As Baby Boomers approach retirement age, the property market is seeing more discerning downsizers than ever before, and architects and designers are taking note. Cbus Property’s developments at Newmarket Randwick has been designed to accommodate the growing downsizing market, with a range of apartments that will appeal to those looking for the right space, in the right neighbourhood, for a brilliant lifestyle.
According to Adrian Pozzo, CEO of Cbus Property, downsizers are hard to define as a collective, but there are common demominators as to what they seek from their ideal property.
“Space is first and foremost,” Mr Pozzo said. “For example, Figtree Pocket apartments at Newmarket Randwick are very generous in size, and this makes the transition from a larger home more streamlined. Purchaser can generally translate the same scale of furniture from their family home easily into these apartments”. However, many buyers often decide to modernise their furniture rather than utilising their existing.
Alena Smith from Smart Design Studio added “We spent a lot of time refining the floorplans so residents can experience as generous an apartment as possible,” Alena continues. “We made sure there is a strong practical geometry to optimise furnishing and circulation. Many apartments have long “art walls” that allow oversized artworks – often difficult to accommodate in apartments elsewhere.”
“Generous kitchens are particularly important for entertaining friends and extended family,” she explains. “However, when you move from a large family home into an apartment that usually means a smaller kitchen with less storage. At Newmarket Randwick however, we’ve made sure to include a large kitchen with great stone benchtops, generous storage and European appliances for an elegant cooking experience.”
When choosing an new apartment, downsizers are planning for their future. They recognise their physical needs may alter as they age, and want a property that accommodates their changing circumstances. Architects today increasingly focus on maximising single-level living spaces for this market that can be adapted if required, making everything easily accessible.
Being a part of a close community is another drawcard for downsizers. Developments like Figtree Pocket keep this in mind by creating stunning communal outdoor spaces. This project is blessed with beautiful established Moreton Bay fig trees wich add to the serenity of the development that can’t be replicated elsewhere.
Boutique-style living, close to friends and family, is just the start. Downsizing is about reducing maintenance and upsizing convenience. Baby Boomers are demanding easy access to lifestyle facilities in their local area. Newmarket Randwick’s central location is the perfect example – ideally connected to the greater Randwick area and stunning nearby beaches, cafés and restaurants for which the suburb is renowned. It is also conveniently located to nearby state of the art medical facilities, as well as the new light rail and the University of NSW.
And while their new floorspace may be more compact than their family home, downsizers typically don’t want to compromise on style.
“We’re finding a great sense of style is also an imperative to this purchaser group,” Alena added “We’ve recognised that downsizers are looking for architecture and interiors that are distinguished by luxurious materials with the kind of high level of detailing one might find in a prestigious single residential house. That’s why, at Newmarket, we chose a modern, directional palette that’s low maintenance and to which residents can easily add their own personality.”
Exquisite detailing is de rigeur for the downsizer – Baby Boomers have often renovated their family homes and are seasoned luxury travellers, so they’re looking for something out of the ordinary that meets their discerning taste.
According to Mr Pozzo, “Many downsizers, particularly the Baby Boomer generation, recognise the value of high end finishes. We include quality materials and items like modern parquet timber flooring, custom metallic hardware, custom joinery designs for wardrobes and very glamorous hotel-style bathrooms in our projects.”