An increasing number of people are choosing to sell the family home and adapt to luxury apartment living. As the children grow up and move out of home, parents are left re-assessing whether they need all that extra space or want the extra ongoing maintenance.
A recent Australian Housing and Urban Research Institute (AHURI) survey found that approximately 43 percent of Australians aged 50-59 have downsized. The survey also revealed the top 3 reasons for downsizing:
1. Want a change in lifestyle
2. No longer want to maintain a house or garden
3. Children moved out and too much space
The 2017 Federal Budget also offers downsizers incentives to help address the housing affordability crisis for younger Australians. Home owners aged 65 and over selling a home they have lived in for 10 or more years will be able to make a non-concessional contribution of up to $300,000 into their superannuation from the proceeds of the sale.
Apartment size, location and amenities are key factors in the decision-making process of going from the family home to an apartment. Purchasers still want spacious living and entertaining areas, of a similar standard to their family home. Key benefits of downsizing include:
1. Financial savings
2. Security benefits
3. Less maintenance
4. Community of friends within the building
Making this transition smoother, apartment developments such as Luminary in Hawthorn and Rockley Gardens in South Yarra offer luxurious boutique residences that feel and function like a home, with the added lifestyle benefits.
If you are interested in downsizing or want to know more, contact us today! 03 9690 2262