A new trend is emerging in Australia with increasingly more empty nesters and baby boomers downsizing for lifestyle reasons, dubbed “not retiring but refiring.”
People who are not yet ready to retire are choosing to downsize earlier to a smaller home in order to upgrade their lifestyle.
“Several pieces of research show that the majority of senior home owners are emotionally attached not only to their homes, but also neighbourhoods and community as a whole,” said Mr Sunito, Chairman and Group CEO of leading Australian developer Crown Group. “Rather than retiring, instead they are refiring for a better lifestyle,” he said.
Once viewed as a decision dominated by retirement, finances or declining health, downsizing has today become a quest for healthy older Australians to find a better lifestyle.
According to a study conducted by Productivity Commission, about 20% people aged 60 or over have sold their homes and downsized to smaller space with less bedrooms while another 15% have "strong intentions" to do so in the future.
Research also shows more than 500,000 homes have one or more spare bedrooms, and the vast majority of these homes are occupied by empty nesters and singles over the age of 50.
“When older Australians downsize, it is well-recognised that non-financial considerations dominate their decision, for instance, a preference for a different style of apartment living, or a concern that it is getting too hard to maintain the house and garden,”
“We have been seeing increasingly more people are moving to smaller less expensive apartments which require minimum maintenance,”
“The concept of downsizing does not have to mean a decrease in quality of life, but quite the opposite, it can mean moving forward with senior style, having an upgraded life in a shared community, where all the desired conveniences can be experienced right at your doorstep,”
“With Eastlakes Live, we are creating a great place connecting people together, both the younger and the elders, by bringing a sense of belonging to a modern and vibrant shared community.”
Eastlakes Live, Crown Group’s newest and largest development, is set to become a thriving and modern urban village where residents can live, shop, play and interact all in one place. The $1 billion development aims to set a new standard for retail excellence with two major supermarkets offering fresh food, reflecting the diversity of the neighbourhood, a restaurant promenade, street cafes, a medical centre, as well as densely-landscaped gardens and children’s play areas. It offers lifestyle combined with city convenience, just 6KM from the CBD, close to transport, beaches, golf courses and much more.
Eastlakes Live is designed by internationally acclaimed architects Francis-Jones Morehen Thorp (fjmt) and was recently announced the winners of the 2018 Melbourne Design Awards in the category of “Graphic Design – Identity and Branding – Lifestyle”.
Most closely similar to the Eastlakes Live, Top Ryde Living is one of Crown Group’s completed developments witnessing notable successful stories of Crown Group. The seven-tower 653-apartment complex features generous common facilities situated right atop the Top Ryde Shopping Centre with views to the Sydney Harbour Bridge, Blue Mountains and North Shore.
The Octogenarian couple William and Gloria Wallace purchased a three-bedroom apartment in Top Ryde Living development.
“For more than 30 years, we lived in a house surrounded by bush, and I wasn’t sure whether I would like living in an apartment. But it’s fantastic. We get plenty of sunshine and lovely breezes through our beautiful modern apartment with large balconies and great views,” said Gloria.
“Everything is easier here, even the simple things. We thought we’d never leave our house in Eastwood but the garden work and housework just got too much,” said Bill, “But we love this place, with the gardens, pool and view. It feels like we’re living in a permanent holiday house.”
Stage one of Eastlakes Live will include 134 luxury apartments ranging from one-bedroom apartments to penthouses and 15 retail outlets below.
Resort-style health and fitness facilities including a resort-style 25m swimming pool, state-of-the-art gymnasium, barbeque facilities, function rooms, water feature, landscaped gardens, rooftop lounge and entertainment facilities. Stage two will complete the new town centre with a mix of residential and retail components, with details still to come.
A premium range of apartments is now available for sale.
Click on the link below to find out more, visit the display centre or make an enquiry by email or phone: