Along with upgraders and expats, downsizers are one of the most predominant drivers of the thriving property market of the Lower North Shore. But the descriptor downsizing doesn’t really do justice to the properties we sell. In so many ways, our purchasers are effectively upgrading to the utmost of quality living. It begs the question – would you want to be called a downsizer or reluxer?
As we age, and as children flee the coop, our priorities change and as a specialist in this market, I’ve observed that many locals who are contemplating downsizing are caught between a parable – ‘What is it that I want?’ and ‘What am I willing to give up?’
The property market that answers these questions isn’t about downgrading or limiting lifestyle. To my mind, the title “downsizing” just doesn’t do it justice. After all, projects in this space are an amalgam of high-end real estate merged with refined features and luxury amenities (think wine cellars, salt water pools, day spas virtual golf, harbour-view barbeque areas, finishing rooms for food preparation, libraries…) within a friendly tight-knit community of like-minded people with similar life experiences.
One thing that most of my buyers have in common is that they do not want to leave the Lower North Shore. Along with staying local, the family home is a particularly precious commodity – a reflection of decades lived well – that downsizers struggle with departing entirely. Many buyers I talk to are passionate about maintaining the attributes of the family home from spacious living rooms to outdoors entertaining areas. While others are excited about the time-saving that comes with simplifying their life and removing the maintenance, effort, and cost of running a big house.
We’re done with the term downsizing. Here in the Lower North Shore, the process is reluxing; the coalescence of luxury, relaxing and real estate, at a phase in your life when retirement has started or is imminent.
In this market, purchasers aren’t settling for less when moving from the family home. They are upgrading, in many ways, to the ease of apartment living that still feels every bit like a house because they aren’t compromising on floor plan size, quality materials, high end features, idyllic locations or the finer things in life that have been earned.
As you know we’re in a rising property market. Catalysed by the pandemic, in the last 12 months we saw an astounding 150 per cent increase in the number of properties for sale over $10m in the Lower North Shore.
This motivated a growing number of eventual downsizers to take advantage of the buoyant property market during the pandemic. While staying local, many took the opportunity to secure off-market apartments while capitalising on selling their property for a grand profit in this market
According to Core Logics’ latest Pain and Gain report, 97 per cent of sellers made a profit in the March quarter. For instance, the Mosman area catapulted in price by 21.3 per cent, with homeowners who sold during this period averaging $775,000 in profit.
Prestige markets like the Lower North Shore, Eastern Suburbs, Northern Beaches and the Southern Highlands are now home to some jaw-dropping reluxing real estate. Astute purchasers are responding well to not only the convenience of a lower maintenance dwelling but also to the communal aspect of living in a small boutique development with like-minded people and the fact that being at home certainly doesn’t mean being confined to staying within your apartment, common facilities allow for social interaction with family and friends along with other residents.
Local reluxing is epitomised by new developments such as Akoya which is the vanguard of luxury living. It redefines what it means to downsize. Located in Greenwich, Akoya is an eight story residential complex encompassing only 40 opulent residential apartments, exclusively designed for this market. The house-like apartments exude comfort and relaxation with generous open plan living, best in class appliances and wine storage – fully conceptualised with reluxers in mind. Huge entertaining spaces and amenities abound from the ground floor lounge and library to a virtual golf course and private cinema. Up on the roof, several seating areas, an outdoor kitchen, firepits and stunning heated pool with views across the harbour make evening downtime a delight.
Similarly, a recent project of only only four expansive residences situated between Mosman’s thriving high street and the serenity of Balmoral Beach, allowed the new owners to remain in the community they love, without enduring the maintenance, effort, and cost of running a big house. They are a kaleidoscope of luxury living.
Community is a lifestyle driver for local purchasers. Projects like Akoya know that a neighbourly atmosphere and social spaces are important to reluxers. They’ve created a funky New York style hotel vibe with a focus on lifestyle and neighbourhood.
If you have any questions or would like to know about reluxing in our area, speak with Tim.
Director, Projects & Developments
tim.abbott@raywhite.com
0425 285 833
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