Downsizers are increasingly seeking to retire within their home city – rather than flee to regional areas for a sea or tree change – and are keen to move into high-quality lifestyle complexes.
That’s the view of Mathew Tiller, the head of research for LJ Hooker.
“One of the main things we are seeing is a lot more downsizers stay within a capital city, rather than move into a regional centre,” Mr Tiller said in an interview with Downsizing.com.au
“Previously, they were heading to places like Port Macquarie on the mid-north coast or to the south coast in NSW, or the Gold Coast – that was generally the trend.
“That trend is still happening, however I am also seeing a lot more retirees staying within metropolitan areas and going to lifestyle-type locations in these areas.”
Mr Tiller said downsizers were increasingly keen to move to areas where they could enjoy the facilities and offerings in the surrounding locality. In Sydney, he said attractive locations included the inner-west, CBD, eastern suburbs, Manly and the northern beaches.
“It largely depends on what lifestyle choice the downsizers are making – which could wanting to be near the entertainment, café and restaurants of the city and inner west or the beach and café style lifestyle of the eastern suburb and Manly area.
“Staying in the metropolitan area also means they can still regularly catch up with the family, they don’t have to travel for miles.”
Mr Tiller says, not surprisingly, developers are responding to this trend.
“People are moving from a large family house, which has space and high-quality fittings and furnishings. They want the new apartment developments to provide that luxury, size and lifestyle – not small dinky apartments.
“As a result, we have a broad range of new projects being built, which have swimming pools, amenities and gyms.
“If you look at apartment buildings around the city, they are high-quality apartment buildings, with rooftop terraces and gym – it is more of an all-in-one property.”
Mr Tiller said many couples could sell the family home, move into a luxury lifestyle property, and still keep some additional funds available for retirement.
In coming weeks, Downsizing.com.au will be profiling lifestyle properties in existing metropolitan areas in Sydney, Melbourne and Brisbane. Look out for our upcoming exclusive and detailed profiles of properties meeting the needs of today’s downsizers, such as the Bondi Beach Astra!