Downsizers and rightsizers have dominated the new and off the plan apartment market in 2024.
The two camps, downsizers in particular, are the least impacted by the continued high interest rates compared to a first home buyer or investor, positioning them as a key target for developers. Most of the new apartment developments that have come to the market in 2024 have been large apartments that suit the size and budgets of a downsizer.
Many downsizers have built significant equity in their family homes over the years and are now looking to move into more manageable living spaces, while also securing funds for retirement.
But where are downsizers and rightsizers looking to buy?
In this article, we’ve looked at the most popular suburbs in Sydney for both buyer demographics, highlighting some of the most popular developments in those areas.
Crows Nest
Crows Nest has attracted a wide range of apartment buyers over the past three months, especially following the launch of two of Sydney’s most in-demand developments near, and above, the newly opened Metro station.
Apartments in Elevate Hume Place, the apartment development by Third.i and joint venture partner Phoenix Property Investors above the Crows Nest Metro Station, have been snapped up since they hit the market.
Designed by Woods Bagot, Elevate will comprise 130 one, two and three and four-bedroom apartments, the larger apartments proving popular with the next home buyer demographic given the connectivity to the city and the growing lifestyle on offer locally.
TWT Property Group also has recently revealed The Collective nearby, on the fringe of Crows Nest village and a short walk from the metro.
Locals have driven the sales in the first building of what will be a multi-stage precinct with extensive retail and hospitality spaces.