As our baby boomers move into retirement, what type of housing are they looking for?
Anecdotal evidence suggests that these retirees are generally leaving the local region to be closer to their families, downsizing to smaller homes or having a change in lifestyle and downsizing to unit living.
This sector of the market is typically attracted to small modern low set homes on small low
maintenance allotments generally within the modern residential estates that offer the amenity of walking paths, close proximity to public transport hubs and shopping facilities. Others are being attracted to the low maintenance lifestyle unit living offers, allowing them to secure their property and travel for periods of time throughout the year without having to worry about yard maintenance.
Units located in the inner city suburbs of North Ward, Belgian Gardens and the City Centre are appealing locations due to the lifestyle offered by these locations being within close proximity to The Strand. The downsizing of these retirees is providing opportunities for buyers through a range of property types. We are seeing older style homes, some in very desirable locations becoming available for the first time in over 20 years. These homes are generally in original or near original condition providing buyers with a somewhat open canvas to renovate to a finish they desire. These similar opportunities are also available on larger family homes as empty nesters downsize.
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