Flying The Coop But Staying Put In The 'hood
Sun Herald
Sunday February 26, 2006
EMPTY nesters on Sydney's upper North Shore are increasingly opting to downsize but remain in their neighbourhoods, holding to a luxury lifestyle and strong community ties.
The emerging group of buyers - baby boomers who have occupied sprawling properties for decades - are ready to embrace a low-maintenance lifestyle but don't want to start again in a new area.This niche market is out in force looking for chic apartments and townhouses.Demographer Bernard Salt said empty nesters were typically aged over 55 with their oldest child aged between 18 and 20. He said the empty nest syndrome for this demographic would peak between 2010 and 2015."Only rich old baby boomers can afford to live on the upper North Shore," Mr Salt, of KPMG, said."These empty nesters are effectively baby boomers whose kids are leaving the family home and they're left with a big rambling house and one of the options is for them to sell that house and move up or down the coast, or into a nearby townhouse or apartment, which is more compact. "So what you're seeing now on the North Shore is really only the precursor of what will happen early next decade - it's a trickle at the moment, that'll turn into a flood."The trickle is already noticeable, said Tim Cale, of Epping-based Bruce Lyon Real Estate, which is fielding at least one inquiry each day from empty nesters wanting to downsize.Mr Cale said there was strong interest in two developments, Camarena Gardens in Waitara and Genesis in Epping, which catered to the needs of empty nesters."Developments targeted at people wanting to downsize but keep the high quality of luxury they're accustomed to are the only ones that will in future survive," Mr Cale said."Developers thinking they can do it on a beer budget won't survive."Andrew Finlayson's The Carrington Group is developing the 34-apartment Beumont in Wahroonga, which is aimed at empty nesters."Buyers are very discerning. They're very well equipped with a lot more information than they've had in the past, so they're very savvy and you really must have a point of difference," Mr Finlayson said. The state's Department of Planning expects population growth of 30 per cent - including 700,000 more people aged 55 years or older - in Sydney between 2001 and 2031. "The Department of Planning has instituted a number of policies in recent years to ensure an adequate supply of housing for seniors and people with a disability," a spokeswoman said.
© 2006 Sun Herald