In the Press: Luxury Lower North Shore apartments with a difference
Downsizers are loving this new and fresh development on the Lower North Shore.24/07/2018
Our property, Mera in Cammeray was recently featured on realestate.com.au as an ideal option for downsizers – without having to compromise on their quality of living. The luxury lower North Shore apartments are perfect for those looking to downsize as they offer a sense of classic, understated elegance, with beautiful views, spectacular kitchens and great security.
THE Lower North Shore is struggling to keep up with demand from the area’s downsizers, as the ageing population is forced to battle it out for little stock currently available.
Mosman, where 20 per cent of its population is made up of people aged over 60 is one of the most affected areas, with next to no developments happening. Belle Property Mosman principal Tim Foote said council had been struggling to keep up with demand.
“There is a lack of land that council is releasing to keep up with this sort of demand, which is a shame as they should be more responsive in this area,” he said.
Currently Mr Foote said the lack of suitable stock is causing downsizers to pay through the nose to secure something.
“We’ve seen apartments that don’t extraordinary sell well above the asking price, because there is not much out there for downsizers,” he said.
McGrath Mosman selling agent Jacqui Rowland-Smith said downsizers had been screaming about the lack of suitable accommodation.
“Along with young families, downsizers are the largest buying group in Mosman. We had 150 groups recently inspect a Military Rd apartment and the majority were downsizers,” she said. “Any property that is close to the village and is ‘small’ and has due-north facing is incredibly popular for downsizers. They want luxury apartments, but not enough is being built as not enough land is being zoned for apartments in Mosman,” she said.
Ms Rowland-Smith said the lack of downsizer properties has become such a concern that she has encouraged buyers to look to Manly or the Eastern Suburbs.
“If more luxury apartments don’t get built, more and more downsizers might have to look elsewhere,” she said.
Ms Rowland-Smith said not having enough land being zoned for apartments, was one of the key factors in the issue, especially around Mosman.
Downsizers Tom and Linda Greene said finding a suitable place move to on the Lower North Shore was hard to come by.
“The choices were certainly limited in the price/size/quality combinations that we were looking for on the Lower North Shore,” he said.
The couple are planning to move from a two storey Walsh Bay penthouse into one of the 14 two- and three-bedroom apartments on offer at the under construction MERA in Cammeray, which is scheduled to be completed in 2019.
“We were looking for something that would still allow us to maintain the same quality of living standards that our previous homes offered,” Mr Greene said. The downsizing couple were looking to downsize both in size as well as value.
“We loved the MERA development as having everything brand new and fresh was what we wanted,” Mrs Greene said.
This article was originally featured on realestate.com.au