Downsize without relocating away from family and friends

Downsizers dominate a large slice of the Sydney housing market, and new developments mean they're now able to consider a greater range of properties within their local area. “Our recently sold-out development, Affinity, based in the Sutherland Shire, had a very high proportion of local downsizers looking to sell the family home but stay in their local community. We’re also seeing downsizers preferring new, modern builds that offer low maintenance living and are close to the shops and amenities they already frequent.” says Matt Otway, Director of Ray White Projects Erskineville and the Project Marketing Company.

Matt Otway and business partner Peter Shield have been helping downsizers secure their brand-new property in and around Sydney since 2015 and have seen trends emerge within this buyer segment. “New apartment developments offer the luxury and convenience that downsizers are looking for at this stage of their lives. We’re seeing more and more owner occupiers, as opposed to investors, buying in their local new developments to remain close to family and friends. They can continue experiencing the familiarity of their neighbourhood that they know and love, without having to worry about maintaining a large family home and garden,” says Matt Otway.

The additional benefit of buying off the plan for downsizers is the time allowed to sell the family home and organise financial affairs ahead of the move. “In most cases, a small, refundable deposit of $10,000-$15,000 is required to hold the property of your choice until it settles down the track,” says Peter Shield.

The added advantage of time means families can start to de-clutter and make any necessary arrangements without the stress of a usual move. “We know those close to or at retirement age want to take their time with their decision to downsize, that’s why off-the-plan is appealing as you get a new product without the time pressure of selling one family home to go to the next,” says Peter Shield.

Looking to downsize? Matt Otway and Peter Shield are experts in Sydney’s property market. View their full list of current projects here.