The downsizer market is booming right now – and is only set to get bigger. Bondi, Double Bay and Rose Bay are three locations popular with downsizers queuing to buy suitable properties. Developers are eyeing this market as a major trend that’s unlikely to slow down any time soon.
By Barry & Mark Goldman
Like many in the Western world, Australians are living longer, so there’s an increased number of those in the market to downsize. Many older couples have had years of building up capital in their properties, their children have left home and they’re looking forward to the next stage in their lives – and this often means downsizing.
Many empty nesters want to release equity to help their children move onto or up the property ladder. It makes sense to sell their large family homes and look for something – and somewhere – different where they can enjoy the years ahead. This combination of an ageing population with a healthy amount of capital in their properties has led to an upswing in downsizers looking to move to suitable properties and locations.
The trend has also been boosted by a recent government tax incentive for downsizers over 65. They can now contribute up to $300,000 per person into their superannuation by releasing equity from selling their family home.
Importantly downsizing doesn’t mean downgrading. Generally, prosperous downsizers still want to live in stylish, premium properties – just more bijou and more conveniently located. Harbour or beachfront locations and a community feel, with easy and level access to amenities and facilities, are top of the wishlist.
STEP FORWARD IN THE EASTERN SUBURBS
With lifestyle generally the number-one priority for downsizers, the eastern suburbs can offer that in abundance. Wealthy downsizers considering these locations are active, sociable and want a great lifestyle – so it’s no surprise that the stylish waterfront locations of Bondi, Double Bay and Rose Bay are particularly popular amongst downsizers.
These suburbs all have wonderful waterside appeal, excellent travel links to the city and healthcare facilities, myriad sporting opportunities, and a cosmopolitan restaurant and shopping scene.
Many of those relocating here will be particularly keen on multi-residential developments that also house amenities like pools, gyms, retail and dining spaces. Whether they are looking for purpose-built, luxury retirement complexes or spacious boutique developments, there is plenty to choose from here. Key priorities tend to be single-level living, lift access and excellent security.
Reduced mobility or wheelchair use is also a consideration, if only for the future, so level suburbs such as these three, with easy access to facilities, are extremely attractive to this market. It’s easy to walk to supermarkets, shops and restaurants in all three of these prestigious eastern suburbs locations.
SPOTLIGHT ON BONDI BEACH
The iconic Bondi is of course a fabulous place to spend your footloose years. Just a 15 minute Uber to Martin Place, it’s easy to get in and out of the city. Those-in-the-know from Vaucluse, Dover Heights, Bellevue Hill and surrounding suburbs often spend their weekends in nearby Bondi, eventually choosing to move there when they downsize from the big family home.
Downsizing doesn’t have to mean taking to the couch. People here love to stay fit – and who wouldn’t, with gorgeous sandy beaches and sandstone cliffs stretching for km’s on either side. Residents can take their pick of jogging, swimming or running along the beach, or take a stroll along the sandstone cliffs, watching out for whales.
With more time for hobbies, golf enthusiasts can enjoy the game and the views at Bondi Golf & Diggers, which boasts incredible panoramas over Bondi Beach, the city and the coastline.
Eating out is one of the many attractions at Bondi. Award-winning restaurants that make the most of the views are all easily accessible, offering fresh seafood, healthy breakfast spots, fine-dining and casual eateries. Foodies will also love the Saturday farmers’ market, overflowing with healthy, seasonal produce.
Those who love to spend some of their new down-time shopping will find plenty of opportunities, with premier fashion boutiques lining the streets behind the beach, from the best of Australian designers to international labels.
SPOTLIGHT ON DOUBLE BAY
Image curtesy of The Terraces Paddington
Moments to the city by ferry or taxi, the fashionable harbourside suburb of Double Bay offers many attractions popular for downsizers.
Many downsizers drawn to the eastern suburbs are prosperous professionals in their 60s and above who love to eat out. Double Bay’s cosmopolitan dining scene would please the most discerning diner, whether they’re looking for a relaxed café, a high-end dining experience or anything else in-between.
A major drawcard is the fabulous Woolworths store, one of the best in the entire Southern Hemisphere. Its chilled walk-in fromagerie has to be seen to be believed, stacked high with cheese from all over the world.
Downsizers can keep fit and relax at the tranquil Murray Rose Pool, a tidal pool with beautiful views over the harbour. It’s a terrific place to meet like-minded people and enjoy a swim, sunbathe or a spot of lunch at the The RedLeaf Pool Café.
There are plenty of high-end boutiques on level streets for those who like to spend time shopping – this suburb is brimming with the most desirable local and international brands.
SPOTLIGHT ON ROSE BAY
Image curtesy of Catalina Rose Bay
Rose Bay also ticks all the boxes for downsizers, with a variety of housing options, level shopping villages and a great dining scene. This attractive harbourside area is just 7km east of Sydney’s CBD, with a regular ferry that takes around a quarter of an hour to the city.
There’s a beautiful beach which is especially popular with dog-lovers, where dogs can run off the lead to their heart’s content. Its shallow water also makes for excellent swimming – which isn’t the only waterside activity that’s popular here. With seaplanes, sailing, kayaking and speed-boating all readily available on the doorstep, active downsizers can really make the most of their later years here.
Foodies flock to Rose Bay for the iconic Parisi greengrocer and deli, founded by Tony and Bob Parisi who migrated from Italy. This upmarket fruit, vegetable, flower and gourmet grocery shop is renowned for its exceptional produce and upmarket ambiance offering an unrivalled shopping experience.
There are also plenty of stylish restaurants to choose from in Rose Bay, many of which make the most of the stunning waterfront location, like the world famous Catalina and the Regatta Restaurant & Bar, both of which offer modern Australian dining with a focus on fresh Sydney seafood.
With so much to enjoy and so many of the desirable attributes downsizers are looking for, it’s little wonder that these three eastern suburbs are increasingly popular with downsizers. We’re finding it’s a blend of both those who are new to the area altogether, and others who’ve spent weekends and holidays in the area for years, who are now keen to relocate here and spend more time in these idyllic and accessible locations.
- Posted by The Goldman Brothers
- On October 19, 2020
- 0 Comment