Downsizing – it’s a growing trend within the Perth property market, whilst also being the preferred housing choice for half of Australians over the age of 55 as reported in this article earlier this year.
As Australians grow older and approach the latter years of their lives, there is a realisation that the family home will eventually become unsustainable, leading to a point of moving to a more suitable property, with downsizing the preferred option over a move into a retirement village or care facility.
Downsizing Does Not Mean Downgrading
Whilst the term downsizing is often associated with the notion of moving to a smaller property with less maintenance, clutter and size, potential downsizers fear the risk of downgrading their current circumstances by shifting to a smaller property, however, this couldn’t be further from the truth.
In fact, choosing a property that is tailored to your downsizer property preferences can help unlock a series of lifestyle benefits that will see you living your very best life in a multitude of ways, as covered in our previous article Why Empty-Nesters Are Choosing Apartment Living.
Are you Ready to Downsize?
With 32% of West Australians being over the age of 55 years, there is growing downsizer trend within the local Perth market that are feeling “too small for their homes”. One of the most important realisations, is knowing when to downsize your home – we see many people who delayed this decision and now their home is too big manage and maintain. So to help you figure out if you’re ready to downsize your property and when is the right time to do it, if any of the following questions resonate with you – it’s likely time to make the move!
Are you wanting to lower your housing costs?
Is maintaining your existing home, becoming too much work?
Does your current home no longer match the lifestyle you’d like to be living?
Are you mostly retired, or at least approaching the final years of your employment?
Are you looking to sell up your existing home and leverage the capital so that you can enjoy a nice nest egg into your retirement years?
Have your children moved out of the family home and now you no longer need so much space?
Book A Transition Appointment
If you’re unsure of the process of buying an off-the-plan apartment, or want some guidance on selling and moving from your existing property into one of the boutique apartments at the Elizabeth Residences, our personalised one-to-one Transition Appointments are designed to walk you through the full process.
We cover subjects such as understanding your contracts, securing finance and the available rebates and incentives on offer for future buyers wanting to transition into a luxury, boutique apartment.
Your Downsizer’s Checklist
As referenced in the Downsizing Amongst Older Australians report released by the Australian Housing and Urban Research Institute, there are a number of common considerations and requirements demanded by downsizers who are looking to make the move out of their previous family home.
According to the report, 37.9% of downsizers listed lifestyle as the main factor when looking to make the move. Additionally, downsizers also seek to find a property that is beautifully designed, spacious and is located within close proximity to family and friends. Additional to this, downsizers will always seek to live in a location that is close to communal activities and recreation facilities including restaurants, bars, cafes and fitness facilities such as local gyms and pools.
Whilst most downsizers prefer to stay local within a vibrant and engaged community, should they choose to venture outside of this location, a recent survey revealed that Australians listed beachside holiday living as their first preference when listing their dream location. The allure of a beachside lifestyle is often high on the downsizer checklist (if within the buyer’s budget) as this represents the true Australian dream of owning a property within a stone’s throw of our glorious coastline.
Further to this, downsizers also enjoy being a part of the design process when selecting their future property, opting to choose properties where builders and developers provide the option to customise finishes or layouts, giving buyers flexibility to tailor their property to their individual tastes and preferences.
Space also remains a huge factor for downsizers when seeking a property that is perfectly matched with their ongoing day-to-day living. Whilst the notion of downsizing often means moving to a home with a smaller blueprint, two-thirds of all downsizers choose to move to dwellings with fewer bedrooms, with the need for space and function still being essential to providing a lifestyle of comfort and convenience.
The Quintessential Importance of Quality
An astounding stat from the Australian Housing and Urban Research Institute report revealed that 64% of new apartment buyers are concerned about the quality assurance provided by off-the-plan apartments within the Australian property market. It makes sense too as you cannot see, touch and feel an off-the-plan apartment until it is physically built, which brings about a series of concerns from potential downsizers who often view this as a purchase barrier.
Whilst the media contributes to this uncertainty with reports of failed developments and horror stories periodically circling popular news outlets, in reality, when working with a reputable builder and developer, off-the-plan apartments come with guarantees alongside the added benefit of being brand new without any previous owners. This helps to create longevity and lasting quality in the property with no more worrying about faulty wiring, cracked floor tiles or asbestos fences!
Ideal Property Specifications for Downsizers
If you’re in the research phase of your downsizer journey and seeking a list of available properties available on the market, there are some common specifications that may be on your wish-list.
A minimum of 3 bedrooms for visiting guests and family;
High quality specifications and finishes to ensure comfort and functionality;
Access to on-site facilities such as a pool, terrace, work station and dining areas;
Lifestyle features such as air conditioning systems and noise cancelling technology;
Outdoor/alfresco entertaining areas to host guests and visitors;
Ample security features such as gates at the front façade and private car park;
Lock and leave facilities with easy access via keyless or fob technology;
Smaller properties with “house-like proportions” and minimal maintenance;
Well-designed internal configurations that ensure privacy, comfort and convenience.
Go here to see what features and specifications come with an Elizabeth Residences apartment.
Introducing The Elizabeth Residences
If you haven’t already had the chance to review the exceptional features and high-class inclusions in the spacious, architecturally designed Elizabeth Residences in Cottesloe, then it’s time to introduce to the lifestyle of luxury that awaits you.
These architecturally designed boutique apartments have been tailored to suit downsizers and empty nesters who are seeking resort-style lifestyle surrounded by oceanside luxury. Some of these features include stone benchtops, brushed bronze gold fixtures and premium stainless-steel Miele appliances, alongside a private pool, courtyards and rooftop terrace, with on-site gym/yoga facilities.
Future residents will also enjoy ducted reverse cycle air-conditioning with stylish LED downlights, full NBN connectivity, secure keyless FOB entry and underground car bays, all within a private, secure and exclusive gated community.
If you’re in search of the perfect downsizer’s retreat in which to call home, we welcome you to book a consultation appointment with our team to discuss availability.