Rose Bay is a popular suburb amongst downsizers to purchase a new home even if they are already residing within the Eastern Suburbs.
At present, buyers in the housing market are mostly downsizers. As Peter Kerras, Director Residential with Colliers International explains, there is no doubt that downsizers are the most active buyer demographic. Mr Kerras explains that downsizers have the means to spend due to the very strong price growth in their homes which then enables them to draw on super to buy a new home.
But unlike previous downsizers who usually prefer having terrace houses and single-level villas, the downsizers of today are very much diverse.
They are now seen to actively consider purchasing apartments and houses that are off the plan in areas where they previously had a large house.
But whilst majority of the downsizers are moving into smaller houses, apartments and retirement villages, a great number of downsizers still remain at the comfort of their old houses. This is simply because they cannot find the right dwelling that matches their preference and needs in the housing market.
In fact, most downsizers are still focused on purchasing a three-bedroom home with two bathrooms and parking space for two cars. This type of home is quite hard to find nowadays due to its demand and limited supply.
This explains why there are not much options left for some downsizers; hence, it draws them to look for other diverse houses that are often uncommon for downsizers or they simply opt to rather stay at their old houses.
What are Downsizers looking for?
According to real estate professionals, here are some of the qualities that downsizers are often considering when purchasing their new home:
- Three-bedroom in a single-storey villa that is about 400 square metres.
- Low maintenance homes where they can easily lock up and leave.
- Home that is easily accessible to the city.
- Low maintenance courtyard and a third bedroom that could be converted into a home office.
- Home with pleasant view within the vicinity.
- Lifestyle amenities for the entire family.
Rose Bay and similar eastern suburbs such as Double Bay and Potts Point all have the qualities that downsizers want. This is why they tend to attract a good number of downsizers who may already be residing around the eastern Sydney suburbs.