Add CategoryThe Aussie dream of a newly-built house on a quarter acre block has normally conjured images of younger families with kids – but the Sydney buyers of these properties are increasingly older residents in their retirement.
Developers have revealed that empty nesters and other older Sydneysiders have become one of the biggest purchasers of large outer city houses with pools and expansive backyards, with retirees often choosing these properties over smaller, easy care homes.
The trend comes as recent data showed there was a shortage Australia-wide of housing options for retirees or would-be downsizers.
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Downsizer Annette Sultana with her daughter Daniella. Photo: Quentin Jones.
The report from the Retirement Living Council (RLC) revealed 67 per cent of development applications for retirement villages nationally took more than 12 months to receive the green light. In NSW, one third of these applications took more than two years.
“It’s questionable whether (NSW’s) planning system is ‘retirement ready’ at the same time that 710,000 Australians are preparing to retire within the next five years,” said RLC executive director Daniel Gannon.
“Given the proven benefits that age-friendly communities deliver for older Australians, governments should be throwing the kitchen sink at approving more of them – and fast.”
Mirvac general manager Warwick Bible, commenting on recent houses sales in a new housing estate being built in Sydney southwest, said older Aussies buying large, family homes was an unusual trend.
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“We’ve certainly had quite strong demand from a number of buyers who are downsizing from large rural properties and really attracted to quarter acre blocks,” he said.
“There’s still space to have the pool and gardens … and the rural village atmosphere is also a very big drawcard.”
Annette Sultana, is in her 60s and has sold her large four-bedroom home in Harrington Park to buy land at Cobbitty by Mirvac. Most of the other buyers on her street were a similar age.
She’s building a four-bedroom house even though she said it will likely just be her in the house.
Annette Sultana with her daughter Daniella on the lot she’s purchased and soon to build her downsizer four bedroom home with a small pool and garden. Photo: Quentin Jones.
She said it was important that she still had four bedrooms, a small yard, plunge pool, and an alfresco area to entertain.
Mirvac sales agent Sam Anaisy organised a meet and greet for the soon to be neighbours, revealing many other buyers were all in similar boats.
“We’ve all met the whole street, they’re all my age,” Ms Sultana said. “We are already a little community, we all seem to really gel.”
Although still working a busy job, Ms Sultana’s 28 year old daughter Daniella encouraged her to downsize in preparation for the future.
“I’m a single mum, the old house was getting too big and my daughter just bought an apartment so she’s going to move out soon,” Ms Sultana said. “I’m going to be on my own so she said “why don’t you downsize?” … I just want it to be a bit more cosier.
“I thought by the time you do renovations on an old house, I might as well build it so I can get it exactly the way I want it.”
Downsizers are defying the old stereotype that they want small homes. Photo: Quentin Jones.
She still wanted to extra space and outdoor area to entertain.
“I have a lot of friends and family that come over,” she said. “I’ve always had a pool and I love it.”
In the first release, 1,1000 sqm lots sold for $1.099m and 500 sqm lots for up to $825,000. Sales appointments for the second release are set for early September.
Urbis Associate director Kylie Newcombe said as the ageing population continues to grow, its more important than ever that retirement housing options are addressed.
“Retirement living plays a crucial role in providing age-friendly housing, enabling older residents to remain integral parts of their communities,” she said.