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Downsizing cost trap awaits retirees – five reasons to be wary

<a href="https://theconversation.com/profiles/erika-altmann-361218">Erika Altmann</a>, <a href="https://theconversation.com/institutions/university-of-tasmania-888">University of Tasmania</a> It’s time to debunk the myth of zero housing costs in retirement if we want to understand why retirees resist downsizing. Retirees have at least five reasons to be wary of the costs of downsizing. Retirees living in middle-ring suburbs face frequent calls to downsize into apartments to free up larger allotments in these suburbs for redevelopment. Retirees who fail to downsize into smaller units and apartments are viewed as being a greedy, baby-boomer elite, stealing financial security from younger generations. It also makes sense to policymakers for retirees to move into less spacious accommodation and make way for high-density housing. Housing think-tank AHURI <a href="http://www.ahuri.edu.au/__data/assets/pdf_file/0021/14079/AHURI_Final_Report_No_286_Australian-demographic-trends-and-implications-for-housing-assistance-programs.pdf">fosters this view</a>. Yet seniors remain resistant to moving, in part because of the ongoing costs they would face. The concept of zero housing costs in retirement is based on a 1940s view of a well-maintained, single dwelling on a single allotment of land where the mortgage has been paid off. This concept is incompatible with medium- and high-density housing and refusing to acknowledge ongoing housing costs may cause significant poverty for retirees. <h2>Reason 1 – upfront moving costs are high</h2> When a house is sold the owner receives the sale funds minus the real estate and legal fees. When the same person then buys a different property to live in, they pay legal fees plus stamp duty. For cities such as Melbourne and Sydney, these costs are likely to exceed A$70,000. These high transfer costs may mean it is not cost-effective <a href="https://theconversation.com/why-older-australians-dont-downsize-and-the-limits-to-what-the-government-can-do-about-it-76931">for the person to move</a>. <h2>Reason 2 – levies are high</h2> Because apartment owners pay body corporate levies, people often assume this is just the same as periodic payment of rates, water, insurance and other costs. It is not. Fees remissions for low-income retirees for rates, power, insurance and water are difficult to apply within a body corporate environment. As a consequence, these are usually not applied to owners of apartments. The costs of maintaining essential services, such as mandatory fire-alarm testing, yearly engineering certification, lift and air-conditioning inspections, significantly increase ownership costs. When additional services are supplied, such as swimming pools, gyms and rooftop gardens, these also require periodic inspections. Garbage collection, cleaning, gardening, concierge and strata management services also <a href="https://eprints.utas.edu.au/cgi/users/home?screen=EPrint%3A%3AView&eprintid=23322">must be paid</a>. Owners of standard suburban homes choose whether they want these services, with those on fixed incomes going without them. Annual levies for apartment buildings vary, but expect to pay between $10,000 and $15,000. They <a href="https://www.strata.community/understandingstrata/faqs">may be more than this</a>. <h2>Reason 3 – costs of maintenance</h2> <figure class="align-right "><figcaption></figcaption></figure> Apartments are often sold as a maintenance-free solution for older people. The maintenance is not free. It needs to be paid for. Maintenance costs are higher in an apartment than a standard suburban home because there are more items and services to be maintained and fixed. Lifts and air conditioning need periodic servicing and fixing. This is in addition to the mandatory inspections listed above. <h2>Reason 4 – loss of financial security</h2> It is a mistaken belief that the maintenance costs that form part of the body corporate fee include periodic property upgrades. This relates to items that are owned collectively with other apartment owners. Major servicing at the ten-year mark and usually each five-to-seven years after that include painting, floor-covering replacement, and lift and air-conditioning repair or replacement. Major upgrades may also include garden redesign or other external building enhancement including <a href="https://eprints.utas.edu.au/cgi/users/home?screen=EPrint%3A%3AView&eprintid=23315">environmental upgrades</a>. All owners share these upgrade costs. Costs of upgrading the inside of an apartment (a bathroom disability upgrade, for example) are additional again. Once the body corporate committee members pledge funds towards an upgrade, all owners are required to raise their share of the funds, whether they can afford it or not. Communal choice outweighs an individual owner’s need to delay upgrade costs. Owners who buy apartments that are part of a body corporate effectively lose control of their future financial decisions. <h2>Reason 5 – loss of security of tenure</h2> Loss of security of tenure is usually associated with renters. However, the recent introduction of <a href="http://www.lpi.nsw.gov.au/__data/assets/pdf_file/0009/25965/Termination_of_a_strata_scheme_by_RG.pdf">termination legislation</a> in New South Wales gives other owners the right to vote to terminate a strata title scheme. When this occurs, all owners, including reluctant owners of apartments within that scheme, are compelled to sell. There are valid reasons why termination legislation is desirable, as many older apartment complexes are reaching the end of their useful life. Even so, as termination legislation is rolled out across the states, owner- occupiers effectively lose control of how long they will own a property for. They no longer have security of tenure, which means retirees may face an uncertain housing future in their old age. <h2>Downsizing raises poverty risks</h2> Because current data sets do not adequately take account of ongoing costs associated with apartment living, the effect of downsizing on individual households is masked. Downsizing retirees into the apartment sector creates ongoing financial stress for older people. Creating <a href="https://theconversation.com/it-will-take-more-than-piecemeal-reforms-to-convince-older-australians-to-downsize-51043">tax incentives to move</a> does not tackle these ongoing costs. Centrelink payments for of <a href="https://www.humanservices.gov.au/customer/services/centrelink/age-pension">$404 per week</a> are well below <a href="http://acoss.wpengine.com/poverty-2/">the poverty line</a>. Yet we expect retirees to willingly downsize and to be able to cede most of their Centrelink payments to cover high body corporate costs. Requiring retirees to downsize for the greater urban good will shift poverty onto retirees who could barely manage in their previously owned standard suburban home. Failing to understand the effect of high ongoing costs associated with apartment living and reinforcing the myth of zero housing costs in retirement will continue to lead to poor policy outcomes.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/80895/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/erika-altmann-361218">Erika Altmann</a>, Property and Housing Management Researcher, <a href="https://theconversation.com/institutions/university-of-tasmania-888">University of Tasmania</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/downsizing-cost-trap-awaits-retirees-five-reasons-to-be-wary-80895">original article</a>.

