Downsizers were the most active buyers on the northern beaches last week looking at apartments, low maintenance houses and houses with knockout views.
Agents all agree it is a good market for downsizers at the moment as they don’t usually need to borrow to buy, have lots of property to choose from and face less competition than last year.
Last week there were 1122 properties for sale on the northern beaches, according to CoreLogic, this compares to 1047 properties the same week last year and only 864 properties the same week in 2017.
Lachlan Yeates, of Upstate, said any property that appealed to a downsizer was in high demand.
“It could be anything from a one-bedroom unit to a four-bedroom penthouse,” he said.
“But properties that suit low maintenance living where buyers are not relying on credit are selling well,” Mr Yeates said.
Downsizers were the underbidders in the top auction sale of last week on the northern beaches. Number 15 Lancaster Cres, Collaroy sold for $2.85 million under the hammer with two parties competing for the home with lovely view.
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Meanwhile downsizers in Seaforth, who had lived in the same house for 49 years, sold and bought within two hours last week. The older couple were keen to purchase into the Stockland development in Balgowlah and had their eye on a low-maintenance three-bedroom penthouse.
Angus White, of LJ Hooker Balgowlah, managed to find them a buyer for their house on 1154sqm of land within a week allowing them to buy the penthouse the night before its scheduled auction.
“We got $2.75 million for their home and they paid $2.675 million for the top floor apartment,” Mr White said.
“Both sales happened within two hours,” he added.
The penthouse at 801/7 Sylvan Ave, Balgowlah was a three-bedroom, two bathroom pet-friendly home with high raked ceilings. The development has been very popular with empty nesters keen to stay in the area.
Downsizers from beyond the northern beaches bid and bought 5 Heaton Ave, Clontarf for $2.68 million last weekend.
Cherie Humel, of Clarke & Humel Property, said the couple had family living nearby and loved the five-bedroom house on 620sqm of land with level gardens and Middle Harbour views.
Michael Clarke, also of Clarke & Humel Property, said buyers in December and January held off but they are being increasingly active now as motivated vendors start to meet the market.
“This is a dream scenario for downsizers, there is more to choose from and less competition,” he said.
And downsizers wanting a sea-change from south of the city are the new owners of 110 Waratah Pde, Narraweena bidding at auction and securing the house for $1,082,000.
Tulo Sila, of Upstate Dee Why, said in three weeks 148 buyers inspected the old property.
“That means people are out there wanting to buy,” he said.