The downsizer generation and the changing great Australian dream
An interview with Dr. Nicola Powell, the Chief of Research and Economics at Domain about how this generation of downsizers wants something different from their downsizing move.
The third episode of Prime Time with Bec Wilson is all about your home and downsizing and how that could be changing the great Australian dream for the generation that created it. I chat with Dr. Nicola Powell, the Chief of Research and Economics at Domain, Australia’s leading property marketplace, about how downsizer trends are changing.
The dynamics of the housing market are clearly shifting as the new generation of downsizers are entering the market. And it makes for a terrific conversation, about where people want to live in the next stages of life, what they want from their homes, and how the quarter acre block that used to be the Australian Dream might in fact be ready for change.
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Here’s some highlights:
One of the two key drivers of our housing markets in the years to come is the changing demographics. How the Baby Boomer’s desires are shifting away from the quarter acre block in the inner or middle ring suburbs.
Housing rich, cash poor - the median prices that are driving the prime opportunity for downsizers.
The behaviour we are seeing from downsizers is changing to be more local to the areas they’ve lived in for years, but the downsizing stock isn’t necessarily available in their preferred areas.
Why people are continuing to live in homes that don’t suit their needs. Is there a role for government in densifying our cities to accommodate the changing demand.
The downsizer contribution, an incentive to drive people to consider downsizing, and how it works.
The two cohorts of downsizers - those committed to their community; and those looking at traditional tree and sea change markets. We discuss the change in the value offered by regional markets since the pandemic.
What do people consider when they are downsizing? What are they looking for? The embrace of apartment and townhouse living, changing dwelling types they want, in different locations.
Where are people moving from and where are they moving to? The suburbs that are going to see the greatest levels of demand for downsizing in our major cities and where and what kinds of housing will they consider moving to, to unlock some of the money tied up in their homes? How does that change the features we look for?
Are people considering a multi-phase downsize - a lifestyle home and then an ageing home and can we consider this more strategically? The costs of stamp duty can contribute to your decisions.
What are housing prices doing right now and how should we think about the price cycle at the moment, in relation to selling our homes? We discuss the current house price cycle and timing the market.
We discuss debt, as the Baby Boomer approaches and enters their retirement. And how that might change as future generations come through.
How we need to shake up the concept of the quarter acre block - and create a new set of standards for the great Australian dream that suits today’s generation of people who grew up with that goal.
I really enjoyed this lively discussion about housing, the changing property market dynamics and what we should all know about the opportunity to downsize. Have a listen, and subscribe, wherever you get your podcasts.
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If are enjoying Prime Time with Bec Wilson, or have feedback, ideas or thoughts on things you’d like us to cover, drop me an email at bec@primetimers.net.
Together let’s make our prime time count.
Many thanks! Bec Wilson
Author, columnist, retirement educator, and keynote speaker
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