Homeowners who swap houses for apartments could be left with more than a million dollars to spare.
Vendors stand to make more than $2 million in the three suburbs with the biggest gap between houses and units.Homeowners in wealthy inner-east suburbs stand to gain the most from downsizing to a smaller home in their neighbourhood, thanks to the large disparity in house and unit prices in Melbourne.
Domain chief of research and economics Dr Nicola Powell said a large gap between house and unit prices was to be expected, but was more pronounced in more expensive suburbs, where the benefit for downsizers was strongest. Andrew Blew intends to move to a smaller property, as a big block and proximity to schools are no longer a priority.The Demographics Group co-founder Simon Kuestenmacher said the trend of cashed-up downsizers was relatively new, thanks to runaway house prices in the new millennium.
Last year, the state government announced that a temporary COVID debt levy would be introduced for second homes and investment properties, which“There’s been a trend of people selling the family home because they own a beach house,” Vigano said. “They buy an apartment and make the beach house their primary place of residence. The land tax has brought forward decisions for a lot of people.”
Downsizing to a smaller block of land with a cheaper house, was also common, Vigano said, but becoming less lucrative due to worsening affordability. Blew’s children were still at home, but they decided to move into a more manageable house on a smaller block, to future-proof and adjust to the family’s needs.
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