More Couples Downsizing To Smaller Properties
Monday July 29th, 2013
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.