Nicola Kelland - Downsizing

With the current strength in the market, many baby boomers are selling the family home in the traditional leafy suburbs, to start a new life in a smaller home located in vibrant communities. During the recession years the property market felt the effects with low turn over and reduced prices. Many homeowners during this period, sat tight considering it was not the best time to sell to maximize the equity in their homes. Now in the past six months we have seen an increased number of baby boomers selling their homes and down sizing into apartments, terraced houses or townhouses.

Most of these homeowners are selling for the following reasons:

• To release equity for retirement or to use for other investment opportunities.
• Down size to a more manageable sized property.
  • Decrease the amount of money and time spent on maintenance.
  • To move closer to the city to enjoy the lifestyle the city provides.
  • To have more security in their homes.
  • Freedom to travel.
  • Move closer to adult children and grandchildren.

Apartments have been popular with the down sizing buyers; one level living is seen as a great bonus. But terraced houses offer the advantage of outdoor courtyards to cater for pets and a small amount of garden to play with. While terraced developments were popular in the late 1990’s with young professionals, apartments at that time were seen as more desirable by the over 60’s aged market reluctant to cope with multi level living. Fifteen years on, I think we will see an increase in demand for terrace houses, the down sizer's are younger than the buyer profile 15 years ago, they like the individuality that a terraced house offers and are fitter or see the benefit to their fitness by scaling the stairs.

Locations and developments like Beaumont Quarter by Victoria Park have proved to be very desirable with the down sizer’s, the mixture of terraced houses and apartments within a well landscaped environment close to the city ticks many of the boxes for these purchasers. We just need a few more new developments to be created which combine urban living and small communities to cater of this increasing market.