The Evolution of Empty Nesters

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Over the past 10 years, we have seen a steady increase of empty nesters looking to downsize their homes without compromising on the luxuries they are accustomed to. And Sydney city is becoming a popular choice for these Baby Boomers.

As developments in Sydney’s centre – such as Central Park and Barangaroo – flourish, we predict the trend of empty nesters moving from the suburbs to the city will grow.

Inner-city apartments offer the luxury and lifestyle this generation is looking for, for instance:

• High-end apartments feature top-quality finishes and facilities including pools, gyms, wine cellars and even libraries;

• Lower maintenance due to smaller square metres, with many units featuring layouts that still give that spacious home feel plus a room with a view;

• Easy access to restaurants, theatres, art galleries and public gardens.

In 2016, there were 378 recorded unit sales with a median price of $850,000. The highest selling unit sold for a staggering $30.15 million. 

With an over-supply of stock coming to the market, how do we capitalise on the opportunity and market to them? Simply by showing them the lifestyle they can tap into.

An integrated marketing approach is a must. There will always be potential vendors who will only read the newspapers, but we do need to engage those who have adopted new, online media. With this demographic, we believe the final step to close the deal is to always follow up with a phone call, even if all you get in response is a text reply.