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Four reasons why retirees are considering downsizing at this time

According to Downsizing.com.au, despite these uncertain times, there has been plenty of downsizing activity still taking place across the nation.

Following the initial shock of the Coronavirus pandemic, statistics have shown an increase in online searches for the over 55s looking for a more supportive, safer and secure way of living.

Mark Skelsey, Downsizing.com.au editor, found out why many retirees were still considering a downsizing move at this time:

1.To take advantage of the current housing market – where there is less competition to sell.

2.To boost retirement income during a time of share market uncertainty.

3.To move into the more supportive and safer environment that retirement communities provide – where it is easier to keep socially distanced, without being socially isolated.

4.To escape the city – with anecdotal evidence suggesting the coronavirus situation has prompted many potential downsizers to think about a move out of a crowded city environment, to less dense and cleaner regional areas.

Boyd McCallum, project director at Catalina Village at Cooranbong in the Lake Macquarie area of NSW, spoke with Downsizing.com.au about the increase in enquiries since the start of the coronavirus restrictions.

“We saw a very sharp increase in enquiry when COVID-19 first hit,” Mr McCallum said. “Buyers appeared to be motivated by looking after their health and well-being, along with finding companionship and a safer place to live.”

He said they were also keen to boost their retirement income, by capitalising on the cost differential between their family home and a home in his village.

“Our average sale price in Lake Macquarie is still $120-$150,000 less than that on the Central Coast, which is only 20 minutes down the road,” he said.

Read the full story here: https://www.downsizing.com.au/news/686/Coronavirus-Four-reasons-why-its-still-a-good-idea-to-consider-downsizing