The most popular Sydney suburbs for downsizers and rightsizers in 2024

Downsizers and rightsizers have dominated the new and off the plan apartment market in 2024.

The two camps, downsizers in particular, are the least impacted by the continued high interest rates compared to a first home buyer or investor, positioning them as a key target for developers. Most of the new apartment developments that have come to the market in 2024 have been large apartments that suit the size and budgets of a downsizer.

Many downsizers have built significant equity in their family homes over the years and are now looking to move into more manageable living spaces, while also securing funds for retirement.

But where are downsizers and rightsizers looking to buy? 

In this article, we've looked at the most popular suburbs in Sydney for both buyer demographics, highlighting some of the most popular developments in those areas.

Crows Nest

Crows Nest has attracted a wide range of apartment buyers over the past three months, especially following the launch of two of Sydney's most in-demand developments near, and above, the newly opened Metro station.

Apartments in Elevate Hume Place, the apartment development by Third.i and joint venture partner Phoenix Property Investors above the Crows Nest Metro Station, have been snapped up since they hit the market.

Designed by Woods Bagot, Elevate will comprise 130 one, two and three and four-bedroom apartments, the larger apartments proving popular with the next home buyer demographic given the connectivity to the city and the growing lifestyle on offer locally.

TWT Property Group also has recently revealed The Collective nearby, on the fringe of Crows Nest village and a short walk from the metro.

Locals have driven the sales in the first building of what will be a multi-stage precinct with extensive retail and hospitality spaces.

Newcastle West

Newcastle West has grown in stature over the last few years, particularly with those who live in the wider Newcastle region who want to downsize to a brand new apartment closer to the city.

The most recent demand from downsizers and rightsizers has been toward the recently launched ERA by GWH, designed by FK Australia for the owner-occupier.

The apartments, wrapped in glass to bring in as much natural light as possible, include premium fixtures and finishes, kitchen islands to offer another entertaining option in the kitchen, and large balconies.

There will be over 2,000 sqm of communal space across the two buildings, connected by a podium will feature a large outdoor pool, gym, fitness studio, and sauna, as well as several barbecue and dining areas.

Each building will have a rooftop garden with panoramic views.

Castle Hill

After decades of limited supply for downsizers apartment from smaller family homes, Castle Hill is starting to see a new tranche of apartments that are being snapped up by downsizers.

Developer CPDM has targeted the rightsizer, downsizer demographic at Larool Crescent, one of the only new developments to launch in Castle Hill in 2024.

They have large apartments, skyhomes with rooftop terraces, and low-maintenace townhouses with internal lifts, that cater for the two buyer types.

The five low-rise buildings, a rarity in Castle Hill, have been designed around a central courtyard, bringing nature through landscaping into the apartments.

Larool Crescent is also the only off the plan apartment development to have Latent Defects Insurance, the sought-after insurance policy that protects buyers against any structural defects for 10 years post completion of the building.

Norwest

Norwest was only established as a suburb in 2018 of the Hills District. It's another that's been popular with those who have lived in the Hills and don't want to leave the region to downsize.

Sekisui House Australia have been one of the most prominent developers in Norwest since securing an 8.1-hectare site back in 2016 when the land was classed as being in Baulkham Hills.

Since then they've been developing their large masterplan, The Orchards, near Norwest Metro Station.

Downsizers have been the most prominent buyer type at the latest stages, Veue.

Veue, the fourth stage of The Orchards, offers 577 apartments, nearly half of the total apartments that will make up the masterplan.

Veue Parkside, the most recent release, will comprise 156 apartments across two buildings.

Sekisui will be continuing to cater for downsizers in its penultimate stage, 209 apartments across two 12 and nine-level buildings designed by Rothelowman. A third building will home communal amenity.

Read more: First look exclusive: Sekisui reveal final stage of $1 billion Norwest masterplan, The Orchards

Box Hill

Box Hill is another suburb which in recent years hasn't really had enough options for downsizers.

That's why local developer Kellarney Developments focused its new apartment development, Killarney Ponds, around the rightsizer and downsizer.

Located just outside the emerging Box Hill Town Centre, Killarney Ponds will have 93 two and three-bedroom apartments that will complete in early 2025.

The three-bedroom apartments offer 115 sqm of internal living space and a priced under $1 million.

Comparable Box Hill apartment developments also don't offer the same level of amenity as Killarney Ponds, which will offer a multi-purpose room, a fully-equipped gym, a work-from-home centre with integrated desks and meeting rooms, as well as several outdoor spaces with alfresco and picnic areas.