What Brisbane downsizers are looking for in their forever homes

Downsizers have helped push Brisbane’s property market to new heights, according to data released by estate agency Knight Frank. In 2018, Queensland’s capital scored its first inclusion on the company’s Prime Global Cities Index, which tracks the performance of luxury residential real estate prices around the world.

Brisbane placed 19th on the list – above Tokyo and Miami – with a 3.6 per cent price growth in the past 12 months. Knight Frank researchers are crediting this growth to cashed-up downsizers seeking low-maintenance homes in city-adjacent neighbourhoods.

It’s a trend noted by local agents, too. Melinda Allamby, director at Ray White project marketing, estimates about 80 per cent of her sales are from downsizers wanting to live no more than five kilometres from the CBD.

“They’re buying three-bedroom-plus style apartments, and they’re buying really early on and getting the best ones,” she says.

And, as the number of downsizers increases, developers are paying attention.

“Most of those investor-style builds, they’re not being constructed any more,” says Allamby. “We’ve had a few developers completely redesign their projects – we’re doing one now, which was originally 105 apartments, and now it’s 40 luxury apartments for downsizers.”

So, what are downsizers looking for in their new dream homes?

Size

Agent Peter Hutton is seeing downsizer interest all over the city, and says these buyers prioritise space. Empty nesters might be looking for smaller residences, but they still want generous bedrooms and living areas, he says.

“It’s a condensing of what they had before and also a reduction of that maintenance space. So, they don’t want the backyard anymore but they want enough room in the lounge room to entertain friends and a big enough dining area to have the family over for Sunday night dinners.”

Allamby agrees, and notes that ample storage is also crucial, as most downsizers are moving from large houses and have accumulated plenty of possessions over the years. Subsequently, butler’s pantries and extra storage cages or sheds are often a fixture of luxury apartments and townhouses aimed at Brisbane’s downsizer market.

Finishes and fittings

High-quality materials also appeal to these buyers, says Hutton, listing stone benchtops, custom joinery and top-of-the-range appliances as things they’re looking for in a home.

“This is the time of their life – the kids are grown up, and they want to enjoy this next stage of their life really comfortably,” he says. “Finishes and fixtures of a property can help them do that.”

Location

Location and views are of great importance, too,  says Allamby, and while a downsizer’s new residence doesn’t have to be in the city, it shouldn’t be far from it.

“They’re after a lifestyle where they can walk to shops and at night to restaurants, so they want to be based in a community hub. They don’t want to have to drive their car anymore, and it’s got to be public transport accessible,” she says.

Like-minded neighbours go a long way to making downsizers feel at home, so they prefer to purchase in complexes where other owner-occupiers at a similar stage of life are living, Hutton says. A downsizer himself, he and his wife initially moved into “the wrong kind of property”, with younger residents who kept later hours.

“We’ve actually now purchased elsewhere, in a building of 22 apartments, and they’re all owner-occupied and north of 50 years of age.”

Low-maintenance

Rounding out the checklist, an ideal downsizer home is low maintenance, which is why many buyers opt for an apartment or townhouse instead of a freestanding property. These tend to have courtyards and balconies instead of backyards that need constant gardening.

They also work well with a lock-up-and-leave lifestyle, making them advantageous for retirees who like to travel.

“They’ve got to have security,” says Allamby. “As long as they know that the complex is really well secure, that’s ticking the boxes for them.”

Parque on Oxford

Taringa is a predominantly residential suburb five kilometres west of the CBD. With parks, public transport and cafes and restaurants all nearby, it’s exactly the sort of neighbourhood that appeals to the downsizer.

“It’s a beautiful, owner-occupier-type area,” says Brendon Ansell, managing director at Velocity Property Group. “It’s one of those areas of Brisbane that we focus on that’s predominantly low density and has a two, three-storey height limit.”

And that’s why the suburb was chosen as the setting for his company’s latest project, a boutique development targeted exclusively at owner-occupier downsizers.

Parque on Oxford is a collection of four small-lot houses, 11 townhomes and seven apartments, all with three-bedrooms or more. They’ve been designed as spacious, open-plan residences with features such as timber floors, butler’s pantries, wine cellars and European appliances.

“We have really focussed on ample storage and we do give lots of options to upgrade as well,” Ansell says.

There are also large courtyard spaces and decks for entertaining, and the small-lot homes have swimming pools.

Stage one of the project, the houses,  is six months from completion, and Ansell is already seeing plenty of interest, with the first home already sold for $1.75m.

“In our price point, there’s pretty much nothing like it in that inner-west corridor of Brisbane,” he says. “We’re pretty sure we’ve got the design right and we hope that the local market agrees as well.”