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Downsizers discovering the benefits of apartment life

Property Markets / Outlook

Australia / Sydney

Aug 07 2018

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A leading Australian developer Crown Group has highlighted an emerging trend in Australia which sees seniors downsizing earlier for lifestyle reasons. 

Crown Group Chairman and Group CEO Iwan Sunito has dubbed the trend “not retiring but refiring.”
 
Once viewed as a decision dominated by declining health, downsizing has today become a quest for a better lifestyle for older Australians, he explained.
 
“Australia is seeing a new trend where older people are downsizing to smaller homes to upgrade their lifestyle,” Mr Sunito said.
 
“The concept of downsizing does not have to mean a decrease in life quality, but quite the opposite, it can mean moving forward with style, having an upgraded life in a shared community, where life’s most important conveniences are right at your doorstep.
 
“Downsizers are not retiring but refiring,” Mr Sunito added.
 
Crown Group’s latest Sydney development Eastlakes Live is particularly popular with downsizers for its proximity to shops, healthcare and recreational amenities, Mr Sunito said.
 
The $1 billion development will transform Eastlakes Shopping Centre into a modern town centre
 
“Eastlakes Live will be a modern and vibrant community which connects people of all ages,” Mr Sunito said.
 
“Downsizers are also looking for a sense of belonging in a thriving community.”
 
Designed by Sydney-based architects fjmt, Eastlakes Live aims to set a new standard for retail excellence with two major supermarkets with fresh food offerings reflecting the diversity of the neighborhood, a restaurant promenade, street cafes, a medical centre, as well as densely-landscaped gardens and children’s play areas.
 
The development will provide more than 500 apartments ranging from studios to penthouses across five buildings designed to maximize stunning views over the Eastlakes Golf Course and Sydney CBD.
 
Eastlakes Live is located 10 kilometres from Sydney’s CBD and only three kilometres from the University of New South Wales, Sydney Airport and Green Square.
 
Crown Group Director of Sales Roy Marcellus said there are a lack of suitable options for downsizers looking for great facilities in a good location.
 
“There’s a lack of good options for downsizers, which is why we are seeing so many older couples looking at our new development Eastlakes Live,” Mr Marcelles said.
 
“Eastlakes Live has a true sense of community, and gives downsizers the perfect lifestyle, close to shops and transport, close to the city, the airport, golf courses and just 10km from Bondi Beach.”
 
“Downsizers don’t want to feel isolated they want to feel connected and Eastlakes Live is the perfect solution, it has everything,” he added.
 
Research by the Australian Housing and Urban Research institute with UNSW in 2014 found that most downsizers are attached to their community and according to a 2016 Productivity Commission study into housing decisions of older Australian the main reason older Australians don’t downsize sooner is lack of options near their home.
 
Similarly consisting apartments built above a shopping centre, Crown Group’s completed development Top Ryde City Living is home to dozens of happy downsizers. The seven-tower 653-apartment complex features generous common facilities situated atop the Top Ryde Shopping Centre with views to the Sydney Harbour Bridge, Blue Mountains and North Shore.
 
Octogenarian couple William and Gloria Wallace purchased a three-bedroom apartment in Crown Group’s Top Ryde City Living development where they have lived since 2014.
 
“For more than 30 years, we lived in a house surrounded by bush, and I wasn’t sure whether I would like living in an apartment. But it’s fantastic. We get plenty of sunshine and lovely breezes through our beautiful modern apartment with large balconies and great views,” Gloria said.
 
“Everything is easier here, even the simple things. We thought we’d never leave our house in Eastwood but the garden work and housework just got too much,” Bill said, “But we love this place, with the gardens, pool and view. It feels like we’re living in a permanent holiday house.”
 
The construction of Eastlakes Live by Crown Group is scheduled for completion in 2021.
 
Stage one will include 134 luxury apartments ranging from one-bedroom apartments to penthouses and 15 retail outlets below. Resort-style health and fitness facilities including a resort-style 25m swimming pool, state-of-the-art gymnasium, barbeque facilities, function rooms, water feature, landscaped gardens, rooftop lounge and entertainment facilities. Stage two will complete the new town centre with a mix of residential and retail components, with details still to come.
 
A premium range of apartments is now available for sale starting from $670 000.
 
The display centre is now open daily from 10am to 4pm, located at 19a Evans Avenue, Eastlakes.

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