OP­POR­TU­NI­TIES OPEN­ING UP FOR DOWN­SIZ­ERS

Southern Gazette (South Perth) - - Residential -

IT is the prom­ise of a more care­free life­style that has tempted Joe and Stephanie Cor­co­ran away from their fam­ily home of 27 years and into a funky two-bed­room apart­ment.

The Perth cou­ple set their sights on apart­ment living af­ter re­al­is­ing they were mak­ing use of less than half their long-held home.

With their seven chil­dren hav­ing flown the nest, they de­cided it was time to em­brace the ex­cit­ing new chap­ter in their lives and move into a low-main­te­nance pad that would free up their time and en­ergy to en­joy more travel and recre­ation.

A two-bed­room apart­ment in Ur­ban on Cam­bridge, cur­rently un­der con­struc­tion, proved to be the an­swer.

“We’re look­ing for­ward to be­ing able to come and go as we please with­out hav­ing to worry about the gar­den,” Mr Cor­co­ran said.

“Be­ing free of main­te­nance work on the house and gar­den, it will al­low us to travel more and give us more time for other in­ter­ests.”

Ur­ban on Cam­bridge in Wem­b­ley is set to be a multi-gen­er­a­tional devel­op­ment; a trend that Qube Prop­erty Group de­vel­oper Mark Hec­tor said was a re­flec­tion that Perth res­i­dents of all ages were in­creas­ingly seek­ing an ur­ban life­style.

“The benefits of af­ford­able, low-main­te­nance living are un­de­ni­able and are re­flected in the strong ac­tiv­ity across all our projects,” Mr Hec­tor said.

“To date, the ma­jor­ity of buy­ers in Ur­ban on Cam­bridge have been owne­roc­cu­piers. We have seen a di­ver­sity of pur­chasers, with a mix of first-home buy­ers, young fam­i­lies and down­siz­ers all choos­ing the life­style benefits that the devel­op­ment of­fers.”

At Pin­dan’s North One devel­op­ment in Subiaco, a sim­i­lar trend has played out.

Among the first res­i­dents to move in were re­tired IT pro­fes­sional David Fletcher-Jones, his 18-year old daugh­ter Gemma and their pet spoo­dle Am­ber.

They bought a two-bed­room, two-bath­room apart­ment, down­siz­ing from a large home in Floreat.

“Even though we have down­sized from a large home, the flow of space, par­tic­u­larly in our kitchen, im­proves on what we had be­fore,” David said.

The in­no­va­tive devel­op­ment fea­tures land­scaped court­yards, a gym, res­i­dents’ lounge and rooftop kitchen. David and Gemma, a pro­fes­sional make-up artist, reg­u­larly take ad­van­tage of th­ese communal spa­ces to catch up with friends and meet other res­i­dents.

For both, the cos­mopoli­tan vibe that comes with apart­ment living has been a wel­come change.

“It is amaz­ing to be so close to ev­ery­thing and have such ease of ac­cess to ev­ery­where,” David said.

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“We are so close to the train sta­tion, cafes, shops and parks to take Am­ber for walks,” Gemma said.

This down­siz­ing trend is not only be­ing seen in in­ner-city ar­eas but also Perth’s mid­dle ring and outer sub­urbs, with at­trac­tive apart­ment de­vel­op­ments spring­ing up around trans­port nodes and cap­i­tal­is­ing on the ma­jor projects that have re­vi­talised many of Perth’s sub­ur­ban cen­tres.

There are 8300 units, apart­ments and vil­las un­der con­struc- tion across WA, with hot spots in­clud­ing Burswood, Cock­burn and Ar­madale, as well as along the newly-con­nected eastern cor­ri­dor.

Although he did not fore­see im­me­di­ate cap­i­tal value growth in off-the-plan apart­ments, prop­erty com­men­ta­tor and buy­ers agent Gavin Heg­ney said down­siz­ers did not tend to be driven by quick re­turns, in­stead look­ing for a well-lo­cated home where they could get the most from their re­tire­ment years.

The abil­ity to plan ahead ap- pealed to many who bought offthe-plan.

“It pro­vides 18 months or so to get ev­ery­thing in or­der: sell their cur­rent home and steer their life to­ward their new cho­sen life­style,” Mr Heg­ney said.

Real Es­tate In­sti­tute of WA pres­i­dent David Airey said given the op­tions avail­able, it was a good time to buy off-the-plan apart­ments in Perth “pro­vided you do your re­search, buy strate­gi­cally, get a good price and hold the prop­erty for the long term”.

con­tin­ued page 37

David Fletcher-Jones, his 18-year old daugh­ter Gemma and their pet spoo­dle Am­ber are en­joy­ing their new life­style.

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