news

Empty nesters encouraged to seize downsizing opportunities

By Staff Reporter

Empty nesters in large family homes are currently in the best position to sell since 2007, according to Raine & Horne CEO Angus Raine.

Mr Raine said that for many older Australians, the family home has acted as a quasi-superannuation fund for the past six years, as retirement savings tied up in superannuation have been ravaged by the global financial crisis.

“However, the worm has turned for the economy,” he said. “Confidence is back, interest rates are low, and younger buyers are looking to take the next step up the property ladder. But there is a shortage of suitable homes to meet this demand.”

Research from BIS Shrapnel shows that 20 to 34 year-olds are looking to move into larger family homes, however there is no major evidence of an increase in the rate of downsizing among retirees.

Mr Raine says selling a family home is a tax-free transaction, which older Australians can use to unlock a significant amount of capital tied up in the family home.

“A decision for retirees to downsize also provides a social dividend as it will help address some of the housing shortages in many of our capital cities," he said.

“I would encourage any empty nesters considering a property move to get their skates on or be swamped by a wave of retirees looking to downsize into smaller homes.”

Empty nesters encouraged to seize downsizing opportunities
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%