05 October 2018 | Daily Top Story: Seniors Who Are Downsizing Are Driving The Beaches Market

THE first weekend of the school holidays and it is not the families who are out and about buying real estate, but their parents.

Older Australians looking for compact and affordable property having sold the big family home are driving the northern beaches property market. Agents say they have the money, don’t need to borrow and are active in hunting down downsizer property.

Lachlan Yeates, of Raine & Horne Collaroy/DeeWhy, said downsizers are the most consistent and stable buyers in the market at the moment and lifestyle property with little maintenance tops their list.

“Our office sold six one-bedroom units this week,” he said.

“There are fewer investors buying. Downsizers are the most stable buyers,” he said.

There are 20 properties being auctioned on the northern beaches this long weekend and at least three of them would suit downsizers.

 

Mr Yeates’ office has a three-bedroom townhouse in Balgowlah being auctioned at 1.30pm on Saturday that would suit a downsizer buyer. Number 3/112 Balgowlah Rd is in a small complex of four, has a large private north-facing yard and lots of natural light. It has two bathrooms and a double garage. 

 

 

An apartment in Fairlight on the ground floor and all on one level would also suit a downsizer. Number 2/36 Rosedale Ave is a two bedroom plus study apartment with timber floors, high ceilings and a recently renovated kitchen. It is one of four in a character block and also goes to auction at 1.30pm on Saturday.

 

 

Downsizers wanting a view might be interested in 2/6 Camera St, Manly a two-bedroom unit with a point blank view of the harbour. Again this unit is one of only four, this one in a classic Art Deco building close to Manly wharf. The apartment is on the lower level and is renovated. Steve Witt, of Belle Property, said it is perfect for downsizers wanting easy living and quick access to the city. This apartment has a guide of $1.05 million and goes to auction at 3pm.

 

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