The new downsizing: swapping space for luxurious, convenient living

The pension age may be creeping up towards 70, but the average age for downsizers is moving in the opposite direction.

Empty nesters, young couples and even families with children are trading in the quarter-acre block for a backyard that includes urban parks, lakeside walking trails and town centre conveniences.

This discerning sector of the property market is willing to invest just as much into an apartment or townhouse as they would a detached home – and supply is struggling to keep up with demand, according to Independent Property Group director of project marketing Wayne Harriden.

“Whenever we have a major release with decent size penthouses and sub-penthouse, the penthouses are always the first to go,” he says.

Harriden says empty nesters downsizing their family home are moving for a lifestyle change – by choice, rather than necessity – and what they save in space, they can spend on inclusions.

“The majority aren’t elderly. They’re in their early 60s and they won’t compromise on quality. They’re savvy buyers, they know what they want and they’re prepared to pay for it.”

Colliers International’s director of residential project marketing Derek Whitcombe says the key for these buyers is convenience and developers have taken note.

“It’s not just about mowing their lawns and the garden,” Whitcombe says.

“It’s the location and the easy lifestyle offered by these precincts. New developments are being designed with restaurants and amenity, addressing the precinct lifestyle.”

While downsizers are happy to do away with a time-consuming yard, there are several features they won’t compromise on. Whitcombe says buyers want a large master bedroom, complete with en suite, many require a gourmet kitchen and the ability to entertain is essential.

“Developers are recognising these trends and providing areas and amenity within the projects,” Whitcombe says.

“Theatres are being designed in apartment developments – that wasn’t around 10 or 15 years ago.”

However, it’s not just the off-the-plan developments that have proven to be a hit with downsizers.

LJ Hooker Manuka agent Stephen Thompson says auctions for existing luxury townhouses have been very competitive with some selling for hundreds of thousands above the reserve.

“In the past it has just been those in larger homes in their middle age looking for something without the maintenance,” Thompson says.

“That’s still a high percentage, but we’re finding it’s also the younger ones as well who don’t want the high maintenance and want to be within walking distance to places like Manuka Village.”

Thompson says the demand for luxurious inner south townhouse has outstripped supply, but he believes developers are catching up.

“They’ve got a much better understanding now on how people want to live,” Thompson says.

“They don’t want to spend their whole time mowing lawns, but they still want a resort-style home to live in.”

Thompson says the orientation of the home has become more important to buyers and they’re also looking for smart, contemporary features, high-end finishes and they’re moving away from the formal living space.

“They’re looking for quality of design and architectural integrity,” Thompson says.

“Homes that have been built and designed well have the best resale value.”

Considerations for downsizers

• The retiree – The post-work downsize is a reality for many Canberrans, and whether they choose to remain in the same suburb or move to a more central location, there are some considerations that don’t change. If you’re hoping to age in place, then minimal stairs, easy access to public transport, nearby amenities and room for installing handrails and other modifications are worth considering.
• The family – Kids can still enjoy the great outdoors without a big backyard, as many new developments are including communal parks and grassed areas within their boundaries. Nearby schools will always be a major drawcard for family homes, but one of the benefits of living centrally is that public transport to anywhere in Canberra is at your doorstep.
• The traveller – That big backyard is a chore if you’re not around enough to enjoy the hard work. For this reason, the lock-up-and-leave lifestyle of apartments and townhouses is a huge attractions for travellers. The added benefit for those looking towards the central suburbs is proximity to the airport. For regular travellers, a home in Campbell or the inner south could save a lot of taxi time.
• The entertainer – Can’t imagine giving up that indoor/outdoor entertaining area? Developers are addressing this with on-site amenities – rooftop alfresco spaces, luxury swimming pools and even on-site theatres have apartment dwellers entertaining in style. If you opt for a city or town centre location, you can also hang up the apron, walk out the front door and let one of Canberra’s restaurants do the cooking. And have that extra wine; you’ve left the car at home.

More time for easy living

 2/70 Franklin Street, Forrest
$1-$1.5 million

If you think downsizing and upgrading are mutually exclusive, then have a look at this stylish Forrest townhouse.

It’s got everything you would expect from a high-end home, without the hassle of a large backyard.

LJ Hooker Manuka principal Stephen Thompson says the agency has received strong interest in the property. Low-maintenance advantages of townhouse living coupled with a design that accommodates for entertaining has proven to be a winning combination.

The light-filled home features a spacious open-plan living and dining area with soaring double ceilings and a seamless flow to the outdoor spaces.

The paved front garden, complete with its own swimming pool, is perfect for larger gatherings. There is also a private courtyard at the rear of the home.

No expense has been spared on the designer kitchen, which includes parquetry flooring, Miele appliances, stainless steel benchtops and soft-close drawers.

The master suite is conveniently situated on the lower floor with a walk-in wardrobe, luxurious en suite and direct access to the rear courtyard.

Two additional bedrooms are on the upper level, along with a separate loft study.

Other features include ducted airconditioning, a double lock-up garage and ample storage throughout.

The home is set in an unbeatable location within a short stroll from Manuka, Barton and Kingston.

No. 2/70 Franklin Street, Forrest, will be auctioned on Saturday, May 28 at 9.30am, onsite. Phone LJ Hooker Manuka agent Stephen Thompson on 0417 626 254. EER: 6. Inspect: