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Sydneysiders seek low-maintenance properties
Improving technologies, flexible workplaces and changing demographics are changing property types investors are looking for, according to an industry report.
According to the latest Herron Todd White report, Sydney is undergoing a tremendous shift with larger properties making way for smaller, low-maintenance properties.
“This shift has largely been driven by two markets from the opposite ends of the spectrum,” Herron Todd White said.
“Young professionals or new families tend to gravitate towards low-maintenance property to allow more time to focus on building careers, fostering a young family and, in many instances, a combination of both.
“At the other end of the spectrum, empty nesters who are either retired or approaching retirement have moved towards this style of living to allow for a simpler life and more time to reap the benefits of their hard work.”
Broadly speaking, smaller properties including residential units, duplexes, townhouses and semi-detached dwelling are becoming more desirable, especially if they are new designs, the report found.
Highlighting the beaches, the report found both the Shire situated 20 kilometres outside the CBD and the Northern Beaches of Sydney are both experiencing major geographical changes.
“The Shire has been transforming over the past decade or so as there has been changing demographics, ageing and increasing population, and particular areas becoming gentrified for various reasons,” Herron Todd White’s report said.
The report concluded that the Northern Beaches were experiencing a changing demographic through first home buyers, families and downsizers all entering the market.
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