If you have a keen interest in the downsizing real estate market, then valuation firm Herron Todd White’s (HTW) latest Month in Review, which focuses on the housing needs and wants of retirees, is manna from heaven.
While ‘lock up and leave’ properties are popular with downsizers in Sydney and Melbourne, Herron Todd White reveals different factors are at play in Brisbane, Perth, and Adelaide.
Salt-breeze lifestyle attracts downsizers to Brisbane
Downsizer locations within Brisbane itself are a reasonably mixed bag, according to the HTW report. For those looking to shift to the Queensland capital, the bayside with its popular coastal walks, excellent cafes and water views have always been popular with downsizers. Brendon Hulcombe, CEO of HTW notes Wynnum, Manly, Redland Bay, Brighton, Sandgate, Shorncliffe, Redcliffe, Scarborough, Woody Point, Newport, and Bribie Island are popular with retirees seeking a salt-breeze lifestyle.
On the other hand, HTW says the so-called ‘hipster retirees’ embracing Brisbane’s expanding restaurants culture, art and experiences are gravitating to inner suburbs such as New Farm, Teneriffe, Newstead, Hamilton, St Lucia, South Brisbane, West End, and Highgate Hill. Hulcombe notes these inner-city downsizers are typically purchasing units and townhouses from entry level to prestige prices.
Three bedrooms, more space, and accessories are tempting Adelaide Boomers
Properties with up to three bedrooms and two bathrooms on allotments of sub-600 square metres are popular with Adelaide downsizers, says HTW. “Above the norm fixtures, fittings and site improvements are highly sought after,” says Hulcombe. Lifts for multi-level dwellings, built-in wine fridges and coffee machines, integrated audio systems, monitored security and secure car parking are other items on the shopping lists of Adelaide downsizers.
Within the Adelaide CBD and the city’s inner eastern suburbs, HTW has identified a shift in the design of multilevel developments catering to boomers. Hulcombe elaborates, “Developers tackling this market are providing larger living spaces, substantial balconies, multiple secure car parks, and on-site services. Whether it is a suburban dwelling or CBD apartment, the price point for properties with these attributes range from the low $700,000s to around $2 million, reveals the HTW report.
Perth’s growing, and ageing population is driving retiree developments
The ever-expanding and ageing population of Western Australia is an issue that affects the economy on many levels, says HTW’s Hulcombe. “Town planning has become more prevalent over time and is one of the key components in combating the challenges that are rapidly growing and ageing cities.”
Developers recognised these dual demographic challenges, which is pertinently illustrated by the Claremont on the Park development precinct, located in the heart of Claremont. This 9.4-hectare development site is close to Claremont Quarter and the Claremont Showgrounds and will offer over 750 new apartments.
The development opened in the wake of the $16 million state-funded redevelopment of the Claremont Football Club, and many apartments have direct views of the ground. “Shops and small businesses will also provide for an all-in-one community hub, not to mention the plethora of other amenities surrounding the area such as the Claremont Train Station, a fifty-metre outdoor swimming pool and numerous schools,” Hulcombe says.
“This redevelopment was produced partially in a bid to refresh Claremont’s housing options and provide more opportunities for long-standing citizens of the western suburbs to downsize while remaining in their beloved area.”
To buy or sell a property with the baby boomer market in mind, be sure to check out Australia’s leading retirement property website, Downsizing.com.au