The changing face of our neighbourhood is readily apparent, with new buildings and upgraded amenities continually being constructed. However, the most recent census has revealed how the population of our suburbs is also evolving, revealing a surprising shift in the demographics within our local community. Whilst the rising popularity of apartment living is no surprise, the increasing demand from downsizers and empty nesters is not as widely known.
Virtually all older single-family homes lack the features to accommodate the limitations of aging owners, and with a shortage of quality single level living options in most Melbourne suburbs, apartments are increasingly becoming the destination of choice for many older buyers. Across the suburbs of the City of Melbourne on average there has been a 10-15 per cent increase in residents over 65 over the past four years alone.
Although traditionally many apartment developments were tailored to the needs of investors, developers are increasingly catering to the requirements of the growing number of older owner-occupiers. At the top of the apartment wish-list for downsizers is space for entertaining, high-quality kitchens and some form of outdoor living; with size, aspect and position also important considerations.
Looking for a lifestyle change and also to scale down to a smaller, lower-maintenance home, many downsizers are excited by the potential convenience and creature comforts on offer with apartment living. Despite a great choice of affordable apartment options available, a large proportion of downsizers and empty nesters are prepared to spend more money to secure a premium property that addresses their living and lifestyle needs long-term. Many buyers are also opting to adapt or retain a ‘city-pad’ in addition to making a part-time sea or tree change.
Lucas Sales Director Chris Henson imparts, “today downsizers want the best of both worlds – they want the quality and features of a family home without the maintenance or upkeep factor. They love the lifestyle city apartment living brings in the gift of more time to enjoy their life and hobbies. With many having savings leftover from downsizing, this money can be allocated to travel or recreational pursuits, or for retirement in later years.”
“Often the biggest challenge to downsizing is assessing what is really important in their current home and what the next move looks like. We love spending time with our clients helping them understand what apartment living and a city lifestyle would be like, showing the benefits of different housing options and locations. Downsizing to an apartment can really be the perfect long-term move if the right needs are met.”
Our team at Lucas are proud to be Melbourne’s vertical living experts and always happy to help. For any advice or assistance in downsizing to an apartment, contact us on 9091 1400.