Property research | 3 minute read

Downsizers upgrading their lifestyles

Deon Calder
Deon Calder
08/10/19

The Gold Coast recently recorded its highest ever weighted average sale price for apartments, and according to Urbis group director Clinton Ostwald this has been driven by the sales of premium apartments to downsizers looking for an upgraded, low maintenance lifestyle.

Bela by Mosaic features a striking yet charmingly nostalgic design in timeless harmony with its coveted beachside location.

Analysis shows that the generation approaching retirement in today’s market are doing so with different expectations around housing compared to generations before them. They are no longer buying into traditional retirement housing, opting instead for a scaled-down version of the family home, choosing low maintenance, lock-and-leave apartments, allowing them to upgrade their lifestyles.

Demographer Bernard Salt recently commented in the media that downsizers are among the most active players in today’s property market, and that the downsizer movement is the “next iteration beyond the sea and tree change”, spurred by growth in property prices.

Baby Boomers are one of the wealthiest generations in history, owning the bulk of the nation’s $2 trillion-plus in super funds as well as often owning property outright that has increased exponentially in value over the past 30 years. Property industry figures say downsizers are seeking more spacious living arrangements which require little to no maintenance but offer high-quality facilities which are close to major amenity.

Élan by Mosaic has been carefully crafted to deliver enviable beachside living in a famous, pristine Gold Coast location – Kirra.

The sixth largest significant urban area in Australia, the Gold Coast boasts Queensland’s second highest and fastest growing level of economic output in the nation. Acting much like a major capital city, while offering considerably better affordability, the Gold Coast demonstrates strong market fundamentals and great investment returns in addition to its spectacular beaches.

Well serviced by public transport and major highways for easy accessibility to employment and entertainment nodes, locals have access to a constantly growing array of amenity, education, health and recreational facilities, as well as an impressive range of luxury shopping, fine dining, and entertainment options.

Recent Research from Michael Matusik highlighted that half of the new homes to be built on the Gold Coast over the next decade will accommodate downsizing baby boomers.

Matusik forecasts that roughly 146,000 people will descend on the Gold Coast by 2030, with about 40% cent of those expected to be aged 55 and over, meaning that the Gold Coast will require approximately 2,825 additional dwellings each year to satisfy demand from downsizing retirees.

Source: Urbis, Matusik, KPMG, ABS