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Sold the family home? Here are Sydney’s most popular downsizer suburbs

Anastasia Santoreneos
Sydney Harbour from the North. Source: Getty
Sydney Harbour from the North. Source: Getty

While the Australian property market has dropped significantly, one section that continues to boom is the downsizer market.

Downsizers are packing up their big family homes and buying small properties closer to the harbour, city and beach, and it’s creating a fresh surge of interest in top downsizer hotspots, Domain reports.

So where are these hotspots?

Domain reports in the lower north shore, Kirribilli, McMahons Point and Milsons point are popular amongst downsizers, while Potts Point, Double Bay and Rose Bay hold the fort in the east, and the northern end of Sydney CBD sees some action too.

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Some new hubs for empty nesters have emerged in the northern beaches, like Bayview, Dee Why, Frenchs Forest and Collaroy, and Balmain, Birchgrove and Drummoyne are also newcomers in the inner west.

Collaroy in the south and Barangaroo in the CBD have also recently become popular downsizer suburbs.

Director of Sydney residential at Herron Todd White, Shaun Thomas, told Domain that downsizers were on the hunt for anything close to the harbour, the beach or the city with lots of facilities and is close to train stations or ferries.

“They want smaller, low-maintenance homes in those areas and that demand means prices are holding up well,” he said.

As well as the traditional areas on the lower north shore, Thomas said suburbs like Cronulla were becoming popular for their waterfront buildings, with downsizers spending up $7.5 million to get their hands on one.

Belle Property Neutral Bay’s Mark Jackson told Domain downsizers were auctioning off their family homes at an earlier age now, with families often finding it hard to keep up with the maintenance of bigger blocks.

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