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The Rise of Perth Property Downsizers

An insight into the trend of luxury downsizing

The perks of apartment living

The rise of Perth property downsizers is fast becoming a popular lifestyle choice for many people – and has many pros to go along with it. With a smaller home comes less maintenance. And with less maintenance comes more time – time that can to be spent, socialising, dining and exploring new neighbourhoods (with the convenience of not having to get in the car and drive 40 minutes to do so).

Moving from suburban life to an inner-city community can also provide a sense of belonging and familiarity – something that you might not always find in the burbs.

According to the AHURI report, one participant stated how owning an apartment is less of a responsibility than owning a house. “[When] travelling a lot you’ve got a responsibility of a house whereas in an apartment you just close your front door and go.”

The Rise of Perth Property Downsizers

And whilst less responsibility becomes an enticing prospect, so does the idea of less maintenance. Strata charges translate into you having your very own Maintenance Man to handle the upkeep of your grounds, utilities, repairs and facilities, meaning more free time to enjoy the finer things in life, and less time spent in DIY mode. It’s no wonder that more and more Perth property downsizers are uprooting themselves from the peace and quiet of suburban life, to the pulsating allure of the inner city.

Some considerations ahead of downsizing

Before you opt in for the lifestyle change that comes from downsizing, there are a few key considerations to ponder before making the leap.

  • Why do you want to downsize?
  • Do you want to live nearer to your children?
  • Have all your children moved out from your family home?
  • Is the move motivated by financial gain?
  • Is your current house too big?
  • Are you retiring or due to retire soon?
The Rise of Perth Property Downsizers

 

The list of questions and considerations go on and on, as there are always a variety of factors affecting the move, and every family/couple/person is unique. Whilst the aforementioned factors are key considerations, the following chart lists a much longer list of factors as to why downsizing is becoming more popular amongst older Australians (see page 82 of the AHURI Downsizing amongst older Australians Report).

Leaving your family home is a difficult decision for many to make, so it’s important to consider all the factors before deciding to make the jump – after all, we all hold an emotional attachment to a home that we may have built with our families and the memories that we have made along the way.

According to leading property website realestate.com.au, there are many ways to test whether Perth property downsizing is for you. Try having a conversation about it with other people in order to gain a different perspective, or to help cover points that you may not have thought about yourself. Create a ‘pros and cons’ list for your current home and lifestyle – ask yourself what you want to change, or what you want to improve upon, or simply just ask yourself “why”.

Seek out those who have downsized in the past in order to get a first-hand account from them – but bear in mind that their reasons for downsizing might be different to yours as every home owner is unique.

As with most things, it is often always about money. Run the numbers and focus on the dollar figures. After all, moving house costs money too!

The Rise of Perth Property Downsizers

 

The demographical appeal of downsizing

Perth’s exquisite and elegant apartments are not only an attractive proposition to property investors and empty nesters alike, but also to retirees and individuals who originally couldn’t afford to live in the city.

It is also a great move for those seeking properties promising minimal maintenance (without sacrificing their comfort or design) and even families with younger children wanting a small family home in which to raise their family, without the headaches of overgrown gardens, growing “fix it” lists and lengthy commutes to the city.

Due to this growing trend of Perth property downsizers, Griffin projects Group have responded directly to this market shift with our latest project, 204 Walcott – a series of boutique luxury apartments offering residential and commercial spaces across a variety of specifications.

Situated on the famous strip of Walcott Street, this landmark corner site offers stunning views of the Perth CBD skyline, with a range of specifications, layouts and options for future residents and local businesses looking for a prime location in the bustling district of Menora – one of Perth’s leafiest suburbs.

With over 50% of properties already sold, now is the time to check out the full range of 204 Walcott apartments coming soon to this highly sought-after location.

Call us today on 1300 77 77 97 or email us to find out more.

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An example of a studio apartment at 204 Walcott, Menora