9 Jul 2018Apartments: Who’s Buying Them and Why? Part 1 of 3. The Downsizer
As more people snap up apartments, we look at the reasons why.
In New Zealand main centres, apartment living is a fast-growing trend, particularly for baby boomers. The pull towards the convenient locations and urban, cosmopolitan lifestyle that apartment living offers are taking priority over home size, contributing to some of the factors
driving the shift. The benefits are easily visible with security, shared facilities, sociability and ‘a less is more’ lifestyle.
Over the past decade, there’s been a significant rethink of cultural ideals as to what constitutes a Kiwi home. Driven by rising property prices and a changing employment landscape, the transition from house to apartment is one that’s gaining momentum.
It’s a mix of ‘downsizers’, first-home buyers, and investors that are leading the charge and inspiring other Kiwis to rethink their approach to home ownership. Here, we profile three apartment buyer types.
For many, it’s an exciting transition; a chance to start afresh and free up time and money to pursue dreams that may have otherwise been unobtainable.
No longer is the apartment lifestyle seen as the domain of young city-slickers. An increasing number of more mature buyers are capitalising on the benefits of downsizing. Empty-nesters and those looking to utilise the equity in their house are opting to sell up and move into high-quality apartments that are more tailored to their lifestyle.
For many, it’s also an acknowledgement that sometimes less is more. Whilst a large home may have catered perfectly to your needs thirty years ago, priorities change.
Some downsizers find they no longer need all the space of a free-standing home, whilst others don’t want to be bound to the constant upkeep of a large property. For those with
plans to travel, purchasing an apartment they can lock up and leave is ideal.
Stonefields, Auckland’s newest central-eastern suburb is a good example. The thriving master-planned community offers a mix of apartments and houses, designed to provide
residents with access to cycling and walking tracks, a range of convenience stores and healthcare services.
Shared gardens, social groups and a secure and friendly community are some of the reasons downsizers are choosing to buy an apartment in the sought-after suburb.
It’s also a chance to farewell those bits and pieces you’ve accumulated over the years, most of which are no longer needed or used. Culling and simplifying or purchasing new
pieces for an apartment space can be a liberating experience.