Retirement Income

How to downsize without leaving the suburb you love

If you find yourself rattling around in a home that now has too many rooms to clean, and you’d prefer to spend more time doing things you love rather than household chores, it might be time to downsize. Not only can downsizing your property simplify your lifestyle, it has the potential to free up some funds as well. If you manage your ‘empty nester’ status well, it can become a profitable nest egg! But downsizing to a smaller home can be a daunting process. You may not be ready for the close proximity of a retirement village, nor are you keen to leave the neighbourhood you love. You have great neighbours, you’re close to family, and you have all the amenities you want nearby, but your house just doesn’t suit your lifestyle anymore. So, what are your options? There are in fact a couple of great alternatives to packing up and leaving everything you’ve known behind: building a dual occupancy home or a knockdown rebuild on your existing block of land. What is a dual occupancy development? A dual occupancy home design, also known as a ‘duplex’ or ‘multi-dwelling’, can come in a variety of layouts: either two attached dwellings side by side, where both properties have street frontage, or one behind the other, where there’s a driveway down one side of the property. A dual occupancy home is a great consideration for those who: <ul> <li>Want to remain in the same area but don’t need as big a house.</li> <li>Want a low maintenance lifestyle.</li> <li>Have a large block in an area where land prices are increasing.</li> <li>Want to realise some of the equity in the land.</li> <li>Want to create an ongoing income stream through an investment property.</li> </ul> Unlocking wealth with a dual occupancy home design The Australian property boom has made many people many millions. But the fact is that the wealth lies in the land not in the dwellings themselves. Many people who have owned a slice of the Aussie Dream for more than 10-15 years are sitting on potential gold, however all their equity is tied up in the land beneath their house. For empty nesters that are ready to downsize, this offers enormous opportunity. It’s no surprise that dual occupancy house designs are increasing in popularity. There are a number of ways you can capitalise on this opportunity: <ul> <li>Live in one house and sell the other.</li> <li>Live in one house, then rent the other one. This provides a potential income stream and is particularly great if your property is in an area where rental supply is low.</li> <li>Sell both houses and live somewhere else. This option works well in areas where housing stock is low and demand is high – and when you’re prepared to find somewhere else to live!</li> </ul> There are some design limitations when it comes to building a dual occupancy home due to the somewhat restricted footprint, and a number of things to consider such as the size of your block, street frontage, driveways and council approvals. Thankfully however, experienced homebuilders such as Metricon have the expertise and know-how to provide you the guidance you need to make the most of your asset. Knockdown rebuild – build a brand-new home, wherever suits your lifestyle “Don’t move your life, improve your life!” is a fitting motto for those looking to take advantage of their great location by building a more suitable home for their life stage. If you really love where you live but your home just isn’t right for you any more, then there are two likely options: a renovation or a knockdown rebuild. A knockdown rebuild is especially a great option when you are looking to downsize – such as replacing your double storey home with a more suitable single storey option. Perhaps you are weighing up the option of moving but also hoping to build new. Let’s explore your options. To renovate or rebuild? Before jumping on the renovation bandwagon, assuming it is an easier option, there are a few factors to consider that may ultimately influence your decision. These can include: the extent of your renovation, the comparable costs between renovating and rebuilding, and the expected increase in value of your property. Other factors such as the condition of your home (some old homes can’t cope with structural changes), and ongoing expense (a new home is typically cheaper to maintain than an older home), may preclude you from renovating. Renovating can often result in unforeseen cost blowouts and uncover previously hidden or undiscovered faults. There’s also the hassle of shifting furniture, isolating rooms, living in only part of your home or moving out completely during the renovation. A knockdown rebuild however, may be easier and deliver a more satisfying result than you think: a brand-new home where everything is clean and reliable, in a floorplan that matches your desired lifestyle perfectly. Re-locating and building new If you’re looking for a complete lifestyle change when downsizing, perhaps weighing up the options of a sea or tree change, you can have the best of both worlds and build your dream home to perfectly suit your new location. Images: Getty

