AGE-RELATED EMPTY NESTERS

ABOUT 20% of sellers in the Wynberg Upper and Trovato Estate areas are downscaling, says Ford King, Seeff agent in these areas. They are usually empty nesters who are moving to apartments in the Sea Point and Green Point areas, or into retirement homes.

“They are not really downscaling on value, as they are probably spending almost as much on an apartment on the Atlantic Seaboard as they would on a property in Wynberg Upper, but they are looking for a lifestyle change.”

A recent Lightstone report confirms that 46% of recent sellers are 65 years and older, indicating the most common reason for sales in the Newlands area is downsizing due to retirement, says Cyndy Minnaar, agent for Seeff Newlands.

Many downsizing sellers are moving further south on the Cape Peninsula, for example to Tokai.

Many sellers in Hermanus are also downscaling because of age and moving into retirement villages or security estates, says Seeff’s sales manager Billy Rautenbach. “Many are also selling second homes which they can no longer afford.”

The picture is more mixed in the City Bowl, with sellers both upscaling and downsizing, although there is some movement into retirement estates, says Seeff area agent Michele Apperley. Some also seek lock-up-and-go homes.

“Often people want to be bond-free, meaning they are buying down.”

In Cape Town generally, many older homeowners are seeking properties that are easier to manage, says Greeff’s Mike Greeff.

RETIREMENT Consider a smaller property.