Perth’s ageing population and increasing number of retirees has led to an inflated demand for new apartments to be built across the city and suburbs. Baby boomers – that is, those born between 1946 and 1954 – are set to retire in droves over the next decade. By 2021, almost one quarter of West Australians will be aged 60 or over.
Apartments are considered ideal for retirees because they are generally low maintenance, secure, and encourage a ‘lock and leave’ lifestyle for those who wish to travel. Projections show that the Perth real estate market will begin to tend towards apartments rather than traditional houses in the coming decades.
Though apartment blocks have been traditionally based in the Perth metro area and a few locales on the outskirts, they are now going up across the suburbs due to the growing demand from baby boomers. Many retirees or those looking to retire hope to buy or rent in the area they know best; where their family home is, where their children are, or where they grew up.
This has led to a significant increase in apartment developments across the suburbs, an unprecedented move in Perth. Many of the developments focus on safety and security, and designs are more spacious and focused on quality than many longstanding buildings.
Real estate prices for apartments are also a pull point for baby boomers, with apartment price ranges remaining relatively steady no matter what the broader market is experiencing. Whether buyers are looking to purchase an apartment to live in or want to invest and rent it out until they are ready to retire, it’s a great time to take advantage of the market.
Overall, apartments can be a cheaper, secure investment for those looking to downsize or invest.
If you are thinking about investing in an apartment or looking for a lifestyle change, why not get in touch with one of the experienced, friendly real estate agents here at ACTON? We’re here to help.