Downsizing

8 tips that will help you downsize in retirement

Downsizing can help make life more manageable in retirement, but it can also be quite the chore, requiring a lot of research, planning and preparation. We’ve taken a look at eight simple things you can do to help navigate this complicated process and downsize in retirement without the stress. 1. Take inventory How can you know what you need to get rid of if you don’t even truly know what you own? Be as specific as you need to when taking inventory. You’ll probably be surprised to find out how long your list of possessions has become, which in and off itself might make it easier to jettison some things. 2. Designate a starting point The hardest part is getting started, and when you do so it’s important to not have a scattershot approach. Make a list with a designated starting point and focus your attention on one area. A focussed, dedicated approach is crucial in terms of getting started and building up momentum. 3. Trash, sell and give away Don’t be afraid to say goodbye to stuff you don’t need. This could be quite profitable if there’s anything you own that you can sell, and if you can’t bear to throw that old sundress in the trash consider giving it to one of your girlfriends or even your granddaughter as a gift. 4. Perform 6 month test A great way to separate items that you may use from items that you definitely don’t need is applying the “6 month test” which is asking yourself whether you’ve used it in the last six months. If you haven’t, then odds are this is the sort of item that can be jettisoned without too much heartache. 5. Hanger trick The hanger trick is a good way to get rid of clothing you don’t need. Hang every item in your closet backwards and wait a period of time (3, 6 or 12 months) then when you come back and check, throw out any items that haven’t been turned back because that means you haven’t used them. 6. Set timer The entire downsizing process can be overwhelming, so instead of trying to tackle it in one big chunk break it down into manageable portions of 45 minutes. There’s no rush and as long as you keep at it over a period of time we think you will eventually find that you have made some real headway. 7. Scan paper then shred it If you’ve got any paper items that you don’t necessarily need but would like to hang onto don’t be afraid to commit them to the paper shredder. The first thing you should do though is scan them. This way they’re preserved forever and you can always print them out if you need them again. 8. Decluttering party Downsizing can be a pretty lonely task as well, so why not call a few friends to make the process more enjoyable! Having friends help you through your old possessions is always nice and can help you say goodbye to some of the more sentimental items you’re getting rid of. Images: Getty

Home Hints & Tips

6 questions you must ask yourself before downsizing

For many people, retirement is the time to downsize from the family home to a smaller dwelling. It’s a big decision so before you take the plunge, first ask yourself these six questions to ensure you make an informed choice. 1. How much will I save moving to a smaller home? A big reason to downsize is to save money, but you might not always save as much as you think when you really drilldown into the costs. Carefully compare the costs of your potential new dwelling with how much you’re spending now. Consider everything including the price of the house, maintenance, utilities, transport, entertainment and food. 2. Will the new neighbourhood fit my lifestyle needs? When people retire their needs change; they no longer need to live in an area close to work or near good schools, for example. With this new change, you will have to work out what your new needs might be, and take that into consideration when looking for a place. Downsizing isn’t just about the house but the type of neighbourhood you want to live in. 3. How much longer will I be able to maintain my current home? As you age, you might find that you’re not able to maintain a big house with a big garden as well as you once did. If those little maintenance projects are taking much longer than usual, it could be time to downsize. A house takes very little time to fall into disrepair, which means the property loses vales. It’s a smart idea to sell a house when you are able to make it looks its best. 4. What will I bring with me and what will I lose? The reality of a smaller place is that there will be less space to put your things. For many people, the hardest part of downsizing is decluttering, so do the mental preparation of deciding what you’re going to bin (or give to charities) before you actually move – otherwise you might end up bringing too much with you. You will have to make some tough, sometimes emotional, decisions but don’t let your “things” hold you back from moving forward. 5. How is your health and your partner’s health? It’s always best to move when you’re fit and able rather than being forced to by circumstances later down the track. And even though you’re healthy now, you need to consider your future health needs when deciding on a new home. Will you always be able to navigate the stairs or mow the lawn? Is the place close to medical care? Is the neighbourhood senior-friendly? These are just a few questions to think through. 6. How close will family and friends be? As people age, it’s common for social circles to shrink so in retirement, it’s more important than ever to keep socially active. Therefore, it’s crucial to factor in social connections and activities into your move. How close will family and friends be from your new place? Does your new neighbourhood have activities for retirees? Are there opportunities to make new friends and discover new activities? While retirement planning mostly focuses on finances, your emotional and social needs are just as important and should be carefully considered. Image credits: Getty Images

Home Hints & Tips

5 key things you need to consider before downsizing

Retirement is a time of change, and it can be a change of address too. Many pre-retirees consider making a sea change or a tree change and make the decision to move into a property that better meets their changing lifestyle needs. Often the move is out of a larger family home into a smaller house, an apartment, or a retirement village. Of course it doesn’t need to be a change of suburb, it might be something smaller in the same area. Like all decisions, your own goals about moving homes should be front and centre. There is a financial planning opportunity associated with a decision like this and it’s one that many Australians are making. It’s called the downsizing contribution strategy and it allows you to use superannuation to help you fund your retirement lifestyle using proceeds from the property sale. The good news is that you don’t have to use all of the proceeds from the sale of the family home into a superannuation downsizer contribution. You get to choose how much you’d like to contribute, up to $300,000 for singles and $300,000 each for couples. There are 5 key things you should consider before you make a decision to use the downsizing contribution strategy. 1. What type of property and which suburb will you downsize to? Many people approaching retirement don’t want to be rattling around in a larger family home. So if you do look for something smaller, what type of property and which suburb will you move to? Some key considerations may include: · Proximity to family and friends · The distance to essential services you use, shopping and medical services · Availability of public transport · Accessibility of lifestyle activities such as golf, tennis courts, swimming · The type of property itself, perhaps single level with no stairs Many city dwellers who choose the sea or tree change often take what they have for granted so if you’re moving to a region, make sure you do your homework to ensure you will have everything you need. 2. Check your eligibility to ensure this strategy is open to you In addition to finding your next home, you should also make sure you understand and follow the rules the government has set out about using the downsizer contribution strategy. There are always rules! Check the eligibility requirements to make sure it’s available to you, including completing the right paperwork at the right time. Originally this was only open to those aged 60 or over from 1 July 2022, however the government has now lowered the accessibility age to those aged 55 and over from 1 January 2023. Other conditions apply too so ensure you meet them to ensure you’re eligible for this financial planning strategy. 3. Make the most of your contribution options. The downsizer contribution allows an individual to make a $300,000 contribution to your super. And if you’re a couple, you each can make a $300,000 contribution. With the focus on getting money into your super to fund your retirement life, remember that you may also make a non-concessional contribution of up to $330,000 (total super balance permitting). This way you can maximise the base from which a tax free income stream may be commenced or equalise the value of accounts if one member is over the transfer balance cap. Remember that you can also make a downsizer contribution if you have reached your transfer balance cap of $1.7 million. 4. Ensure the strategy is considered with Centrelink. For many Australians, Centrelink provides an important source of income for their retirement and it makes sense to consider this strategy in the context of your eligibility for that income. The money you receive from the sale of your family home will be considered when determining your entitlements. Your new home however, the one you downsize to, becomes exempt once you have purchased it. This is because it becomes your primary residence. 5. Don’t forget about the other ways you can contribute to super. The downsizing contribution strategy is just one way you can contribute to super. There are other ways you can contribute too. An example is making a personal deductible contribution to super. Through this type of contribution, you make your contribution, and you claim a tax deduction when you get your tax return completed. Downsizer super contributions don’t allow you to claim a tax deduction. Make sure you consider all of your options when making super contributions and assess the pros and cons of each. There is a lot to consider when making the decision to downsize your family home and it’s not just about where you want to live next. The downsizer contribution strategy is a great way to get extra money from the sale of your family home to fund your retirement lifestyle. Make sure you understand your financial planning options though, before making a decision, to be more confident that you will achieve the outcomes that you’re seeking. No one likes surprises around unexpected outcomes, so do your homework and seek advice from a licensed financial planner if you need help. Luke Smith is a licensed Australian financial planner and author of the new book, Smart Money Strategy – Your Ultimate Guide to Financial Planning (Wiley, $34.95), published by Wiley. Luke is also the host of the popular podcast ‘The Strategy Stacker – Luke Talks Money’ and appears every Friday afternoon on Canberra’s 2CC. Found out more at <a href="http://www.thestrategystacker.com.au">www.thestrategystacker.com.au</a> Image credit: Getty

