Empty nesters feel they are stuck in their oversized homes

first_imgLondon Residences at West End is tapping into the empty nest market that many developers are overlooking.A LACK of suitable alternative homes in local communities is causing empty nesters to baton down the hatches and stay in their oversized properties.Despite recent Federal Government initiatives to encourage older Australians out of their large homes to make way for young families, many are choosing to stay where they are.The Grattan Institute’s Brendan Coates and John Daley have suggested a key reason many seniors have opted to ‘age in place’ was that they were unable to find suitable alternative housing in their local communities — often established suburbs with a limited number of smaller dwellings. Ray White’s director of projects and investment sales Elisa McMahon said that it wasunderstandable that older Australians wanted to maintain family and community links intotheir retirement. Ray White’s director of projects and investment sales Elisa McMahon.“As a developer, it is important to understand what drives our communities and potentialbuyers — from location to layout,” she said.“Consequently, Brisbane developers are now actively looking at our more established suburbsas perfect locations for classically designed apartments.”Ms McMahon, who has spent two decades working in the property industry, noted that inaddition to finding the right location, potential downsizers were often concerned that theywould lose their ‘room to move’ in an apartment. London Residences at West End giving lifestyle to the empty nesters.London Residences architect Frank Ferro said that in addition to boasting house-sizedapartments, with separate dedicated storage rooms of up to 18sq m, his development reflectedthe true essence of one of Brisbane’s oldest suburbs.“We have combined innovative design with functional living to achieve spacious andenvironmentally integrated homes that reflect West End’s unique character and relaxedlifestyle,” Mr Ferro said.“The London Residences is proof that you can downsize without compromising on your space orcommunity.”center_img London Residences at West End is tapping into the empty nest market.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours ago“There is a misconception in the market that apartment living must always equate to smallspaces and limited storage,” she said.“While this can sometimes be the case, there are many developers who understand thatdownsizing does not have to mean cramming!”Ms McMahon is involved in a number of new Brisbane projects that she said feature‘oversized’ apartments, perfect for the retiring empty nester, for example, London Residences in West End, with three-bedroom apartments up to 208sq m.last_img

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