The number one reason holding back downsizers from making the move

Nearly one in three downsizers or those thinking of downsizing say it’s too much hassle to pack up and move out despite many being ready to take the plunge, new research reveals.  

Downsizing has been a popular option for families once their kids have grown up and moved out, allowing empty nesters to shift into lower-maintenance homes while freeing up bigger homes for growing families.  

But a new GemLife and Realestate.com.au report has shown 31% of people aged 50 and over who had downsized or were thinking of downsizing had concerns about the sheer hassle of moving.  

Prospective and actual downsizers also cited being emotionally attached to their home, unable to find a home that suited their needs, and leaving their community as reasons not to leave.  

It’s an issue for Australia’s housing supply, with many empty nesters living in homes with numerous spare bedrooms, while some younger families live in homes without enough space.  

REA Group senior economist Angus Moore said it was important to encourage downsizing to use the housing that we have in Australia more efficiently.  

“Australia’s population is aging, with more than one-third to be aged 55 or older in 2050,” he said. 

“As our demographic make up changes, so too will the types of housing we need. Older households are smaller, but much of our existing housing stock and the housing we build is still large, detached homes that may be better suited towards larger family households.

“Encouraging older and smaller households to downsize will be critical for ensuring we meet the needs of our aging population and use the housing we currently have more efficiently.” 

The research also found that the top reasons to downsize were households seeking a lower maintenance property, retirement and a better quality of life.  

Some 59% of downsizers said they would consider moving to an over-50’s lifestyle or retirement community, including 17% who would definitely make the move.   

GemLife managing director and group chief executive Adrian Puljich said purpose-built solutions, such as land lease communities, were key to motivating older Australians to downsize, while improving their quality of life. 

“Many older people stay put simply because there is a lack of suitable housing for over 50s and beyond, but struggle to maintain often large, ageing family homes,” he said. 

“When there are appealing alternatives – and that means homes that are easy to look after, close to the people and places they love, and designed for how they live now, and will in the future – we see they are willing to downsize, and often wish they had done so sooner.  

“Land lease communities are one of Australia’s fastest growing housing types because they are specifically designed for this demographic, with supporting facilities that promote wellbeing, connection and lifestyle and a financial model that helps free-up capital for retirement.” 

Older and smaller households in Australia tended to have different housing needs, though many still occupied larger homes. 

Among those aged 55 and older, 80% were one or two-person households, compared to just 41% of 25–54-year-old households.  

This meant older households typically had more spare bedrooms, with 85% of those 55-plus households comprising two or more spare bedrooms, compared to just one-third of those aged 25-54 years. 

The report drew on the views of 2,051 buyers who responded to the realestate.com.au Property Seeker Survey, including a sample who identified as over 50 years old and looking to downsize in the future.   

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