Downsizing

New law to prompt pensioners into downsizing

Australian pensioners are being encouraged to downsize their homes under a potential new law. Labor is set to introduce a Bill to parliament that would give age pension recipients more time before the proceeds from the sale of their homes affect their pension payments. The Albanese government’s legislation would give pensioners an additional 12-month asset test exemption on their home sale proceeds. Labor says the exemption is designed to give people more time to purchase, build, rebuild, repair or renovate a new principal home before their pension is affected. They also said the new law is to help free up larger homes for young families struggling to get on the property ladder. More than 8000 pensioners downsized last year and Labor hopes this number will increase if its changes are legislated. “We don’t want people putting off downsizing to a more suitable home because they are concerned about the impact it could have on their payment rate and overall income,” Social Services Minister Amanda Rishworth said. “These changes will give pensioners more flexibility to find a suitable new home and it will hopefully free up larger housing stock for younger families who need it.” Image credits: Getty Images

Real Estate

What to consider when downsizing

It’s the great Australian dream: to own a house in the suburbs with a big backyard for the kids. But, with the kids gone and you reaching retirement (if you’re not already retired), is it time to downsize? Moving out of the family home to cheaper and smaller accommodation isn’t an easy decision, but in many cases one that has to be made, due to either costs in the upkeep of the home or for health reasons. A study by the Australian Housing and Urban Research Institute found that 43 per cent of survey respondents who had relocated had downsized, with around half downsizing or moving only once since turning 50. It also revealed that out of its respondents, 91 per cent of downsizers reported being either mostly satisfied or very satisfied. Now, that’s good news. While the motivation for downsizing is different for everyone, the most common reasons for relocating was a change in lifestyle, being closer to family and financial gain. By moving into smaller and more affordable housing, insurance premiums may be reduced and for those who haven’t finished paying off their mortgage, it could mean a lower mortgage repayment or paying it off outright. If downsizing is starting to sound appealing, here’s what you need to know. What’s best for you? Talk to your partner and your family to gauge your motivations for wanting to move. Is it financial? Would you like to be closer to your grandchildren? Or, would you like to live by the coast? Whatever your reasons, be mindful of why you want to downsize. That way, if you experience challenges along the way, you’ll always have that picture in the back of your mind of why you’re making the move. Make the tough calls The family home carries within its walls a lifetime of memories so it can be difficult to say goodbye to it. In many cases, you’ll need to sell or give away some of your belongings because a smaller home means limited space. However, take this opportunity to look at what you have and what you really need. This can be a great way to finally say goodbye to those old lawnmowers in the garage that no longer work. Ask for help from your family, friends and neighbours since this should be a time of celebrating the old and embracing the new. Do your homework The internet has made it much easier to find housing anywhere in Australia. While many suburbs are dominated by large family homes, there are growing pockets in all capital cities and large regional areas, particularly those towns popular with retirees, which have medium-density housing suitable for older couples. Write down what you’re looking for in terms of location, property and price to narrow down your search and then keep on top of available listings, either online or with a real estate agent in the area you want to move into. Will downsizing affect my pension? Selling the family home is one way to free up cash for retirement, which can then be reinvested into shares, term deposits or superannuation. However, if you’re receiving any kind of government pension, then this is going to be affected. While the family home is exempt from the assets test, if you sell your home and come up ahead with a profit of say $300,000, the money will need to be included in the assets test. As the age pension depends on what your assets are worth in this test, it’s best to speak to a Department of Human Services Financial Information Service officer. Whatever your reason for downsizing, make sure you’re fully aware of what you want, what’s best for you and how moving may impact your current circumstances. If in doubt, speak to family and friends or seek professional advice from a financial planner. Image credits: Getty Images

