Though many babyboomers are choosing to remain in the familiarity and comfort of the family home for longer, a number are being tempted by luxurious apartments with large, flexible floorplans.

Premium sites close to the city are also desirable for downsizing babyboomers.

The development industry is stepping up efforts to cater to this new type of apartment dweller.

55 Claremont in South Yarra is a good example. It contains 37 one, two, and three-bedroom apartments, but also allows buyers to merge floorplans to create a bespoke residence that perfectly suit their needs. The apartments have views of the Yarra River and Melbourne CBD, and include luxury features such as Gaggenau appliances, stone benches, oak floors, and a communal terrace.

Michael Yates, developer of 55 Claremont, said, "We ensured our development ticked the boxes for baby boomers - spacious and flexible floorplans, a boutique development in a prime location, and dress-circle views of Melbourne."

The trend towards babyboomers staying in the comfort of their own homes for longer, means housing stock is tied up, often by only one or two occupants. Building apartments that cater specifically to the needs of the empty-nest demographic can help to release housing stock back onto the market, and could cool some of the heat in the current housing market.

In a recent report by Demographia, Sydney was recognised as the world's second-least affordable city in the world, with house prices 12.2 times the median household income. Overall, Australian houses cost 5.6 times household incomes, with only Hong Kong having more expensive houses.

Building apartments with features that appeal to downsizers is an important step towards freeing up housing stock, helping to make housing more affordable in Australia, especially in Sydney and Melbourne.