Increase in demand for downsizing

Credit: Downsizing
Increase in demand for downsizing
Written by: Ron Reed
on

Downsizing.com.au was recently invited to discuss downsizing on Property TV – what an opportunity! Here’s a taste of what was discussed, from Greg Oddy, Director of Sales and Marketing:

I’ve just returned from Inman Connect, an international real estate expo held in New York. The week-long event brings together more than 4,000 top-producing agents and brokers, CEOs of leading real estate franchises, and other industry leaders.

In short, it’s where the property industry comes to learn about, embrace and leverage the change that surrounds real estate, and I discovered that like here in Australia, the downsizing market is all the rage with the American property industry.

While at the expo I was invited to speak on Property TV regarding downsizing in Australia.

I noted that a lot of retirees and baby boomers aged in their 60s are thinking about where they want to live for the years to come.

The family homes they purchased in their 20s or 30s are now too big for them to manage. Stairs are harder to climb and big yards are more difficult to maintain.

So, retirees are moving out of their old family homes and into more modern units and townhouses that can cater to their needs.

At the same time, the government is trying to make underutilised property more available to first home buyers, which might also encourage more retirees to downsize.

The good thing is, if baby boomers move out of their family homes, other families – including younger relatives – can move into those homes.

This has a cascading effect, making properties at the lower end of the price spectrum more available for first home buyers.

Intergenerational housing

In some areas of Australia there is a growing trend to build homes that allow multiple generations to live in one property. This can appeal to retirees who have moved away from their families in the past and are now coming back to the suburbs they grew up in. Understandably, they want to be close to their grandkids and their children.

This is in contrast to the property culture in Queensland.

In the sunshine state, retirees are competing with younger generations to live and own in the Bayside area and even Inner City suburbs.

The increase in demand for retirement villages in the area only proves that retirees want to share trendy cafés and restaurants with the younger generation.   

Prime spots for people over 50

As a guide to the ‘in demand’ properties currently attracting downsizers, The Patersons in Byron Bay is a collection of nine architecturally designed “lock and leave” townhouses.

Each townhouse has spacious bedrooms, a private landscaped courtyard, and an attractive streetscape with external and internal colour palettes.

Located just 100 metres from a general practitioner, The Patersons is in close proximity to the new Byron Central Hospital, a significant attraction for retirees moving in. Destinations like Tallows Beach, Main Beach, and a Woolworths supermarket are only a few kilometres away.

Retirees with a travel bug will also be pleased to know that the Gold Coast International Airport and the Ballina Airport are less than an hour away by car.

It goes to show that the right property can support your downsizing goals. Discover what we have available in your area to make those goals a reality.

 

Greg Oddy is Director of Sales and Marketing for Downsizing.com.au

February 2019.

PS WATCH OUT FOR THE NEW DOWNSIZING VIDEO SHOW ON PROPERTY TV, COMING SOON!
 

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Watch the new Downsizing Property TV show here:

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