Why empty nesters are buying Sydney apartments,
Traditionally, Sydney’s inner east has been seen as the domain of wealthy young professionals, often considered a trendy area.
Suburbs like Surry Hills and Darlinghurst have shed their past reputations for seediness, now attracting affluent young buyers.
These areas are now among Sydney’s most sought-after neighborhoods for successful young professionals seeking a vibrant lifestyle.
However, a new group of buyers is now eyeing Sydney’s inner city: empty-nesters looking to downsize from larger homes.
Just yesterday, a stunning New York-style warehouse conversion in Surry Hills sold for $4 million to empty-nester buyers.
The couple had recently moved from a large terrace in Paddington, opting for a more manageable apartment in the city.
Maclay Longhurst, a Sydney Sotheby’s agent, notes that this downsizing trend is becoming increasingly common in the area.
For example, another apartment nearby in the Golf House recently sold for $6.8 million to another couple downsizing.
It’s a growing trend of empty-nesters leaving their spacious Paddington terraces to embrace an inner-city lifestyle closer to amenities.
Interestingly, this trend is happening in a suburb where the typical resident is between 20 to 35 years old.
According to ABS data, only 14% of Surry Hills residents are aged over 60, making this trend even more surprising.
A key attraction for the buyers on Foster Street was the exceptional architectural quality of the apartment itself.
The luxurious, wedge-shaped apartment has been featured in seven prominent magazines, highlighting its unique design and appeal.
It offers impressive five-metre-high ceilings, raw concrete floors, and an expansive 214 square meters of sun-filled living space.
This combination of design features and spaciousness makes it an extraordinary property, drawing attention from both buyers and design enthusiasts.
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“The architecture by Alexander&Co was extremely well received,” Longhurst says. “People were particularly drawn to the open-plan living.”
“They loved the high ceilings and the warehouse-style feel that the design brings to the apartment’s layout,” he adds.
This apartment is one of a select few high-end industrial-style conversions currently available in Sydney’s inner ring suburbs.
Among these, there’s also a raw, exposed-brick home in Camperdown, which is marketed as a slice of New York.
The apartment features three spacious bedrooms and includes a lock-up car space, adding to its practical appeal.
Additionally, the apartment is situated in an ultra-convenient location, close to The University of Sydney and Parramatta Road.
