The appeal of a brand new, maintenance-free, lock-up-and-leave home is growing for a new wave of buyers.
In fact, the desire to downsize is not just striking in retirement years, but much sooner in life.
“Buyers are attracted to doing away with all the maintenance of a large home,” says Tim Campbell, Co-Director of Carpe Group.
“People are time-poor and don’t want to have to mow lawns and clean pools – they want to do much more enjoyable things with their weekends.”
Statistics show the desire to downsize in Melbourne is significant, with realestate.com.au reaching 149,000 people intending to move to a smaller home.
Moreover, 280,000 users are planning to purchase a retirement home in the next 12 months.
The combined reach of these audiences is 398,000, indicating some overlap between downsizers and those purchasing retirement housing.
In Melbourne’s inner east, Campbell says downsizing is particularly popular, with people moving on from their large homes to ‘rightsize’ their property and be more connected to the community.
Downsizers are often looking for homes that allow them to enjoy their neighbourhood and community.
“Many downsizers live in the local area, and they want to stay, but in an easier home to manage.
"Others come from a bit further out or from rural areas, and they want to be near all the amenities and services,” he says.
The upsides of downsizing
With everything sparkling new, the latest appliances, alfresco dining spaces, and sweeping views, the upsides of downsizing are evident.
Campbell says these factors are all key to the new Studley Park Residences in Kew, developed by Carpe Group, architecturally designed by Warren and Mahoney, and interiors curated by Edwina Glenn.
“A lot of downsizers come from homes that may have been renovated 15 or 20 years ago and are due to be done again.
"Downsizing into something brand new, modern, and fresh and that is architecturally and interior-designed is a big drawcard,” he says.
Modern, expertly design interiors in a new building are a major upgrade for many downsizers.
There is also the appeal of being in a picturesque suburb with plenty of parks, cafes, shops, and more, as well as living amongst like-minded people.
“People love the security, having a home that has all of the latest CCTV, lift access, parking and more,” he says.
Elegant entertaining
With less time spent on home maintenance, downsizers can make the most of relaxation and entertaining.
At Studley Park Residences, Campbell says the ‘wow factor’ for guests starts from the front door.
“It is a beautiful building, with a beautiful entry experience and it is built around two long-standing cedar and gum trees.
"Then, you go through the light-filled corridors to get to your apartment, and you’re wowed by the apartment as well, and the style and the views,” he says.
Studley Park's views and modern designs make it an appealing choice for buyers.
Due to its elevated location on Studley Park Road, residents and guests can enjoy looking out at greenery and scenery in every direction, whether it be Studley Park, Yarra Bend Park, or the Willsmere Heritage Estate.
Luxurious layouts
Downsizing doesn’t mean compromising on what you need or living in a small space, Campbell says.
In fact, he prefers the word ‘rightsizing’, as the floor plans at Studley Park Residences are generous and well-considered for everyday ease.
“It is about prioritising the apartment layout to have the things you need and the right outdoor space,” he says.
Studley Park Residences has a selection of 31 two- and three-bedroom apartments, with the two bedrooms starting at $1.56 million and the three bedrooms at $2.67 million.
“The building and interiors do have a ‘trendiness’ about them, but also a sense of restraint, with quality materials and a neutral palette, so people can have their own artwork, their own furniture, and it is all going to present really well,” says Campbell.
Studley Park's interiors balance considered design with versatility for owners and occupiers.
Making the move
Despite the increasing popularity of downsizing, Campbell says sometimes people put it off due to worry about the effort and change.
“Moving from a larger home to a more compact home can feel daunting, but it shouldn’t be.
"We do our best to make sure that it’s a seamless experience, and that our clients are kept up-to-date all the way through the construction process.
"Leading up to the settlement, we clearly communicate what needs to be done and how the transition will work out,” he says.
He says the benefits of downsizing are best embraced sooner rather than later.
“You’re going to get a space that is well laid out, thoroughly thought through.
"It’s fresh, it’s modern, it’s designed by an architect and interior designer – and it’s a home built with comfortable living far into your future in mind,” he says.
English (US) · 