Why downsizers are flocking to the upper north shore

By September 20, 2016Buying

The busiest group of buyers of the market on the upper north shore, particularly around Turramurra, is downsizers. Right now, its low-rise complexes and townhouses that are attracting these home buyers from both within the area and outside of it.

Already, those from the lower north shore and eastern suburbs have seen the relative value the upper north has to offer – leaving them with a quality home and funds leftover. Having money leftover when transacting in a lifestyle market, either to be used as retirement assistance, fuelled into investments or kept as savings, is a luxury.

Unsurprisingly, those who are empty nesters and live locally are also looking to sell their larger family homes but stay within their suburbs and surrounds to get something low-maintenance but in the area they love. This group has so far been particularly active this spring and shows no signs of slowing.

New developments: Downsizer friendly

Savvy developers have already been cashing in on this downsizing boom, looking to offer quality homes to those not looking to compromise on quality when they downgrade on size. With the median four-bedroom house in Turramurra priced at $1,775,000, according to CoreLogic, and three-bedroom at $1,442,000, compared to the median three-bedroom and two-bedroom apartments at $1,110,000 and $764,500 respectively, there’s room for choice for those switching home.

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In particular, developments near Turramurra train station have proven particularly popular, with the promise of a new Coles and Woolworths helping attract even more amenity-hungry home buyers to the area. Surrounding suburbs, such as Warrawee, have also attracted developers marketing to downsizers by creating townhouses that appeal to more mature buyers.

At 1-8/15 Turramurra Avenue, Turramurra is the brand new Keswick development, feature apartments with a village-style community. It’s a more modern type of apartment living with generous sized rooms and larger floorplans, up to 155 square metres. With built-ins, ensuites, air conditioning, fireplaces and double garages, it offers downsizers the benefits of a house but without any of the hefty maintenance costs and work.

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