Money & Banking

How to downsize without leaving your suburb

Image: Readers Digest The kids are long gone, you’re tired of never ending cleaning and expensive utility bills, and your large property is now more of a hindrance to your lifestyle. Whether you want to simplify your life or start a new stress-free phase, downsizing your space offers many benefits. The only problem is, when most of us think of downsizing, we think of leaving behind the family home and moving into a smaller place, which can often mean saying goodbye to friends and family. If that thought makes you anxious, don’t worry. Downsizing doesn’t mean you have to sell up and move out. If you want to stay put, in a home that better meets your lifestyle needs, here are two things to consider: Save stress with a knockdown rebuild If you love where you live, but you don’t want to have such a big space anymore, a knockdown rebuild is a great way to build a new home, without having to leave your comfort zone. With a knockdown rebuild you have a blank canvas to work with, so you can design a home that you love from scratch, choosing the size and style to suit your later years. One of the biggest benefits of a knockdown rebuild is that it may be a lot more cost effective than renovating. It can even be less time consuming, and less stressful! If you live on a large block that has the potential to subdivide, you can even knock down your current home, build a smaller one on part of the land, and sell off the other part. This might help you to recoup some of the costs of the rebuild as well. Split your home with dual occupancy If you’re living in an outdated home with plenty of yard space, a dual occupancy home could be the solution. Why not knock your home down and build two homes, live in one and rent out the other? By doing this, you’ll have less space to worry about, and you’ll also be receiving income for the other half of your property. This might also free up some of the equity you have in your current home, and there are a number of tax bonuses as well. If renting the other home isn’t your goal, you might choose to keep family members close, using the second dwelling for them. Many Dual occupancy homes also have the added benefit that if you do choose to sell at any point, you can sell them separately, which could double your sales income! Do your research and find out what’s possible on your block and keep an open mind. Talk to a professional builder and do what’s right for you, and your future. This is a sponsored article produced in partnership with Metricon. This article first appeared in <a href="https://www.readersdigest.com.au/home-tips/how-to-downsize-without-leaving-your-suburb">Reader’s Digest.</a> For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&utm_medium=articles&utm_campaign=RDSUB&keycode=WRA87V">here’s our best subscription offer.</a>

Downsizing

Tips to make the most of downsizing

If you’re struggling to justify “the empty nest” now that the kids have (finally) moved out, you may have considered downsizing. At least 1.6 million Australians feel the same way – up 30% from last year, <a rel="noopener" href="https://switzer.com.au/the-experts/peter-switzer/honey-ive-shrunk-the-family-home/" target="_blank">new research shows.</a> Downsizing is looking for a smaller, more manageable place. With a smaller square metre count comes other decisions – do you want to make a seachange? Treechange? Or swap the suburbs for something swankier in the inner city? Though selling your old three-bedroom in the suburban fringes may fetch a great price, will it be enough for something more upmarket? Can you get finance as a pensioner or self-funded retiree? Some of us want to downsize into something more accessible. As our mobility decreases, as much as we hate to admit it, climbing stairs just to get to bed becomes more and more of a pain. No matter what you’re looking for, here are some tips to make the most of your downsizing – so you can have as a hassle-free experience as you can. What’s your plan? Like all things in life, we all have to make plans. Where do you want to live? How many bedrooms is best? Do you want to be closer to the family or somewhere with great amenities such as doctors, shopping, gyms, and cafes? Do you want to join a retirement community for companionship and some form of managed service? This all has to factor into what you intend your life to look like as a retiree. Prepare for downsizing with decluttering Your home has accumulated a lot of memories over the years – <a rel="noopener" href="https://www.templeandwebster.com.au/style-and-advice/Peter-Walshs-5-best-decluttering-tips-E10085" target="_blank">and a lot of junk</a>. But, as the saying goes, one man’s trash is another man’s treasure. If something sitting in the back cupboard has more than a fine coating of dust on it, it’s probably best to give it away or sell it. You should also have an impartial friend help with getting rid of your junk – so you can keep on task and be free of sentiment. You could even make a bit of money by selling some things on Gumtree or eBay – or hold a garage or yard sale. Downsizing may mean upgrading – your finance options If you’re looking at units, homes, and communities and balking at the prices of some of the properties on offer, you aren’t alone. It’s common to see that the sale of your home may not cover the purchase price of the smaller home in a more desirable location. Savvy Managing Director Bill Tsouvalas says retirees that intend to buy a home with high equity and a shorter loan term should <a rel="noopener" href="https://www.savvy.com.au/home-loans/compare-home-loans/" target="_blank">compare their available options</a> and may be able to gain access to the funds they require. “As long as a retiree passes the eligibility criteria, has some kind of income, and is prepared to decrease the loan term, they can get approval for a home loan for a downsized property. You may need to commit to an exit strategy such as lump sum repayments or ongoing income from superannuation to ensure the loan repayments are fulfilled.” Looking at government incentives The Federal Government offers seniors incentives to assist with downsizing. The major incentive revolves around superannuation contributions. People aged 65 or over can make an after-tax contribution of up to $300,000 into their super from the proceeds of selling their home. The voluntary contribution and $1.6 million balance rules are waived. However, the house must have been your principal residence for at least 10 years. Other states and territories also offer <a rel="noopener" href="https://nationalseniors.com.au/news/latest/stamp-duty-concessions-across-australia" target="_blank">stamp duty waivers for seniors</a> looking to downsize. Always get impartial advice Whether it comes to decluttering, finding a smaller place, or getting finance for your dream retirement home, you should always get impartial advice from accountants, lawyers, and home loan brokers. It can save you a lot of time and heartache. This is a sponsored article produced in partnership with <a rel="noopener" href="https://www.savvy.com.au/home-loans/compare-home-loans/" target="_blank">Savvy</a>.

