In Canberra, preference for a particular type of home is changing the city

The market in the nation’s capital is evolving, driven by buyers who know what they want.

Across the country, downsizers are doing exactly that: trading up their large family homes for something smaller. 

But not too much smaller. 

And in Canberra, where development is going strong, that’s driving a big trend among the homes that are making their way onto the market. 

As Narelle Casey from Independent Property Group told the RealTalk podcast during a recent episode, downsizers in Canberra are trading up their family homes for the “lock-up and leave” lifestyle that apartments offer. 

But contrary to what the “downsizer” moniker implies, it’s not so much a space-motivated move, but rather one driven by convenience. 

Developers, responding to buyer behavior, have subsequently brought more sizeable apartment offerings to the market. 

“We have an aging population. We’re finding that developers are putting together product that really suits those older people,” Ms Casey explained. 

“They still want space. They still want that, you know, 130 to 200 square meter home. They no longer want that big yard. The kids have moved out.” she added. 

Ms Casey has worked with developers in the area, consulting on their product offerings as they prepare to bring a concept to market, and she said that in five years alone the options for apartment living have significantly changed in the nation’s capital. 

“It’s no longer blocks full of one- and two-bedroom apartments. They are substantial.” 

Developers, she said, are ensuring that apartment blocks have a diversity of options available. 

It’s becoming more common to see one- and two-bedroom apartments taken up by first-home-buyers and, to an extent, investors as well. In the same complex, the three-bedroom homes will largely attract the downsizer cohort.  

Having these options to suit different buyers is creating a strong sense of community, with a range of people in different life stages living alongside each other. 

As for the families with school-age kids, those homes that downsizers have been leaving for maintenance options have been finding eager takers. 

“We are seeing a lot of families in the market, particularly in those in the non-central areas, buying the three- and four-bedroom homes,” she said.

With options that suit different life stages, Ms Casey remarked that a lot of different buyer cohorts are active in the ACT. 

“Everybody’s in the market.” 

Are you interested in learning more about Canberra’s new apartments? Check out our dedicated New Homes section.

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