It’s always been the great Australian dream to own property. However, as our cities become more crowded, Aussies are making the shift towards luxury apartment living. It’s all part of a trend called “rightsizing”, and it’s making waves across Australia from Sydney and Melbourne to Brisbane and beyond.
What is “rightsizing”?
Property owners are changing the narrative from “downsizing” to “rightsizing”. These rightsizers come from all demographics, including families, retirees, entrepreneurs and young people. However, they are all looking for the same thing – luxurious accommodation combined with low-maintenance living. Rather than large backyards and multiple spare rooms, these are people who prioritise the convenience of a concierge service, improved security, and close proximity to local amenities.
Who is joining the rightsizing trend?
Australia has an incredibly active retired generation who have found that their needs have changed as they’ve gotten older. As their children (and grandchildren) leave the nest, it’s no longer necessary to own a large property with multiple bedrooms and the upkeep that requires – the cost and effort of keeping the property outweighs the benefits it offers.
Rightsizing retirees are usually aged over 55 and prioritise city and urban living. For both retired singles and couples, the desire is not to downsize but rather choose a property that’s the right size for their lifestyle. This usually includes having a property on a single level, three bedrooms and two car spaces, ample storage, and an outdoor entertainment space.
Not just for retirees, rightsizing is also finding popularity with young and dynamic entrepreneurs. Given the prevalence of working remotely, young professionals are drawn to a lifestyle that is agile, flexible and allows them to capture global opportunities. For these hard workers, work/life balance is essential, and access to amenities like sports and fitness centres, local shopping and security services are crucial. That’s why Crown Group’s luxury apartments include access to a gym, pool, cinema, and spacious entertainment areas within the confines of their homes and included in their strata.
Usually aged around 25-35 years, the entrepreneur group enjoys city living and is looking for a property that has 2-3 bedrooms (including a home office), an entertaining area and is equipped with the latest technology. Above all, a lifestyle that requires low or no maintenance is prioritised.
It may seem surprising, but families are another demographic who are embracing the rightsizing philosophy. In these households, both parents will usually work in senior positions in the CBD and are looking for convenient lifestyle options that streamline their day-to-day living.
These couples are usually aged over 40 years and have children of school age. They prioritise urban and city living and are looking for luxury apartments with at least three bedrooms, plus a multi-purpose room, multiple living areas, and are situated close to work or school for ultimate convenience.
Are you ready to embrace rightsizing? Here at Crown Group, we specialise in luxury apartments all over the world, from Australia to Los Angeles. To book an inspection, call 1300 826 012 to speak to one of our specialist sales teams and find out how we can help you find your next dream home.