Soaring above town centres with big balconies opening on to sparkling water views, three-bedroom apartments in Canberra's choice locations are unloved and empty.
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They are languishing on the market at New Acton, Kingston Foreshore and Belconnen.
Westfield Shopping Centre's development application for 319 apartments in the town centre includes market advice on why it should avoid three-bedroom apartments.
Even though the Territory Plan's design intent is for 5 per cent of apartments to be three-bedrooms, the probability, according to Colliers International, is they won't sell.
Colliers ACT chief executive Paul Powderly said people in the market for a well located three-bedroom apartment would stay on the ground near Lake Ginninderra and pay $650,000, rather than $1 million for similar accommodation in a 24-storey tower.
On two car park sites fronting Emu Bank and with north-facing views of Lake Ginninderra, the $71 million Westfield project will comprise three towers, 24, 15 and 12 storeys high.
Offices, retail outlets and restaurants will be at ground level and 425 car parking spaces are included.
Of the 319 apartments, only eight are three-bedroom ones.
Colliers says the large-scale project has been designed for the investor market - the saleable price bracket being $400,000 to $500,000 - influenced by proximity to the town centre and University of Canberra.
Colliers cited examples of excess supply of three-bedroom apartments:
■ The Apartments (New Acton) completed in 2010 with more than 10 three-bedroom units for sale;
■ ''Nishi'' (New Acton) released off the plan in October 2010 with five of the nine three-bedroom apartments unsold;
■ Dockside Kingston released early last year with 10 unsold three-bedroom units;
■ Pearl Kingston completed in 2010 with 15 of the 46 three-bedroom units unsold; and
■ Altitude Belconnen being marketed with considerable stock unsold.
''The market for three-bedroom units in this price range is subdued with next to no inquiry for the product over the past six to 12 months,'' Colliers said.
The development application indicates at least 161 one-bedroom apartments.
Addressing concern over the social impact of high-rises and the number of one-bedroom units, the proponent said there were fewer than other recent developments, and a higher percentage of two-bedroom apartments in this one.
Colliers said three-bedroom apartment buyers were usually live-in owners, not interested in a high concentration of investors in a building, and who preferred townhouses in areas such as Bruce, Kingston, Deakin and Woden.
Addressing concerns over the narrow sites, Westfield said the design provided strong north orientation and Lake Ginninderra views, and expansive views to the south, including the Brindabella Ranges and Black Mountain.
