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He said many of the suburbs’ house owners comprised long-term residents who were loath to leave the area, making Hamilton’s luxury apartment precinct in Portside a prime spot for vendors to sell up, make a sizeable profit and downsize nearby in comfort.
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“We see that almost every week here with people who have lived in Ascot or Hamilton for a long time,” Mr Shean said.
“And Hamilton [particularly] has a real mix of units. You can buy an entry level one-bedroom apartment or a $4 million unit. This means we get a wide range of buyers.
“But most are local, and most are upsizers or downsizers.”
Mr Shean said the Portside precinct and Brett’s Wharf in Hamilton were favoured by downsizers, with some sellers also swapping the lavish family home for a plush apartment in neighbouring
suburbs such as New Farm and Teneriffe.
“We are lucky in our geographic area. For us, the closest comparable suburbs would be New Farm and Teneriffe, but they both come with much more high density. Ascot and Hamilton both boast bigger blocks … and there’s old money and a lot of people don’t want to leave the area.
Downsizers often hope to stay in the same area.Credit: Adam Ferguson
“They like the convenience and not being in the city but only being 10 minutes away. That said, we
do get sellers here downsizing to smaller blocks in Teneriffe.“
Over in New Farm, lead agent at Place Estate Agents Charmaine McDonald said while the conditions were ripe for downsizers, a fair portion of buyers were upsizing out of a smaller unit.
“We’re finding they are looking at the apartment that is a bit bigger,” she said.
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Bulimba on the other hand, she said, was becoming a prime spot for downsizers who were swapping the big family home for luxury apartments. There, median house prices climbed a conservative 2.7 per cent over the year to September to $1.77 million and units rose 4.7 per cent over the same period to $772,500.
In Clayfield, a stone’s throw from Ascot and Hamilton, the conditions for downsizers are more favourable than Bulimba despite house medians dropping by 8.7 per cent over the September quarter to $1.6 million and unit medians rising by the same percentage to $480,000.
Ray White Clayfield principal Nicholas Given said in the popular pocket most downsizers were opting to swap the big family home for a riverfront apartment in New Farm.
It’s a trend McGrath’s Brett Greensill has dubbed “the New Farm shuffle”, especially for nearby downsizers who want the riverfront lifestyle.
“There is a scarcity of options though and these downsizers are after 200sqm of internal space which, for a lot of people, isn’t a downsize,” he said.
“I can’t keep up with demand and a lot of it is local … the housing crisis here is a genuine crisis.”
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