Baby Boomers swap verandas for balconies in pursuit of city life

CASHED-UP Baby Boomers are swapping verandas for balconies, emerging as a driving force in Adelaide luxury apartment market.

More than 25 per cent of purchasers buying into Adelaide’s $300 million West Franklin apartment project are close to retirement age as they seek to take advantage of city living. Cameron Porter, National Sales Manager for Greaton, said West Franklin’s last four sales over $1 million had all been to Baby Boomers, hailing from suburban areas such as Windsor Gardens, Stirling, Hallet Cove and North Adelaide.

“Modern inner-city developments are attracting an ageing population which has forced developers to change their way of thinking to accommodate them,” he said.

“This growing cohort of buyers are after size, security, services and location. Many are coming from a 400sq m- plus home and looking for 130sq m to 150sq m.”

Peter, 59, and Karen, 56, Schulze from Woodcroft recently decided to sell their three-bedroom family home of 20 years in favour of an affordable one-bedroom plus study apartment in West Franklin, on Franklin St.

“We could see several cranes on the horizon and thought the time was right to swap our veranda and backyard for a balcony,” Mr Schulz said. “We love the vibrant city and always dreamt about downsizing closer to the action.

“We looked carefully at the space trade off when comparing a home to an apartment and realised that the shared facilities, including a rooftop terrace and BBQ area would fill the void to entertain family and friends.

According to CoreLogic, apartment sales have jumped by 9 per cent over the past three years and now account for a quarter of property sales in Adelaide.

Real Estate Institute of South Australia CEO, Greg Troughton said balcony living had grown in demand and would continue to do so well into the future.

“More and more people are selling up their lawnmowers post kids leaving the nest and looking for lifestyle.”

HOT PROPERTY

Most in demand suburbs for units (based on highest change in median sale price).

Source: CoreLogic

1. St Georges

Median price: $887,500

12 month change: 46.7 per cent

2. Glen Osmond

Median price: $651,050

12 month change: 44.2 per cent

3. Enfield

Median price: $383,000