Baby Boomers today have plenty of stories of recessions and economic shocks long before the pandemic. Years of experience have informed a lifetime of financial decision-making around property ownership.
Robertson Hyetts Property Lawyer, John Wellington, shares that these generations understand the amount of equity they are sitting on in their home.
“From our office in Castlemaine, we’re seeing clients choose to downsize in today’s property boom.
“Many people feel prices have reached a sweet spot and it’s time to reap the benefit of their property investment and downsize.
“This includes people making the ‘tree change’ from Melbourne, or locals living on large parcels of land no longer being used,” he says.
Industry reports are revealing that many seniors are more open to consider downsizing now than they were pre-pandemic. With low market supply driving up prices, downsizing now may be a great way to unlock equity for retirement when selling an existing family home.
Buying and selling property should always be a carefully thought-out decision, no matter what the reasons for moving are. Robertson Hyetts is a local legal and conveyancing firm, making the transfer of property a smooth process, providing clients with peace of mind.
“Property right now is attracting significant attention from our local and regional communities.
“Downsizing can be a big decision and we enjoy helping clients in this important stage of their lives,” says John.
Downsizers have been considered in the recent federal budget, with changes allowing older Australians to boost their superannuation balance by contributing sale contributions without impacting concessional caps.
If currently 65 or older and the family home is sold, up to $300,000 (per person) can be contributed to superannuation.
Downsizing now might just be your best country life.
If you’re considering downsizing, make an appointment with John Wellington today by calling Robertson Hyetts on (03) 5434 6666.