An ageing population with a significant amount of equity in their family homes that is eager to downsize is grappling with an acute scarcity of oversized, high-end apartments.

While there are an increasing number of luxury homes being developed for that large “rightsizer” market, it’s nowhere near enough to prevent the prestige squeeze.

“There’s just a chronic shortage of the right kind of high-quality product being delivered,” says Richard Temlett, national executive director of research at property advisors Charter Keck Cramer, who has been working on a report about the state of the apartment market. “With building costs having risen by 30 to 50 per cent since the pandemic, projects are also now setting new price points across Australia.

“Even in Melbourne, one of the softest markets

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