and will build.  It's very short term thinking.

So right now in Sydney because a few penthouses haven't sold for 6 months and the developer wants to sell the space, that building will have small one bedroom apartments on its upper floors.  It's probably an outcome that the apartment owners in that building will regret in the medium term as a poor space planning decision.


After all, if there's no market for a few high priced penthouses why is there a market for even more high priced small one bedroom apartments?



Francesco ...