1 July, 2011

Northern Beaches lifestyle attracts downsizers

Downsizers are proving the key players in the Northern Beaches real estate market, according to leading property group Raine & Horne.

Raine & Horne Dee Why and Raine & Horne Collaroy principal Peter Mosedale said empty nesters and retirees were active in the market, which also included people seeking a lifestyle home or a smaller mortgage, as well as first home buyers and investors.

“The downsizers are genuine buyers, and have been responsible for the strong enquiry levels in recent times," Mr Mosedale said.

Apartments priced between $400,000 and $550,000 were proving popular with downsizers.

“This price tag secures a two bedroom, one bathroom Dee Why apartment, with internal laundry, lock-up garage and a location near the beach," he said.

However buyers with more capital were considering homes in Dee Why’s luxury apartment market, Mr Mosedale said.

“Many downsizers are choosing lifestyle properties in the $1.5 to $2.5 million range, which are glamorous and offer benefits such beach access, restaurants and shops.”

Further north, and downsizers are prominent in the townhouse and apartment markets, according to Raine & Horne Newport principal Barry White.

“We typically sell townhouses to downsizers for anywhere up to $1.3 million,” Mr White said.

“Many of these buyers have sold multi-million dollar homes in suburbs such as Turramurra and are looking for a beautiful but low-maintenance alternative.”

One example was the modern townhouse currently for sale at 8 / 9-11 Kalinya Street, Newport, he said..

“This luxury home has four bedrooms, three bathrooms, a triple garage, and a location opposite Pittwater, and is selling for $1.15 million.”

However, apartments were still a popular option in Newport, with two bedroom homes available for between $480,000 and $520,000.

“We are also noticing interest in one bedroom apartments, which sell for between $325,000 and $450,000, depending on their age,” Mr White said.

Closer to Sydney, and two and three bedroom apartments are in the sights of downsizers, according to Geoff Pickering, principal of Raine & Horne Manly and Raine & Horne Freshwater.

“The $400,000 to $700,000 price range is popular, especially with buyers whose  circumstances have changed and who are in the market for a smaller home,” Mr Pickering said.

At the other end of the market, Mr Pickering said Raine & Horne Manly was also celebrating the recent $2.6 million sale of a Freshwater home at auction.

“The home, located at 7 Coastview Place, Freshwater, features five bedrooms, four bathrooms and a fantastic headland position overlooking Curl Curl Beach.

“The sale price exceeded our expectations and the home was purchased by a private buyer from Balmain," he said.

For all your property needs contact Raine & Horne on (02) 9258 5400.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

Peter Mosedale, Principal Raine & Horne Dee Why, 02 9971 9000 / 0408 177 207

Barry White, Principal Raine & Horne Newport, 02 9997 1222 / 0438 644 464

Geoff Pickering, Principal Raine & Horne Manly, 02 9977 5155 / 0414 590 598

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448