The 5.5 million strong baby boomer cohort are quickly becoming the most active players in the property market.
This activity is expected to increase following the commencement of the downsizing scheme introduced in July that allows over 65’s to contribute up to $300,000 from the sale proceeds of their home into superannuation as a non-concessional contribution.
QM Properties General Sales Manager Damien Ross said they were finding that people are downsizing the size of their land, but not necessarily the size of their homes.
“As children move-out or the maintenance of a property becomes overwhelming, downsizing offers a simple solution to those looking for their next step,” said Mr Ross.
“A growing trend of retirees is to buy a property that is small enough to maintain, but large enough to entertain.
“A smaller lot offers buyers the opportunity to have a more relaxed approach to maintenance, and we’re finding that people are more than happy with a smaller garden if they can maximise the area of their homes.
“Those building their homes want to be able to accommodate a majority of their former homes contents without the added hassle of a large area of land to look after.
“Communities such as Sandstone Lakes allow residents to choose from a whole host of home and land packages, tailored to suit a range of budgets and preferences.”
Ron and his wife recently made the decision to build a four-bedroom home at Sandstone Lakes to embark on the next chapter in their lives.
“We’re actually building a slightly bigger house than our previous home, so we can have more of the family come to stay,” said Ron.
“We’re hoping our new home will be finished before the Christmas period so that we can host our children and grandkids.
“Being able to accommodate guests was a major factor in the design of our new home.
“Despite building a home that’s a little larger, we did want to downsize the garden as I was finding the continuous amount of garden upkeep at our previous home difficult to maintain.
“I’m a keen gardener and I’m looking forward to starting from scratch in a more manageably sized garden.
“Being able to design our home in Sandstone Lakes was a clear choice for us, once we got to know the area, we were definitely smitten by the breathtaking parklands and the standard of the homes in the neighbourhood.
“Our lot is near the lake and is so lovely and quiet, we’re looking forward to having the grandkids here for future school holidays.”
House and land packages are available from $365,000 at Sandstone Lakes.