Downsizing is a term that’s often thrown around the real estate industry, especially when targeting an audience of over 55. But downsizing could happen at any age. It simply means that you’re trading in a large property (usually a family home that you’ve owned for a long time) for a more manageable and low-maintenance property, which is why downsizers are usually looking for ground-floor apartments and townhouses.
In NSW’s South Coast, downsizing has taken the region by storm. Sydney residents are continuing to look towards the South for low-maintenance vacation properties where they can spend more time, and there are no signs of this trend slowing down anytime soon.
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Why is downsizing a trend?
According to the Australian Housing Aspirations (AHA) survey, 26% of the 2,422 older (aged 55+) respondents had downsized, and a further 29% had considered downsizing. This just goes to show that more and more Millennials and young families, also known as the “golden demographic,” are now preferring to leave the cities’ buzzing crowds to look for a regional community to call home.
But why is downsizing a trend?
One very good reason is that downsizers are often industry workers who want to escape the city in favour of a more relaxed lifestyle. Another reason is that downsizing could free up money to pay off your mortgage, use for investing or spend. Furthermore, a smaller home costs less to insure and is cheaper to heat or cool, which means lower insurance and utility bills.
Data from the AHA survey also indicates that 27% of all downsizers that participated in the survey had downsized because of lifestyle reasons, and 27% had downsized because of financial reasons. NSW’s South Coast offers not only beautiful views but also affordable property prices with a median property price of $910,195 (SQM Research).
Why are people downsizing to the South Coast?
One of the hotspots for downsizing on the South Coast is the seaside town of Kiama, which also topped the list of best small towns in NSW according to a study conducted by The Australian.
The newspaper looked at 752 small towns across Australia and ranked the best ones in each state, with Kiama ranking number one in NSW.
Mayor Neil Reilly welcomes this news.
“I’d say this is exciting, and no surprise to anyone who has spent any time here, it’s just further confirmation of what our residents and regular visitors have known for a long time,” Cr Reilly said.
“I’ve said before: I have the privilege to be the Mayor of the best bit of the best nation, the municipality of Kiama.”
“I’m just surprised it’s taken this long for others to find this out.”
Around 90 minutes south of Sydney, Ridgewaters Kiama, a $60 million residential community on the South Coast developed by St Trinity Property Group, has seen growing high demand.
“It’s the size of the apartments on offer at Ridgewaters which has attracted a swell of buyers”, says St Trinity Group Managing Director Nicholas El-Khoury.
“Ridgewaters Kiama is the only development on the South Coast offering exclusively three-bedroom apartments, some with studies, designed specifically to cater to this unprecedented demand for flexible downsizing, owner-occupier residences accommodating a range of changing needs.”
“We’ve received interest from a range of buyers – some of them coming from postcodes closer to Sydney’s CBD as well some already from coastal areas like Sutherland Shire who want to remain by the sea, but for a lesser price tag,” Mr El-Khoury added.
“All of them clearly recognise the value of seaside havens such as Kiama as offering both the convenience of being close to major metropolitan areas and facilities with the desirable lifestyle of smaller coastal communities.”
Apartments with three bedrooms start at $945,000, some with media spaces and all include secure parking.