Five reasons why modern apartment living is the best choice for life past 50.
Data shows more Australians are downsizing than ever before due to the quality of life, convenience, security and financial benefits on offer.
Luxury apartment developments are the product of choice for this market, providing added amenities and architect-designed, quality surrounds in sought-after locations.
The development of these products is believed to be behind the huge surge in downsizer activity over the past decade. Research now shows 43 per cent of Australians aged 50 to 59 have moved to a smaller dwelling or different location as they approached retirement, compared to early 2000s research that indicated that just three per cent of people aged 50-plus downsized.
We spoke to downsizers and industry experts to discover the top five reasons people are choosing to live the high life (literally) after 50.
Reason for apartment living one: Low-maintenance living
Downsizing to a well-designed apartment removes the hassles associated with traditional housing to facilitate a complete life of luxury. Instead of weekends spent on repairs or maintaining the garden (which can be particularly time consuming and strenuous later in life) apartment living ensures this is taken care of on residents’ behalf, allowing more time to be spent with loved ones or simply enjoying more free time.
This was the case for Rhonda Burgess, who recently purchased at Signature – a premium new development by Little Projects in Broadbeach, Queensland. Feeling overwhelmed by her five-bedroom home, Rhonda will soon downsize into a two-bedroom apartment closer to friends and without the burden of constant maintenance issues.
“I wanted to be around like-minded people again and I thought of Signature as offering a quieter, calmer lifestyle with a friendlier set of neighbours,” she says.
The security of a new apartment building is also hugely beneficial to downsizers such as Burgess who live alone or are frequently away travelling. Cars are securely stored in basement garages providing direct elevator access into buildings, and only residents can access apartments and the communal amenities.
Reason for apartment living Two: Quality design
Adding to apartment dwellers’ low-maintenance lifestyle is the fact every feature of their home is entirely new. That means no leaking taps or ceilings, no creaking floors and no unsealed windows – just contemporary fixtures and materials designed to last decades.
Unlike houses that are rarely designed by architects in Australia (only 5 to 10 per cent of Australian single-residential homes are estimated to have architectural involvement), this is standard practice among new multi-residential developments. Behind most new apartments are an architect, an interior designer and developer, all of which stake their reputation and success on providing quality new homes.
This high level of design also prioritises sustainable outcomes, meaning new apartments are efficiently heated and cooled for a more comfortable, environmentally-friendly and affordable existence in the long term.
Reasonfor apartment living Three: Convenience
The density of apartment buildings allows more people to live in sought-after locations close to desirable amenities. This lifestyle means less time is spent commuting and more time in the local community.
While apartment dwellers are typically compromising on space, their homes tick all the boxes one desires in a location, including walking distance to public transport, restaurants, shopping, entertainment, parks and cultural destinations.
It’s common for retirees or empty nesters to feel isolated and in need of a community. By positioning themselves in a thriving suburb in a new apartment development, they are automatically surrounded by a group of people in a similar stage of life, who are also looking to establish new roots.
Reasons for apartment living four: Lifestyle opportunities
Living in a quality apartment development provides residents access to amenities for leisure and exercise typically only found in a luxury hotel. Think swimming pools, gymnasiums, private theatres, saunas and custom-built entertaining areas.
This is a stage of life where homeowners can be selfish with their desires in a home and lifestyle. Instead of deciding on a home simply because it has a third bedroom, downsizers can take pleasure in having a purpose-built study, a lavish walk-in-wardrobe or marble draped en suite designed by an award-winning interior designer.
The fact these experiences cannot be recreated in a traditional home sees many Australians selling their large family house and pocketing the savings for other investments or to fund their desired lifestyle. The recent changes to superannuation caps make the decision to downsize particularly attractive. Now, people aged 65 can make a non-concessional (post-tax) contribution into their superannuation of up to $300,000 from the proceeds of selling their home. Couples can contribute $300,000 each for a total contribution of up to $600,000.
Reasons for apartment living five: Investment potential
Australia’s ageing and overall rapidly growing population guarantees quality apartments suitable for downsizers will remain in demand. Case in point, the number of Australians aged over 65 is estimated to jump from 15 per cent of the population as it is currently to 20 per cent in 2037 and continue rising.
Rental yield for apartments in downsizer hotspots is also particularly strong. For example, the Gold Coast apartment market currently has the highest gross rental yield (5.8 per cent) for major cities along Australia’s east coast according to figures from Australian Property Monitors, and vacancy rates are the lowest in the country, sitting around one per cent, according to REIQ figures.
Signature is the premium new apartment development in Broadbeach set to raise the level of amenity and design quality offered to downsizers.
The project is the work of award-winning national developer Little Projects in collaboration with architects Rothelowman and interior designers SJB – all of which are sought-after names in the multi-residential space.
The development is positioned in the heart of Broadbeach directly opposite the beach and mere minutes from cafes, buses, trains and Pacific Fair Shopping Centre. A spectacular design solution ensures each of the project ’s residences will have its own personal ocean view.
A further highlight of Signature is its unparalleled resident amenity including a huge 50-metre infinity edge pool, an expansive outdoor lawn, state-of-the art gymnasium and a private cinema. An on-site cafe will further enhance the feeling of living among a hotel, while better integrating the development within the existing community.
“This level of amenity is unparalleled but we think it’s what downsizers deserve. With the beach, pool and shops on their doorstep, residents can indulge in the ultimate low-maintenance, coastal lifestyle,” says Leighton Pyke, director at Little Projects.
Residences at Signature are now selling and start at $495,000 for one-bedroom, $619,000 for two-bedroom and $1.6m for three-bedroom dwellings.
For further information visit: www.signaturebroadbeach.com.au or contact Natasha Pezet on 07 4408 0999.
Read more great tips and news at Downsize Now
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