Apartments are a popular option for downsizers, but with a quarter of a million new apartments due to be constructed in the next two years, finding the property that’s ideal for you can be like finding a needle in a haystack.
CoreLogic’s latest settlement risk data looks at the likely number of new units that will be completed in the next two years. The figure is staggering.
In the next year, an additional 94,471 new units are due for completion nationally. Two years down the track, we could see 251,751 new apartments come onto the market across Australia. That’s a 9.3% increase on the current supply.
Where apartment growth is occurring
Sydney (76,977) and Melbourne (78,689) are expected to see the greatest increase in unit supply over the next two years. Within Sydney, the suburbs of Parramatta, Ryde, Hunters Hill, Strathfield and Blacktown are among the locations expected to see significant numbers of new units.
In Melbourne, the inner city and Dandenong are among the suburbs that should experience big rises in apartment volumes.
The number of new units to be settled is much lower in Brisbane and Adelaide though CoreLogic says these cities will see the biggest rise as a percentage of the market, with upticks of 18.4% and 12.5% respectively.
Of course, some unit developments may take longer to complete. Other projects may be cancelled altogether. But based on current figures, downsizers looking for a new apartment are blessed for choice.
Or are they?
Choice isn’t always a good thing
There is a solid body of evidence that suggests we find it much harder to make a decision when we are overwhelmed for choice.
The official term that describes choice fatigue is “decision paralysis”. It’s the problem of having to pick between too many options. It’s something US psychologist Barry Schwartz summed up in his 2004 book The Paradox of Choice – Why More Is Less, where he argued that eliminating choices can greatly reduce anxiety for shoppers.
That’s where a specialist website like Seniors Housing Online/ downsizing.com.au can make a difference. By focusing on over-50s and retirement properties, we have narrowed down the choice for you.
A voice for downsizers
Coincidentally, the team at downsizing.com.au also maintains regular contact with apartment developers to ensure the needs of downsizers are being addressed.
The feedback we receive from buyers continually reaffirms that downsizers don’t want pokey units. Rather, they are looking for homes with lots of space, generous storage areas and high-end appliances.
That’s fair enough. After many years in the workforce, downsizers are entitled to enjoy a low maintenance life in a high quality home.
The bottom line is that choice is good – to a point. To make your downsizing decision easier, head to sites such as SeniorsHousingOnline/ downsizing.com.au where the pick of the crop is listed, making it easier for you to select your next home.
Greg Oddy is Director of Sales and Marketing at Seniors Housing Online and Downsizing.com.au