Things have been difficult over the last few years for empty nesters wanting to sell their large family homes. These homes, especially the more expensive ones, have been a very tough sell. But according to experts that this trend is changing in the empty-nesters’ favour.
A study titled Downsizing Amongst Older Australians, by Bruce Judd et al., showed that 9% of Australians over the age of 50 downsized to smaller homes between 2006 and 2011. Most of them moved from a large, four-bedroom (or more) homes to a smaller home or terrace. Less than one in ten bought an apartment.
But agents are seeing a rise in apartment sales, particularly in off-the-plan units. These baby boomers want smaller apartments that are low-maintenance, secure and are on one level.
Reasons for the move included: lifestyle factors, the desire to have less home maintenance and because their children had moved out.