Downsizing

Five reasons to downsize to one of the hidden gems of retirement living

When it comes to moving house, not only do we have to consider where we will be moving to, but also how big or small our next home should be – especially when we’re looking to settle down more permanently. Our lifestyle and needs also change as we grow older, so finding a home that fits a variety of needs can be overwhelming. Whether you want a smaller garden that can be easily tended to or you are looking for more support to look after your health, choosing to <a rel="noopener" href="https://www.oversixty.com.au/lifestyle/retirement-life/3-crucial-things-to-consider-before-downsizing-or-in-other-words-rightsizing" target="_blank">rightsize</a> your next home can help you set up the life of your dreams. Retirement living is built with those nearing retirement in mind, offering the lifestyle and practical benefits many of us are looking for as we head into retirement. As for where to settle down, why not consider Penrith, just 50km west of the Sydney CBD? As one of the hidden gems of retirement planning, Penrith is home to plenty of rightsizing opportunities – such as <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank">Kingfisher Grove Retirement Living by Lendlease</a> – that offer outstanding retirement living options and a multitude of other benefits. Kingfisher Grove provides the best of both worlds: Bordered by Wianamatta Regional Park, residents can experience the bush right outside their home, while having the convenience of Woolworths shopping centre, medical centres, gyms and cafés just across the road. All homes are architecturally designed to take advantage of natural light and give a sense of space, with open-plan layouts, air-conditioning and quality appliances. But above all, residents are surrounded with a great community of like-minded neighbours with exclusive access to the resort-style Community Centre. The Community Centre will feature an indoor pool, cinema, gym, bar, library, craft room and dining area. Still unsure? Here are five more reasons why you should set your sights on Penrith. 1. A strong sense of community Staying connected to your friends, family, and local community is part of what makes retirement so enjoyable. Since we are social animals, having a strong sense of community and avenues to connect with others not only helps you feel good, but also helps with mental and physical health. That’s why retirement villages like Kingfisher Grove establish such a strong sense of community in their areas. Whether you would prefer to live in a villa or an apartment, you will get to interact with your neighbours in your day-to-day comings and goings, as well as when you visit the exclusive clubhouse and other facilities. <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank"><img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840919/pool-shot_hires.jpg" alt="" data-udi="umb://media/42b42f1988284a3fa963336ba0cd8257" /></a> Outside of the retirement community, there are still plenty of ways to connect with your community. Joining community groups such as the local <a rel="noopener" href="https://directory.wayahead.org.au/service/6976/" target="_blank">Men’s Shed</a>, <a rel="noopener" href="https://ownnsw.org.au/get-involved/join-group/penrith/" target="_blank">Older Women’s Network</a>, historical societies, and <a rel="noopener" href="https://www.probussouthpacific.org/microsites/penrithcity" target="_blank">Probus club</a> gives you the opportunity to meet new people, share skills and have a laugh over a cuppa. Or you can head down to <a rel="noopener" href="https://penrith.panthers.com.au/" target="_blank">Panthers Penrith</a> and join in on the club’s regular bingo, trivia nights, and raffles. 2. Everything you need at your doorstep Just 7km away from Penrith CBD, you will find Jordan Springs. As one of Penrith’s newest suburbs, this suburb is situated right between Penrith and St Marys. With hospitals nearby – including the newly redeveloped Nepean Hospital – you can find all of the resources and care you’ll need. <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank"><img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840917/kingfisher-04.jpg" alt="" data-udi="umb://media/9aec3b30b46444eaa7f8acd217fa77bd" /></a> What about when family comes to visit, or if you need to travel to Sydney? Whether you prefer to drive or travel by public transport, it’s easy to get around. Jordan Springs is close to both St Marys and Penrith train stations for those who choose the 45-minute trip into the city, and it’s just a 15-minute drive from the entrance to the M4. At Kingfisher Grove there is a bus stop just outside the village and Woolworths shopping centre with a breadth of shops, medical centres, pharmacies and cafés just across the road! 3. Low-maintenance living As we start thinking about settling down for retirement, finding the right-sized home to suit our needs becomes even more crucial. Retirement communities often offer a variety of different housing options to suit everyone’s needs. For example, Kingfisher Grove offers a combination of single storey, level access villas featuring two or three bedrooms, with single or double garages. The village will also offer one, two or three bedroom apartment layouts across three low-rise buildings, all of which have exquisite views over Wianamatta Regional Park. <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank"><img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840916/kingfisher-02.jpg" alt="" data-udi="umb://media/465cafe79fc54065afce2ed37a6efe3d" /></a> For those who need extra care, Kingfisher Grove has partnered with Catholic Healthcare to build an aged care facility right next door. Once completed, this facility will offer the right level of care for those who need it. 4. Surround yourself with picturesque landscapes Getting away from the hustle and bustle of the city can become more and more appealing as we get older. Luckily, Penrith offers the perfect mix of urban living and proximity to nature. <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank"><img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7840915/kingfisher-03.jpg" alt="" data-udi="umb://media/fd3ff0e9e4c74a14aa1504c6eb3e7c32" /></a> <div id="primary" class="contentAreaLeft"> <div class="Maincontent"> Situated in Jordan Springs, Kingfisher Grove offers 17 hectares of gorgeous parks and open space, including a huge lake at the heart of the community, for you to wander through and reconnect with nature. 5. Plenty to do There are plenty of things to do in and around Penrith. From shopping to staying active mentally and physically, you’ll be spoilt for choice. If you’re the outdoorsy type or take pleasure in walking while enjoying the scenery, Penrith is home to <a rel="noopener" href="https://www.penrithcity.nsw.gov.au/facilities-recreation/outdoor-recreation/great-river-walk" target="_blank">The Great River Walk</a>. Following the Hawkesbury-Nepean River, the Great River Walk is a great spot for picnicking, bird watching and learning about the history of the local area. Along the way, you can also catch free contemporary art at the Penrith Regional Gallery and take a break at its café. Or, if you are looking to learn some new skills or follow academic interests, <a rel="noopener" href="https://www.u3apenrith.org.au/" target="_blank">The University of the Third Age (U3A) Nepean-Blue Mountains</a> offers courses specifically for seniors. These courses are available in a range of subject areas, from arts and crafts, language and acting to philosophy, hospitality and computing. Penrith council also runs two senior centres that host social events and are home to bridge, dance, and computing clubs. So what are you waiting for? To beat the rush to this hidden gem of retirement living on Sydney’s doorstep, visit <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank">Kingfisher Grove</a> Retirement Village for more information, or book a <a rel="noopener" href="https://www.retirementbylendlease.com.au/tea-and-tour/nsw/" target="_blank">Tea and Tour</a> for an up-close inspection. Kingfisher Grove is now taking expressions of interest for brand new apartments in their Stage 2 Release, with prices ranging between $430K – $735K. Don’t miss out this incredible opportunity! This is a sponsored article produced in partnership with <a rel="noopener" href="https://www.retirementbylendlease.com.au/kingfisher-grove/" target="_blank">Kingfisher Grove</a> Retirement Living by Lendlease. </div> </div>

