Downsizing is typically associated with older generations who are simplifying their lifestyle in retirement. A growing trend finds young couples, families with older children and active retirees downsizing their homes to increase their lifestyle living. In this blog, we look at the recent research to understand who is making a move to downsize and why they’re doing it.
Who are the downsizers?
Industry research by Knight Frank earlier this year noted an increase in Australian households opting for luxury apartment living. The three main groups identified in the trend were entrepreneurs, families and active retirees. These groups represent a shift from the traditional perception of downsizers. Far from being retired older generations, we see younger groups make a conscious choice for smaller living:
- The entrepreneur group was primarily young singles and professional couples
- The families consisted of recent empty nesters or those with older children, preparing for their next life stage
- The active retirees were typically 55+ and wanting to simplify their home so they could maximise their lifestyle
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Why are they downsizing?
The reasons for downsizing remain similar to the traditional choices, which may suggest the younger generations are becoming more flexible in their living choices or more aware of the benefits of simpler living. Top listed reasons include:
- Lower maintenance homes
- Closer to lifestyle features
- Greater accessibility
- More modern homes with smart technologies
- More quality developments becoming available
- Saving on running costs with a smaller home
Finding the right-sized homes in Perth
Popular suburbs for the downsizers in this report were Fremantle, North Fremantle, West Perth and South Perth. With their easy city access, natural surrounds and vibrant lifestyles; it’s easy to see why they’re top of the list. It’s projected that by the end of 2022, 3-bed dwellings will make up 50% of apartments in Perth.
On-trend living with Norm Carey
As one of Perth’s premier property developers, Norm Carey is always ahead on industry trends. Past residential projects have included family homes, luxury apartments and master-planned communities. With more than 30 years’ experience and a portfolio of over 100 completed projects, Norm Carey is a trusted figure in Perth’s property industry. Whether you’re an entrepreneur, empty nester or active retiree looking for downsizing opportunities, our team are happy to assist. To register your interest in new projects and investment opportunities, submit our enquiry form.