Investors will benefit from purchasing in Sydney downsizing hotspots
Posted on Monday, May 13 2013 at 4:52 PM
Investors who buy smaller apartments in Sydney might dramatically benefit from a rising downsizing market, according to Urban Taskforce.
Chief executive
officer Chris Johnson says Sydney has the highest percentage of older people
who are likely to downsize and areas close to the CBD are the most popular.
“Suburbs in the
inner west like Strathfield, Ashfield and Marrickville have more than 20 per
cent of their population over 55 and as these baby boomers retire, many will
want to downsize into apartments in the same suburb,” he says.
“The over 65s
will double by 2050 and with better health care, many retirees will be looking
to downsize where they can lead active lives close to amenities. Our members
are seeing a growing trend towards more apartments being purchased by
retirees.”
Johnson adds
retirees like to be close to coffee shops, village centres and walkways. The
research was conducted by MacroPlan Dimasi for the Urban Taskforce, as well as
data from the 2011 Census.
A northwest
hotspot for the aged has emerged around Carlingford, Epping and Ryde, which all
have more than 25 per cent of their population over 55 at the last Census. The
coastal suburbs of Maroubra (25.2 per cent) and Randwick (20.8 per cent) are
contenders for more baby boomer downsizers, as well as the Hills District, with
Castle Hill (27.4 per cent) and Baulkham Hills (24.73 per cent).
Further north,
the Central Coast and the Pittwater council areas have more than 30 per cent of
residents over the age of 55 and are also likely to have large numbers of
retirees looking to downsize.
Johnson says
governments at state and local level should look at eliminating stamp duty for
genuine downsizers, allowing extra floor space to support more communal areas
and for councils to allow more zoning for apartments around transport nodes and
town centres.
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