Real Estate
Sydney Doesn’t Have Enough Three-Bedroom Apartments for Boomers
- Price premium between three and two-bed units at record highs
- Empty nesters finding their options are fewer than expected
Newly constructed apartment blocks in the Sydney suburb of Mascot.
Photographer: David Gray/AFP/Getty Images
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Australian baby boomers looking to downsize from their large family homes are increasingly asking the same question: Where are all the three-bedroom apartments?
Cashed-up older homeowners seeking to leave houses with empty bedrooms and high-maintenance gardens are finding their options are fewer than expected. In Sydney, there’s almost triple the amount of two-bedroom apartments on the market as three-bedders, which is seeing the price of the larger properties soar three times the rate of the smaller ones— the biggest premium on record.