Downsizers have become a major force in the real estate market, with the combination of an ageing population and peaking property prices leading many empty-nesters to trade their properties for homes better suited to a low-maintenance lifestyle.
Government incentives allowing eligible homeowners to contribute up to $300,000 from the sale of their home to their superannuation are expected to cause a wave of downsizing when the measures come into effect in July.
For buyers seeking a low-maintenance lifestyle, not just any small home will do, and some properties are more suitable than others.
Single-storey villas and duplexes are the most sought-after properties for downsizers, These compact properties are easier to maintain, and the walk-up entry and single-storey layout makes them an ideal property to transition to from a house.
While townhouses offer a low-maintenance lifestyle, and are often found in desirable locations, the fact that rooms are spread over two to three levels can mean the property won’t be suitable in the long term.
Large three-bedroom apartments can provide enough space for those moving from a big family home and for these properties, ample storage and secure parking are big drawcards
Properties that are situated close to doctors, chemists, public transport and in good locations may see significant competition as first-home buyers and downsizers may be vying for the same type of property.
If you are considering downsizing and want some advice we are here to help whether it is an appraisal on your existing home or advice on where and what to buy contact one of our professional agents to assist you in planning your next move.