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Mornington Peninsula homes hit downsizer sweet spot

Mornington Peninsula homes hit downsizer sweet spot

A range of new single-level houses, specifically designed to meet the needs of downsizers, have been released on the popular Mornington Peninsula, south-east of Melbourne.

The two and three bedroom homes - each with their own property title - form part of the 31-dwelling Waterfall Gardens estate currently under construction at Rosebud. 

Real estate agent Robert Bowman, of Bowman and Company, said the estate’s developer Masterline would have been able to increase the dwelling yield at the site by building two-storey terraces, for a wide range of potential buyers. 

Instead, he said, the developer had opted for lower-yield single-storey homes, specifically to meet demand for this type of home from downsizers who were keen to age-in-place. Each of the homes features its own outdoor deck and small garden area.

The Waterfall Gardens homes are in line with the housing aspirations of downsizers, as outlined in a report released in February by the Australian Housing and Urban Research Institute. 

The report finds that Australians over 55 reported the highest level of satisfaction (66 per cent) with three bedroom dwellings, closely followed by a 59 per cent satisfaction rating for two bedroom dwellings. In addition, the report shows many downsizers are still keen for a small courtyard-style garden.

However, the report also found that many downsizers find it difficult to access these types of homes.  

Mr Bowman said three bedroom homes at the estate started from $589,000, with two bedroom homes starting at $549,000.

 “The developer of these homes has been developing for 50 plus years, and he is in the later years of his career and life, and has designed these homes for the retirees,” Mr Bowman said. 

“We could have got a higher yield on the site by putting on two-storey homes but we decided not to do that. 

“The person who buys these homes is a definite downsizer - we don’t get investors or first home buyers - so you are entering into a community of like-minded individuals. Everyone that has purchased in the estate so far has been a retiree.”

“These homes are a higher grade specification, they are all brick veneer, which means they are lower maintenance for the retiree and they are not going to require constant upkeep.”

Mr Bowman said the estate was an alternative to retirement villages, given that owners retain all capital gain, pay less in fees compared to villages and own the property title to the dwelling and land.

However, unlike the situation with some retirement village properties, stamp duty is payable. 

Downsizing.com.au recently named the Mornington Peninsula as one of the top three downsizing destinations for 2019 in Victoria. 

The Waterfall Gardens properties are across the road from Bay Views Golf Course and a stroll from local cafes.  

Written by Mark Skelsey. Republished with permission of Downsizing.com.au.