Newest trend – right-sizing

Rightsizing is the downsizing lifestyle trend towards luxury apartment living and it is taking off across all demographics.

According to Knight Frank’s Rightsizing – Australian Prime Residential Insight 2020 report buyers are looking for low maintenance properties with all the benefits of house-like proportions and all the amenities.

The main rightsizing buyers are active retirees but there are two other main categories including the entrepreneur and the family, according to the report.

“As we’ve seen in the past two years, while the mainstream residential market was in correction mode influenced by tightened lending, prime property continued to see positive growth through this time being less impacted by these restrictions,” said Ms Ciesielski. The rightsizing trend towards luxury apartment living is widespread across Australia, with more active retirees, and this follows similar trends playing out in other global cities.

This tends to be most prominent close to the capital cities and within the neighbourhoods where they’re moving out of their large prestige home. For example, we’re still seeing people move from large homes on large blocks with pools and tennis courts in places like Wahroonga, Warrawee and Killara on the Upper North Shore to a three-bedroom-plus apartment or townhouse in McMahons Point, Milsons Point, Lavender Bay or Kirribilli.

*source Recon Daily

Posted in Latest news, News on 3rd February, 2020