Retirement Life

3 crucial things to consider before downsizing or in other words, rightsizing

Have you ever wondered whether it was time to rightsize your home, but have been overwhelmed because you have no idea where to start? As we grow older, there’s a tendency for our family homes to become unsuited to our lifestyle and needs. That can manifest itself in myriad tiny ways – whether it’s suddenly too difficult to try and maintain a garden, or perhaps our health and vitality isn’t quite what it used to be, and living in a more supportive environment starts to sound like a dream. Selling up and moving out of your beloved family home may seem daunting, which is why it’s so important to carefully weigh up your options before making a decision that’s ultimately going to benefit you. Retirement living is purpose-built for those nearing retirement and offers many lifestyle and practical benefits. Residents are able to enjoy a strong sense of community, feel safe, secure and value their independence can dedicate their time to those activities they enjoy doing most. <img style="width: 409.51113601344724px; height: 500px;" src="https://oversixtydev.blob.core.windows.net/media/7840591/nelsons-effect-hero_man-image.jpg" alt="" data-udi="umb://media/d88a34170bf24aae8ca768ba12f600f3" /> And while it may seem like a distant reality – or one that also doesn’t seem affordable – there are so many properties out there to choose from – such as <a href="https://www.retirementbylendlease.com.au/nelsons-grove/">Nelsons Grove</a> Pemulwuy – that have just what you are looking for. Your house is worth more than you think, which means downsizing or rightsizing isn’t as difficult as it sounds. As of March 2021, the average price for four-bedroom homes in Merrylands, Greystanes and Guildford NSW as listed on <a href="http://realestate.com.au">realestate.com.au</a> ranged between $830,000-$890,000. “Based on the above pricing, it’s one of the best times in many years to sell your home and make the move to Nelsons Grove,” says Braden Graham, sales manager of Nelsons Grove. But before you take the plunge, it’s important to do your research, and we've put together a three-point checklist to help you make the right decision. 1. Does a retirement village suit your lifestyle? Before making a move, it's wise to make a checklist of the things that are important to your lifestyle. If you're an outdoors person, do you prefer living near the coast? Is it important that you're close to the city? Once you've outlined exactly what you need, it's easier to make a decision. Nelsons Grove Pemulwuy is located only a few blocks away from both Cumberland and Fox Hills golf courses and is situated right behind Pemulwuy Marketplace, making the weekly grocery run a lot easier. It’s also very close to gorgeous parklands and nature reserves, making it perfect for those who like to spend their time breathing in the fresh air. 2. Book a tour of the properties you're interested in It's crucial to make sure any retirement village you have your eye on is going to be a good fit for you, so be sure to check out the amenities on offer. A tour can also help you decide on how many bedrooms you prefer, and whether you should opt for a villa or an apartment. Visiting the village is also a great way to check out the community and have a peek at facilities such as the pool, gym, cafes, and anything else you will spend your precious leisure time on. And don't forget to look at the activities calendar. Social events are a great way to get to know your neighbours and form new and lasting friendships. And if you don't want to leave the comfort of your own home to take a first look, Nelsons Grove Pemulwuy offers virtual tours, where you can chat with a friendly sales team and take a look at what's on offer right from your living room. 3. How much will it cost and what is available in your price range? The cost of living in a retirement village will vary depending on your individual needs and preferences, but it can be surprisingly affordable. You should be able to choose a space that is right for you and your budget with a variety of options from cosy apartments to roomy villas. The cost will also depend on what kind of services and support you will need, so keep that in mind when budgeting. Perhaps you will require a cleaning service, or someone to prepare hot, healthy meals. All of this will contribute to the eventual bottom line. So if you feel like it’s time to embrace the retirement life you crave, and if you're ready to take the plunge, take a <a href="https://www.retirementbylendlease.com.au/nelsons-grove/tour-community-centre/"></a> with Nelsons Grove Pemulwuy or book a personalised appointment and come see it first-hand for yourself. You won’t be disappointed. This is a sponsored article produced in partnership with Lendlease Retirement Living, <a href="https://www.retirementbylendlease.com.au/nelsons-grove/">Nelsons Grove Pemulwuy</a>.

