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 In Lifestyle

Property Boomers

It’s important to note that older Australians are a key buying group for freestanding properties both now and in the future, so taking into account their property desires will be prudent in your investment decisions.

Baby boomers are wealthier, healthier and happier than previous generations and this is having a significant impact on the housing market. While some older Australians choose to stay in the family home, others buy a smaller property and upgrade to more luxurious features.

A report by the Population Research Institute using Australian census data says 50 – 60% of freestanding houses in the middle suburbs of Melbourne are occupied by over 50s who have little ill health or care needs.

The HIA cites that Baby Boomers are a major opportunity for remodelling and renovation work. Baby Boomers intend to live independently for as long as possible, and while many renovate, many more are choosing to downsize to smaller yet more sophisticated homes.

It’s important to note that older Australians are a key buying group for freestanding properties both now and in the future, so taking into account their property desires will be prudent in your investment decisions.

Single Level Living

Single level residences are more popular for older Australians for obvious reasons, and homes that are easy to access from the car to the home (for example via a garage leading to the indoors), are highly regarded.

Exclusive Retirement Living

A new breed of exclusive developments, especially for the over 50s, is expected to emerge in the coming years. The Grace in Albert Park featuring 78 apartments over 18 levels is the first “vertical retirement village” but certainly won’t be the last.

Security

In Australia, one in five households are occupied by single people with lone households, the fastest growing housing segment. According to the ABS, in 2006 the peak age for people living alone was 55-59 years and by 2031 the peak age is expected to be 80-85. Having a secure place to live is of primary importance for this group.

Position

Locations close to shops and public transport are popular with most property buyers, but even more so for Baby Boomers, as they age and rely less on their cars. For premium property buyers, properties located close to a substantial number of restaurants and cafes is attractive as Baby Boomers are major supporters of the hospitality industry.

Technology

Baby Boomer are also increasingly tech-savvy, so smart homes which include features that make their life less complicated are popular. With more boomers than ever using smart phones and tablets, the controls of smart devices are made quick and easy.

Multi-generation Living

There may also be a swing to more permanent multi-generation living, with middle aged people wanting or needing their parents to reside with them (say in granny flats), or even have their children raise their families beside them (via dual occupancy for instance).

Low Maintenance + Garden

Low maintenance new homes are preferred, however gardens are still very popular for Baby Boomers especially with Grown Your Own gardens for cooking. In addition, gardening is seen as something that is relaxing and stress reducing, as well as a form of exercise that is enjoyable and productive.

To find out more about The Grace Albert Park click here.

Auction Saturday April 6

Freestanding single-fronted single level Victorian cottage c1890 is instantly appealing and is to be featured in the spring edition of Home Beautiful.

Private Sale

Secure, stylish and spacious, this sophisticated 25sq (approx.) residence also includes an alarm, video intercom, lift access and three basement car-spaces.

Private Sale

Single level simplicity and elegance, this three-bedroom plus study, single level residence is superbly appointed with luxurious living and dining options both inside and out.

Auction Saturday April 17

Perfect multi-generational living with three living zones, two courtyards and space for five cars – this brand new three level residence ticks all the boxes.

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