This one is just right

RIGHTSIZING? WHAT IS THIS ALL ABOUT?

It is the downsizing lifestyle trend towards luxury apartment living that has become the latest buzzword amongst property buyers, and it is taking off across all demographics.

These buyers are looking for low maintenance properties with all the benefits of house-like proportions and all the amenities.

What might appeal to the rightsizer?

In most cases, luxury apartments with at least three bedrooms and two secure car spaces in medium or highdensity projects in prime suburbs of the major and capital cities.

As you might expect, a large proportion of rightsizers are active retirees, but in a report compiled by Knight Frank (Rightsizing – Australian Prime Residential Insight 2020), buyers in younger generations are also active rightsizers.

In New Zealand, house designers on top of the trend have their attention on homes that are less than half the size of the country’s average.

Not that they seem it! These ‘rightsized’ homes are intelligently designed, often three-level, walk-up apartments, and feel more spacious and functional than their footprints first make them appear. Shared gardens and green spaces are the new, easy-care backyard.

And if the focus is affordable housing, a three-level walk-up apartment in a prime city location might prove best value for many first-time buyers.

Back in Australia, talk to agents who are marketing luxury CBD apartments and sky homes in the inner-city suburbs – as well as similar properties in prime beachside locations – and they will also talk about the families and young professionals seeking such homes.

The following features are likely to tick the boxes where affordability is not the critical issue:

• House-like proportions to an apartment • All one level • Lift access • No maintenance living • Walkability, close to desirable activities • Public transport (and yes, people still want their minimum two secure car spaces) • Airport proximity • High security, concierge • Quality of build, preferably new • View, aspect • Smart technology • High level amenities in complex • Sense of community within

When you have people approaching retirement and living in large prestige homes, these are often people with strong social networks and commitment. They prefer to stay in their ‘neighbourhood’ as they move into their luxury apartment and town houses.

Living areas are the least likely to diminish because people falling into this category tend to be entertainers. They may not always cook at home, but they still like to party.

They want a variety of transport options as well as space for their vehicle. They want space, luxury, and style, giving them a high-quality standard of spacious living. However, they want a home without the hassle of maintaining gardens, the pool, and the tennis court.

Other high-end niceties might include a private chef on order, daily linen service, luxury spa access and valet parking. And what we are seeing is a global trend.

THE BUZZ ON RIGHTSIZERS

More conscious of what they need and what is right for their lifestyle

Move from oversized houses to right-sized houses

Look for large proportions in living spaces but less or no maintenance

Value security and proximity to lifestyle hubs

Come from all demographics

As borders reopen and global connectivity with direct flights to and from Australia and New Zealand increase, the professionals, entrepreneurs and growing ‘active retired’ group may have to compete with international buyers for the luxury product. This is something that developers will be closely watching.