Older buyers withdraw from the property market for now

Manly has become a COVID-19 hotspot and health authorities are recommending three of its beaches are closed over Easter. Elderly property buyers who seek out the Manly lifestyle appear to be staying away,

The Baby Boomers wanting to downsize from large family homes were among the most active buyers in Sydney before coronavirus hit the city.

They had equity, were on the hunt for low-maintenance homes and didn’t always have time on their side.

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A classic Manly harbourfront beloved by downsizers.

However on Sydney’s northern beaches agents have reported that many of these older purchasers are holding off buying property partly because they don’t want to venture out and inspect real estate.

Noreen Rattue, of Northside Living, said many elderly buyers didn’t want to leave home to inspect real estate which was frustrating if a property was ideally targeted to that age bracket.

And a Manly agent, who asked not to be named, said he was dealing with buyers who wanted to transact but their concerned adult children were insisting they stay indoors.

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COVID-19 has affected 2686 people in NSW and the youngest of the 46 deaths nationally was aged in their early 60s.

People aged over 70 and those with underlying serious health issues have been especially encouraged to stay at home and limit going out.

The northern beaches has attracted many Sydneysiders since the social distancing rules were enforced and this week health authorities recommended Manly and Dee Why beaches be closed over the Easter weekend. Already popular ocean beaches such as Shelly Beach in Manly, North Steyne and Queenscliff are closed and will be reviewed on Tuesday April 14.

Manly is a popular spot for downsizers to buy in. They are attracted by low-maintenance apartments, a selection of cafes and restaurants and the Manly ferry which can get them to the city and entertainment in half an hour or less.

There are a few properties still being marketed squarely at downsizers.

The new penthouse in Dobroyd Rd, Balgowlah Heights that would suit downsizers.

Great indoor and outdoor living with tennis courts just beyond.

A brand new three-bedroom penthouse in the affluent suburb of Balgowlah Heights is targetting downsizers who want space and privacy and be in the heart of a premier suburb. The penthouse at 6/31 Dobroyd Rd, Balgowlah Heights has an asking price of $2.65 million plus the option of a delayed settlement allowing the purchaser time to sell their existing home.

Prestige spot, harbour views and lift, all on the downsizers wish list.

A two-bedroom apartment on Manly’s harbourfront, at 2c/29 East Esplanade, Manly would also suit downsizers. It has wide harbour views, a security building and many of the residents in the Matthew Bligh block are longtime owner occupiers. The guide for the renovated unit is $2.5 million to $2.75 million.

And a one-bedroom unit in Freshwater with a big ocean view has come to market billed as fit for families and downsizers. It is on the fifth floor of a well-regarded block at 51/30 Moore Rd and the price is $919,000.

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