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Two separate reports from PropTrack and Downsizer.com revealed the suburbs recording the highest average hold period this year and the locations recording the highest rates of homeowners who are likely to downsize and move into smaller dwellings.
The PropTrack study indicated that in some suburbs, homeowners hold on to their homes for more than 20 years.
Clarinda in Greater Melbourne recorded the longest hold period for houses this year at 24.40 years. For units, owners in Carlon North, also in Greater Melbourne, held their properties the longest at 20.68 years on average.
Meanwhile, Downsizer.com identified the areas where older Australians are most likely to sell their homes and move into smaller dwellings.
The locations are given a Downsizer Index score, which covers key fundamental drivers of downsizing including demographics, dwelling suitability, health indicators, financial indicators, and mobility.
Downsizer.com economist in residence Michael Blythe said the index gauges the extent to which each region deviates from the average of the capital city, providing insight into the potential occurrence of downsizing activity.
“This kind of data is valuable for households, governments and developers to identify where the downsizing focus should be as we battle with the current nation-wide housing crisis and the longer-run pressures from the ageing population,” he said.
“Older Australians are finding that their incomes fall at the same time as their costs rise and dwelling suitability declines — more than 80% of Australians aged between 65 and 74 live in separate dwellings rather than flats or apartments and 75% of them have more than three bedrooms.”
Here are the top downsizing hotspots for Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart and wider Tasmania.
Mr. Blythe emphasized the necessity for further efforts to support downsizers in transitioning from larger residences to more suitable housing options.
“In turn, downsizers can free up equity and can boost their incomes, assisted by government incentives to place some of the funds into superannuation. Downsizing also frees up housing stock for younger families.”
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
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6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 70% | Featured Online ExclusiveUp to $4k cashback |
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5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% |
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6.14% p.a. | 6.16% p.a. | $2,434 | Principal & Interest | Variable | $0 | $250 | 60% |
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5.95% p.a. | 5.95% p.a. | $2,385 | Principal & Interest | Variable | $0 | $0 | 90% | |||||||||||
5.94% p.a. | 5.95% p.a. | $2,383 | Principal & Interest | Variable | $0 | $0 | 90% |
Collections: Buying a home Downsize Mortgage News Property News
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