As Baby Boomers approach retirement age, the property market is seeing more discerning downsizers than ever before with architects and designers taking note. Cbus Property’s development at Newmarket Randwick is a good example that has been designed to accommodate the growing downsizer market.
According to William Smart from Smart Design Studio, downsizers are hard to define as a collective, but there are common demominators in what they seek from their ideal property.
“Space is first and foremost,” he 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. Purchasers can generally visualise the same furniture from their family home easily into these apartments”. However, many buyers often decide to modernise their furniture rather than utilise their existing furniture.
“We spent a lot of time refining the floorplans so residents can experience as generous an apartment as possible,” William 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,” he explains. “However, when you move from a large family home into an apartment that usually means a smaller kitchen with less storage. However, at Newmarket Randwick we have made sure to include a large kitchen with great stone benchtops, generous storage and European appliances for an elegant cooking experience.”
When choosing a 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.
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 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,” William 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.
Newmarket Randwick has a great selection of large ground floor apartments perfect for downsizers’ needs with large outdoor areas and a house-like feel with all rooms leading out onto the terrace.
In addition, many may prefer to have no one living above them. Top-floor apartments at the development offer higher ceilings and expansive layouts to enhance the feeling of space.