Sydney's top four suburbs for downsizers in 2023
Given the further interest rate rises in 2023, it was no surprise to anyone that the dominant buyer demographic in the off the plan property market was downsizer.
Not subject to large mortgages given they're selling their longtime family home and looking for something smaller, downsizers are the only buyer camp who doesn't tend to need to look at what moves the RBA are making each month.
It's particularly the case in Sydney where the price of houses has skyrocketed more than any other capital over the last two to three decades. That's put an astronomical amount of money in their pockets which they'd struggle to spend even downsizing to the most luxurious apartment.
We've looked at our data to see which were the most popular suburbs for downsizers on Urban in 2023.
Castle Hill
Situated in Sydney's northwest, Castle Hill has emerged as a top pick for both rightsizers and downsizers. The area is being given a facelift with the $1 billion Metro Showground redevelopment and the introduction of the new Sydney Metro, connecting residents to the city in as little as half an hour.
Popular with downsizers who were both buying the penthouse size apartments as well as amalgamating is Grand Reve, the Garthowen Crescent development by luxury home builder turned developer Kassis Homes.
Billed as the most prestigious development in the Hills area, Grand Reve comprises to buildings – one 12 storeys and the other 16 storeys. Kassis were clever in the design phase, developing floorplate which lent themselves to apartment amalgamations should the question be posed.
McGrath Projects Associate Director Adam Sparkes said the majority of the purchasers throughout the whole campaign have been downsizers and rightsizers.
Hills District local Lillian took just a month to decide Grand Reve was where she wanted to downsize to.
"At Grand Reve, I feel as though I’m in a leafy, quiet family suburb but also incredibly close to a mega shopping centre with good retailers, entertainment and restaurants," Lillian says, adding that the metro also being close by is "win-win".
Lillian purchased a three-bedroom apartment, emphasising that the sunshine aspect and the view from the apartment were important features for her.
"Grand Reve has quality, good design and size, and the location is excellent.
"Functionality and design are both important and foremost in my thoughts, being middle-aged, well versed in life experiences, busy and ready for refinement and minimal fuss."
North Sydney
Known for its vibrant atmosphere and strategic location, North Sydney remains one of the top favourites for downsizers looking to maintain an urban connection amidst picturesque parks and cultural attractions.
Aura by Aqualand in North Sydney has become the preferred choice for downsizers as the development checks all the essential boxes.
First and foremost, the size and aspects of the apartments at AURA align with the downsizer brief. AURA's oversized apartments exceed the North Sydney Council's minimum building requirements by a large margin.
The standard size for a two-bedroom apartment in the area is 80 sqm, with AURA’s measuring 95 sqm, plus a wintergarden, making them well over 100 sqm in total.
AURA’s design was revised three times to increase the size of the apartments, with the initial plan decreasing from 448 residences to 386.
The location of Aura in North Sydney has been an important driver in purchasers. Being situated in the heart of the city's activities, the development places downsizers amid the happenings.
The convenience of ground-level amenities, including retail and commercial options right at the doorstep, adds a layer of accessibility and ease to daily life.
Additionally, local amenities, such as nearby hospitality establishments, further enhance the appeal. Meanwhile, surrounding transportation hubs ensure downsizers remain well-connected to the broader urban landscape.
Gosford
Gosford has long been known as the gateway to the Central Coast. Now it's undergoing a full transformation and is becoming a sought-after suburb in its own right.
Taking advantage of the demand in Gosford is TQM and Ace Property Group, who are joint venture partners on what will soon be one of the area's most striking buildings, The Grand Gosford. The project has proven popular with Central Coast locals who want to sell their family home yet move somewhere where there's a significant lifestyle precinct.
The 18-level tower designed by Kann Finch comprises one, two, and three-bedroom apartments with floor-to-ceiling glass windows, providing panoramic views of the water or the broader Central Coast district. The apartments sit above a podium level which homes a glass-bottomed swimming pool set in extensive landscaping with lounge and dining areas.
Situated towards the southern end of Mann Street, The Grand enjoys convenient Central Coast Highway access and is within 700 metres of Gosford Train Station. This accessibility facilitates an easy commute to the city and exploration of nearby beaches, forest reserves, and beachfront national parks. The project is slated for completion in late 2025.
Gosford's strategic location and connectivity via the Sydney Olympic Park Ferry make it an enticing choice for those seeking a vibrant yet relaxed lifestyle.
Bondi Junction
Bondi Junction has been starved of quality downsizer stock to cater for those looking for the connected lifestyle in the Eastern Suburbs. No other eastern suburb is as well connected by transport, with extensive retail and hospitality amenity, as Bondi Junction.
For those reasons, as well as developer Stargate's history in the suburb and the striking designs of SJB, that The Centennial Collection has been a hit with downsizers.
Ray White have been handling the sales of the project on the fringe of Centennial Park, with projects partner Marcello Bo saying he's never seen so much appetite for customisation from downsizers.
Most downsizers have come from the local area, but there's been a number from the North Shore who have seen The Centennial Collection as the best opportunity to buy this level of luxury on the fringe of Sydney's best park.
Positioned on one of the highest points in the eastern suburbs, Centennial Collection features 70 one, two, three and four-bedroom apartments with wrap-around balconies capturing panoramic views of the harbour, city skyline, and Centennial Park.
Described as a "castle high on the hill," The Centennial Collection sets a new benchmark for luxurious interiors and amenities, including two house-sized penthouses with rooftop swimming pools and terraces.
The development's iconic gateway location overlooking Centennial Park and proximity to Woollahra's Queen Street offers an enviable lifestyle with access to hatted restaurants, wine bars, shopping, and schools. The project includes curated ground-level retail, creating a vibrant village setting adding to what Bondi Junction already offers.
Construction for The Centennial Collection is set for completion by the end of 2025.