Close to one million owner-occupiers across Australia are looking to downsize to a smaller property, nearly 15 percent more than those wanting to upgrade, according to Digital Finance Analytics.
But it’s not just baby-boomers whose children have flown the coop who are looking for a smaller home – families are embracing the ‘less is more’ philosophy too. Some are selling the family home to capitalise on the booming real estate market. With the federal budget making it clear households will need to rely on their own resources for a comfortable retirement, these families are taking advantage of positive market conditions to save for later in life.
For others, trading the quarter-acre block for something more modest is about paring back and reconnecting with family. The theory is that smaller homes encourage families to spend time together as a result of more shared space. For instance, the traditional formal dining room has morphed into an open-living-space where households can eat, cook, watch TV and sit on the couch, all at once.
If you are considering downsizing, whatever the reason, look for smarter homes that offer generous, open plan living, rooms with multiple uses and plenty of storage to make up for the lack of space. Remember, a smaller house doesn’t mean compromising on quality. Search for finer materials and furnishings so your home is still a pleasure to live in.
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