Dolly Lenz
Local aspect
WITH JENNY LENZ
CHRISTIE’S INTERNATIONAL
Ken Jacobs
Following the post-lockdown easing of real estate restrictions on open homes and onsite auctions, there has been a notable shift in the city and weekender market, with more buyers looking for something a little closer to “the end of the road”. There are two sub-groups: those who want to be removed from urban centres, and those who have deep urban roots but want an escape with recreational options. There is a growing escape mentality, with several suburb and regional records recently set. The working-from-home experiment has made these properties all the more appealing, with a permanent lifestyle trend distinct from the traditional thinking around a rural or beach retirement/weekender. COVID-19 has created a seismic shift in priorities. For many it has meant a focus on mortality and reassessment. Life balance is the clarion call. The trend is an increase in demand for downsizing luxury urban options balanced by upscale luxury non-urban residences. From an international perspective, it is not a matter of urban versus non-urban but country versus country. BELLE PROPERTY BOWRAL
Di Dixon This property outside New York City features a professional basketball court, below, among its impressive amenities HOME & AWAY
A foot in each camp Months of coronavirus shutdowns have given luxury consumers plenty of time to reflect on personal housing needs and reassess their real estate wish lists. As business throughout the world’s top luxury markets slowly comes back to life, the initial demand and data from the first few weeks of reopening suggests a completely reimagined list of priorities for buyers across all price points. In New York, in-person real estate viewings were permitted to restart in late June and with that we saw an almost instant shift in what consumers were coveting most. Inquiries for more efficiently sized city apartments – 3000 square feet (279 sq m) or less, and country and beach retreats loaded with outdoor amenities yet close to the city, have skyrocketed, with the majority of these consumers looking to buy both and conducting parallel searches. As a result of continued work-from-home policies, consumers are now able to spend more time away than ever before. They still want the energy and culture only available in the city, but they also desire a place to retreat to when they need a break. To that end, savvy city buyers are dividing their budgets and prioritising smaller, less expensive apartments, leaving an opportunity to acquire a second home in the country. Outside the city, the wish list has primarily focused on properties that offer resort-style living with expansive space and elaborate outdoor amenities. In the past, second home buyers have shied away from expensive home amenities and large properties as they need constant upkeep and maintenance. However, with so many travel restrictions in place and annual vacations cancelled, buyers are now trying to recreate that resort experience by seeking out second home properties with large pools, private tennis courts, chef-level outdoor kitchens and spacious grounds. Recently we relaunched a 20,000 square feet country estate just 50 minutes outside of NYC and have seen an incredible response from buyers drawn to the property’s extensive amenity offerings which include a resort-style pool and spa, golf practice 16
MANSIONAUSTRALIA.COM.AU
The level of inquiry has been intense since restrictions on property showings were loosened. I have always had good winter sales, but this is really off the dial. The number of people looking for a Southern Highlands escape/retreat is definitely higher than before. Several have said they decided with the COVID-19 lockdown to give it a go living down here rather than have a weekender, with companies open to flexible office hours. A lot of young couples have been looking to scale down the size of their Sydney commitment in the hope of securing something in the Highlands while keeping the city connection. They are hedging their bets. Then there are retirement-age buyers who want to completely escape the city lifestyle and live in proximity to a “village”. The demand for acreage properties is very high; mid-sized 20, 30, 50 acres are much in demand and there are very few properties of that size around. There’s even a shortage of 100 acre properties. People feel for the first time that they can try the country lifestyle and not miss out professionally. RAY WHITE RURAL & LIVESTOCK
Stephen Nell
area, professional basketball court and frontage on a private lake. Wish lists for luxury real estate consumers have been known to shift dramatically as certain properties and features go out of style and market conditions change However, ownership of both city apartments and amenity-laden country retreats will continue to be at the top of any real estate list long after the pandemic is over. Such an aspiration is no longer limited to the ultra-rich, with consumers across all price points set to drive the multiple property trend well into the future. Dolly Lenz heads New York-based Dolly Lenz Real Estate and last year sold more than $US500 million worth of luxury US and international homes. Jenny Lenz is managing director of Dolly Lenz Real Estate. dollylenz.com
The tree-change market was already gathering momentum before COVID-19 started. People who want a country retreat will look [at properties] up to three hours from a major city centre and at least 30 minutes from amenities, but it always depends on the property. Demand right now is unbelievable and it’s coming from everywhere. It’s not just people from other areas, it’s often locals who are upgrading. In my opinion it has always been the ambition of a lot of people to have a country estate and a bolthole in the city. What has changed since Covid-19 is that people recognise they don’t need to be in the city to do their work as they can be productive anywhere. I believe many Australians would love a big weekender in the country but they will always be chasing value; that has never changed. There have always been people who want to run their own hobby farm and plant a vegetable garden, and that’s not changed. Developers will need to rethink their inner-city unit stock as many downsizers do not want to live in an apartment block full of students. They want to live in the same suburb they downsized from, or be near the beach. THE WEEKEND AUSTRALIAN
| AUGUST 8-9, 2020
