Sydney Apartment Property Increasing In Popularity Among Retirees

Apartment real estate in Sydney is increasing in popularity amongst retirees, according to new research released earlier this week.

Urban Taskforce has found that over 20 per cent of the population in suburbs like Strathfield and Marrickville are aged over 55 and when they retire, many will downsize to apartments in the same areas.

A number of Sydney suburbs, including Strathfield, Ashfield and Marrickville, have been highlighted as likely to experience an influx of retirees turning to apartment buildings for their golden years.

Urban Taskforce chief executive officer Chris Johnson said the research, based on data from the 2011 census, highlights the growing trend of inner city property for sale being bought by retirees following retirement.

“The Urban Taskforce is highlighting this issue as the over 65s will double by 2050 and with better health care many retirees will be looking to down size where they can lead active lives close to amenities,” he said in a media release.

“The Urban Taskforce believes that government at all levels should be encouraging older people to downsize to apartments as this keeps them active mentally and physically for many more years before failing health makes the more traditional retirement home necessary.”

Mr Johnson went on to say the government, at both state and local level, should look towards removing stamp duty for downsizers in order to encourage the move – as well as allocating extra space for communal areas and for councils to allow more zoning in and around town centres and transport hubs.

Source: www.raywhite.com