Home owners across dozens of suburbs could be left with more than $1.5 million to spare if they downgraded from a house to an apartment.
Downsizers in every single Sydney suburb will be left with a sizeable sum of cash when moving from a typical house to a unit within the same neighbourhood, new data shows.
They were among dozens of suburbs where downsizers could be left with more than $1.5 million after swapping a house for a unit. Medians were only recorded for suburbs with a minimum of 50 sales last year. As most downsizers entered the market decades ago, when houses were a fraction of the price, they were more likely to own their home outright or have built up significant equity. That gave them sizeable sums to spend on their new smaller home or pass on to adult children hoping to buy.Powell said those who were still active in the market – despite high prices and interest rates reducing buyer borrowing power – were highly likely to have existing equity or family help.
High property prices were also working against downsizers, though, Kuestenmacher said, as it meant they faced a higher stamp duty bill. Greater capital gains on larger homes could also delay them from making a move. Bronwyn Roberts with her daughter Grace and Grace’s boyfriend, Mitch at her North Turramurra home before she downsizes.“It’s not actually easy finding something because I don’t necessarily want to live in an over-55s. I didn’t feel like it was the right stage of my life, and then I looked for apartments, and I didn’t feel like that suited me either,” said the 55-year-old owner of Face Studio by Bronnie.
“What they ideally want is half the size of the house and half the size of the block. However, we don’t have anything like that in our area. The new planning laws will allow for that,” Bolin said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Balmain home searched in connection with missing Sydney coupleDetectives executed a late-night search warrant at the Balmain home and seized a number of items in their search for former Ten presenter Jesse Baird and his flight attendant boyfriend Luke Davies.
Read more »
Police raid Sydney home in search for missing menAnother Sydney home has been raided overnight by police in the search for two young men missing from the city’s eastern suburbs. The home in Balmain was raided in the early hours of Friday morning, and is believed to be linked to current serving NSW police officer, Constable Beau Lamarre.
Read more »
Cop charged with double murder of Sydney couple worked with studentsBeau Lamarre-Condon worked with children at Sydney schools before allegedly killing two Sydney men at a Paddington home.
Read more »
Rugby union star Kurtley Beale found not guilty of raping woman in Sydney pubRugby star Kurtley Beale has been found not guilty of raping a woman or sexually touching her in a toilet cubicle during a night out at a Sydney pub in 2022.
Read more »
Pink kicks off Australian leg of Summer Carnival tour in SydneyUS singer Pink is starting her Australian tour in Sydney tonight. The tour includes shows in Allianz Stadium, Suncorp Stadium, Adelaide Oval, and Accor Stadium. Concertgoers are advised to use public transport due to the expected high number of fans. Extra services will be available for transportation. Some parking options are also available but limited.
Read more »