OPPORTUNITIES OPENING UP FOR DOWNSIZERS
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.
“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”.
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David Fletcher-Jones, his 18-year old daughter Gemma and their pet spoodle Amber are enjoying their new lifestyle.