The right location, proximity to amenities and a quality development. They’re the big three downsizers are looking for.
Developers are increasingly recognising that downsizers are an active force in the market – one that no developer can afford to overlook. And some developers are scoring the trifecta when it comes to properties that not only appeal to downsizers but which actively meet downsizers’ needs.
The right location is critical
One of the driving factors for empty-nesters to downsize is the potential to make some money on the transaction. That makes location critical.
It’s common for downsizers to move from higher priced suburbs to locations just a short distance away that are more affordable yet still with growth prospects. Or alternatively move away to an attractive destination offering more lifestyle benefits, or closer to other family members, once the daily commute to work comes to an end. It’s a strategy that allows empty-nesters to walk away with some cash in their pockets and still enjoy the benefits of a new home.
Easy access to amenities
Proximity to amenities is essential too, and inner city living is fast growing in popularity. As a guide, apartment developments located above boutique shopping centres can be very appealing to downsizers. They can just jump in the lift and have everything at their fingertips including, in some cases, medical centres.
A quality development
Along with a suburb that’s in the goldilocks zone of being surrounded by higher value locations and also offering easy access to amenities, downsizers look for particular features in a home. Three bedrooms, lots of storage space and quality fixtures and fittings are all high on the wish list.
Developers need to be aware that this criteria is often quite different from the wish lists of first home buyers, who are often more interested in affordability than space or storage.
Here too, we are seeing developers tick all these boxes and more. Some apartments are even being constructed with power points installed at lower than normal heights – a nod to residents who may have mobility issues now or in the future.
Are downsizers a market worth pitching to? Absolutely. But empty-nesters have the resources to be selective – and as this could be the last home they purchase, they will almost certainly be picky about what and where they buy. Who can blame them?
The main point for developers is to tick all the boxes that downsizers are looking for – as our population ages, this will only become more important over time.