A leading Australian developer Crown Group highlighted an emerging trend in Australia which sees increasingly more seniors are downsizing for lifestyle reasons, dubbed the trend of “not retiring but refiring.”
Crown Group Chairman and Group CEO Iwan Sunito pointed out that Australia is seeing a new trend – where older people who are not yet ready to retire are downsizing to smaller homes to upgrade lifestyle. It’s a trend reflected in the enquiries at Eastlakes Live, Crown Group’s largest development.
“Several pieces of research show that the majority of senior home owners are emotionally attached not only to their homes, but also neighbourhoods and community as a whole,” said Mr Sunito.
“It is reported that two-thirds of older Australians do not ‘downsize’ to a smaller home in retirement simply because they prefer to ‘age in place’ or because there is a lack of suitable and affordable options within their desired community in the same local area.
“They are not retiring but refiring for a better lifestyle,” he said.
Once viewed as a decision dominated by retirement, finances or declining health, downsizing has today become a quest for healthy older Australian to move to a better lifestyle.
According to a study conducted by the Australian Government’s Productivity Commission, about 20% of people aged 60 or over have sold their homes and downsized to smaller space with less bedrooms while another 15% have “strong intentions” to do so in the future.
Research also shows more than 500,000 homes have one or more spare bedrooms, and the vast majority of these homes are occupied by empty nesters and singles over the age of 50.
“When older Australians downsize, it is well-recognised that non-financial considerations dominate their decision, for instance, a preference for a different style of apartment living, or a concern that it is getting too hard to maintain the house and garden,”
“We have been seeing increasingly more seniors are moving to smaller less expensive apartments which require minimum maintenance,”
“The concept of downsizing does not have to mean the decrease in life quality, but quite the opposite, it can mean moving forward with senior style, having an upgraded life in a shared community, where all the desired convenience can be experienced right at your doorstep,”
“With Eastlakes Live, we are creating a great place connecting people together, younger and older people, by bringing a sense of belonging to a modern and vibrant shared community.”
Eastlakes Live is set to become a thriving and modern urban village where residents can live, shop, play and interact all in one place. The $1 billion development aims to set a new standard for retail excellence with two major supermarkets offering fresh food, reflecting the diversity of the neighbourhood, a restaurant promenade, street cafes, a medical centre, as well as densely-landscaped gardens and children’s play areas.
Eastlakes Live is designed by internationally acclaimed architects Francis-Jones Morehen Thorp (fjmt) and won the 2018 Melbourne Design Awards in the “Graphic Design – Identity and Branding – Lifestyle” category.
Stage one of Eastlakes Live will include 134 luxury apartments ranging from one-bedroom apartments to penthouses and 15 retail outlets below. Resort-style health and fitness facilities including a resort-style 25m swimming pool, state-of-the-art gymnasium, barbeque facilities, function rooms, water feature, landscaped gardens, rooftop lounge and entertainment facilities. Stage two will complete the new town centre with a mix of residential and retail components, with details still to come.
The construction of Eastlakes Live by Crown Group stage one is scheduled for completion in 2021.
A premium range of apartments is now available for sale, from $638,600 to $2,044,900. Penthouses are priced from $2,520,220 to $2,713,000.
The display centre is now open daily from 10am to 4pm, located at 19a Evans Avenue, Eastlakes.