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Australia
Balcony lifestyle hits new heights with baby-boomers

Mis en ligne le 05/06/2007

Retiring downsizers are the main buyers of city apartments, but investors and first-home buyers are also looking to apartments as an entry point into the market. "We're seeing the baby-boomer factor in full swing as retirees sell their homes in the suburbs to try low-maintenance apartment living," M Finlay said.

Higher density living is a trend that's here to stay, according to strata manager Paul Finlay.
The managing director of Charlestown-based Lake Group Strata, which manages many of Newcastle and Lake Macquarie's big apartment buildings, said the trend to apartment living had taken off in Newcastle in the past 10 years, and showed no signs of abating.
Retiring downsizers are the main buyers of city apartments, but investors and first-home buyers are also looking to apartments as an entry point into the market.
"We're seeing the baby-boomer factor in full swing as retirees sell their homes in the suburbs to try low-maintenance apartment living," Mr Finlay said.
"Strata living can be a cost-effective way to live in a great spot where they wouldn't be able to afford a house, even if one were available."
Developers were building more three-bedroom apartments for families.
"Families have been living in apartments in Sydney for 20 years, but because housing has been more affordable here, we didn't see that trend," he said.
"But recently we have seen families look at apartments as an alternative, and developers have responded by building bigger apartments with generous balconies."
While big apartment buildings become landmarks for particular suburbs, the majority of strata building is still occurring in smaller-scale town houses, villas and duplexes.
And the strata fees on these are considerably less than bigger apartments in bigger complexes.
The cost depended on the budget required to maintain the building and a particular apartment's share of resources.
Developers were responding to the market, providing more sophisticated buildings with greater security and lifestyle features, such as balconies, swimming pools and gyms.
He said the western side of the lake had been quicker to draw Sydney interest, because of the F3 freeway, but that retirees from Sydney's north were looking right around the lake.
"What we also are seeing is people living in apartments buying second apartments at Nelson Bay, Hawks Nest or Tea Gardens for their weekenders," Mr Finlay said.

(The Newcastle Herald, 26 mai 2007)

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