As Australian property prices have recently shown an increase nationwide, homeowners may choose to downsize and take advantage of the increased value of their home.
Both the Age and the Herald Sun have reported expert predictions that older people may look to sell their houses in favour of apartments this year.
Reasons for this include the fact that with their children having left home they have no need for a large house or find that a smaller house would be easier to maintain. Those looking to sell may take advantage of the current high value of the property market.
Australian Property Monitors previously reported that house prices had risen by a median of 1.9 per cent during the fourth quarter of 2012, which is 2.1 per cent higher than they were at the end of 2011.
There has previously been evidence that older people sometimes chose to move to a smaller house from the Australian Housing and Urban Research Institute. They said that the housing market can be a factor that causes old people to choose to downsize.
Posted by Craig Francis