"When the kids leave home I'm going to downsize." So think many Kiwis. But it's not as easy as most think, says Jeff Cate, projects manager at Barfoot & Thompson.
It's often said that there aren't sufficient homes of the right type for all of the Baby Boomers to downsize to. A big part of that problem is that few townhouses or suitable units were built from the mid-1980s until 2000, says Jeff, despite the infill activity.
And many of those that were built either have maintenance problems (leaky homes) or they're tarred with a stigma that makes buyers wary.
There are pre-1980 homes that might be suitable. But many lack the modern layout and renovated kitchens and bathrooms that downsizers want, says Jeff. The separate kitchen, dining and lounge layout doesn't appeal to modern downsizers.
What's more, who wants to be renovating a property from scratch to downsize to?
If there is a dearth of suitable small homes and units, and downsizers want modern layouts, what type of homes do the boomers move to? Jeff, at 67, is in the demographic himself and just needs to look around at friends to see what's happening.
The answer he says is proving to be apartments. More suitable apartments are being built in the suburban centres such as Browns Bay, New Lynn, Albany, Ponsonby/Grey Lynn/Parnell, and Stonefields where people want to retire near to their family and existing life, and someone else does the maintenance.
But downsizers aren't looking for 40sq m shoe boxes downtown. Most want apartments sized between 80 and 130sq m. For this they can expect to pay $10,000 a square metre in today's market, says Jeff.
In his experience most want two decent sized bedrooms, two bathrooms and a study. The second bedroom houses visitors, grandchildren or may be "alternative sleeping arrangements " for one member of the couple.
The study doesn't need to be huge, providing it's at least 2sq m -- big enough to house a desk and a few books.
Another advantage of the apartment lifestyle for downsizers, says Jeff, is that they can get a brand new home. Many don't want to live in someone else's old house and spend a year bringing it up to scratch, he says.
Although most downsizers want to stay in the same general catchment as where they brought up the children, the Wynyard Quarter is proving popular with the two-home downsize set. These are people who pay $15,000 to $17,000 a square metre price-tag to enjoy the amenities, but skip town on the weekends to head off to their bach, says Jeff.
"Most tend to have a secondary residence," he says. "They go away on Friday and come back Monday."
Another option is a retirement village, says Jeff. His parents moved to one and it proved ideal.