Paul wasn't ready to downsize. Until he found the perfect next move
They'd intended to search for an investment property to buy, but when they saw what the apartment might look like upon completion next year, they now think it could be the perfect next move for themselves.
'We recognise, at some point, we'll need to downsize,' says Paul, 62, who, with Suzie, 57, bought the apartment for about $3.2 million in the VUE building. 'This was initially an investment, but it's become a legitimate downsizing opportunity for us.
'It looks so good. You have to go for these when they come up as there's not an awful lot of large, luxury apartments around that would be suitable, especially when you're moving out of a really lovely house. You don't want a shift to be a downgrade.'
But there is a painful shortage of quality downsizer apartment stock across Australia, just as demand soars. In the country's biggest market, Sydney, 2021 census results show that less than 16 per cent of the new apartment supply had three or more bedrooms, compared to 60 per cent with two bedrooms. This contrasts sharply with houses, where those with three or more account for 90.2 per cent nationally. No wonder downsizing can feel like a downgrade.
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According to Will Mitchell, the sales and marketing director of the Melbourne-based Pace Development Group, a primary reason for the scarcity is that it's hard to design bigger apartments with luxury finishes and still make the figures add up.
'The real challenge is that downsizers are moving into their final forever homes, and they're wanting everything – somewhere sophisticated and good quality that they can lock up and leave, with proximity to amenities and often with an outlook too,' Mitchell says. He says he's fielding strong downsizer demand for under-construction projects in Melbourne, such as The Archer in Flemington and Fabbrica in Fitzroy.
'The properties have to tick all their boxes,' he says, 'so you have to find the right sites and go through all the red tape to create something special and bespoke that they're willing to pay for. They really want to enjoy those years.'
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