Retirement Life

How to save up to $150,000 when downsizing into a new home in great lifestyle locations across Australia

Imagine being able to downsize into a new home for well under the full purchase price, allowing you to put away up to $150,000 into your retirement savings? This, in a nutshell, is how buyers are using the unique shared equity home purchase solution being offered by national over 50s lifestyle community operator Hampshire. The Hampshire Property Group is a family owned Australian company with 20 years’ experience in the retirement living industry. Its 17 communities are located in desirable coastal, regional and outer metropolitan areas across New South Wales, Victoria, South Australia and Western Australia. <a rel="noopener" href="https://www.hampshirevillages.com.au/retirement-villages/" target="_blank" data-auth="NotApplicable">FIND OUT MORE ABOUT HAMPSHIRE'S 17 COMMUNITIES HERE</a> <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839761/sponarticle10-1.jpg" alt="" data-udi="umb://media/e02341c320e146c081d6b22b24470b91" /> Residents enjoy great facilities at Hampshire's communities, including this pool at Banksia Grove at Williamtown in NSW Hampshire has been offering its shared equity solution for the past 12 years. It allows incoming residents to purchase a new home for as little as 65 per cent of the set purchase price. OverSixty.com.au has spoken to a number of Hampshire community residents, and the company itself, to better understand the shared equity offer. Residents who’ve used shared equity In June 2020, Jim and Lorraine Mountford purchased a new two bedroom home at Hampshire’s <a rel="noopener" href="https://www.hampshirevillages.com.au/rest-point-lifestyle-village-nowra/" target="_blank">Rest Point community at Nowra on the NSW South Coast</a>. However, instead of paying the full $360,000 purchase price, the Mountfords were able to take advantage of Hampshire’s shared equity offer and instead pay $252,000. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839760/sponarticle10-2.jpg" alt="" data-udi="umb://media/7c906b4b44f24185bce47c866c6a150a" /> <div style="text-align: center;">Lorraine and Jim Mountford (right) and Maria Zdjelar (left) at Rest Point village</div> This means the Mountfords own 70 per cent of the dwelling, with Hampshire retaining ownership of the remaining 30 per cent. Despite this proportional ownership, the Mountfords are able to enjoy all of Rest Point’s facilities and activities, including its swimming pool and community centre, just like residents who’ve paid full price. Mr Mountford told OverSixty.com.au that his wife and himself had moved from Dapto, in Wollongong’s southern suburbs. “We had a lovely four bedroom house, but it was too big for us and still had a mortgage on it,” Mr Mountford said. “We chose to retire to Rest Point, as it’s still close enough for the rest of our family to easily visit, but it’s also near hospitals and shopping and only 15 minutes from South Coast beaches. “We were very happy with the house we ended up buying at Rest Point. “However, if we’d paid the full purchase price, we would have also had to sell our last investment property, which provides an important rental return for us. “So by using the shared equity offer, we were able to move into the community and home we wanted, but still hold on to our investment property.” Meanwhile, fellow Rest Point resident Maria Zdjelar has used the shared equity home purchase solution on several occasions to help her with everyday living expenses. Ms Zdjelar first moved into Rest Point a decade ago. Since then, she’s moved home three times, each time making a shared equity purchase. By moving into smaller homes and by using the shared equity solution, Ms Zdjelar has been able to unlock retirement funds and also continue to live in the community, which she positively likens to being on a “permanent holiday”. Shared equity an affordable housing solution Hampshire Property Group CEO Frank Sharkey said the shared equity solution was an important tool which helped people to achieve their retirement dreams. “We often find potential buyers have been holidaying for many years in the areas where our communities are located, and they like the area and want to retire there,” Mr Sharkey said. “However, they’ve been unable to afford the full purchase price to move into a new home in one of our communities. This is particularly the case for people who’ve lived for many years in regional areas, where home prices are lower than in capital cities. “Shared equity provides a real affordable housing solution to these buyers. “In addition, we also find buyers who want to use shared equity to free up their retirement savings, so they can do things on their bucket list such as buy caravans and go on holidays, or to help children and grandchildren.” <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839759/sponarticle10-3.jpg" alt="" data-udi="umb://media/771b646091f349d99efb198ce8d620d2" /> <div style="text-align: center;">A new home with caravan parking at Hampshire's Casino Lifestyle Village in northern NSW</div> Mr Sharkey said new homes in Hampshire’s communities were generally worth between $280-380,000, although could reach up to $500,000. This means using shared equity can deliver a saving of up to $150,000. Importantly, Mr Sharkey said Hampshire didn’t offer “two-tiered pricing” - in other words the full price of dwellings was static and wasn’t influenced by whether it was purchased in full or via the shared equity pathway. Details about the scheme There are some terms and conditions which apply to shared equity offers. For instance, an opportunity fee applies to shared equity purchases. This fee is linked to the value of the home and the length of the stay, and is charged to compensate Hampshire for not receiving the full purchase price. In addition, the shared equity offer is primarily available for newly-built homes and owners are required to maintain, repair and insure the whole of the home. <a rel="noopener" href="https://www.hampshirevillages.com.au/affordable-retirement-homes/" target="_blank">Please enquire with Hampshire at this web page to learn about other conditions</a>. Mr Sharkey says that, after weighing up all the options, around one in five buyers take up the shared equity solution. Importantly, these buyers reap many of the other financial benefits of land lease living, including owning a dwelling but at the same time being able to avoid stamp duty and council rates and being able to claim government rent assistance (subject to eligibility). Hampshire is the only national land lease community operator currently offering a shared equity solution. <a rel="noopener noreferrer" href="https://www.hampshirevillages.com.au/affordable-retirement-homes/" target="_blank" data-auth="NotApplicable">CLICK HERE TO LEARN MORE ABOUT HAMPSHIRE'S COMMUNITIES AND ITS UNIQUE SHARED EQUITY SOLUTION</a> <div style="text-align: left;">Written by Mark Skelsey. </div> <div style="text-align: left;">This is a sponsored article in partnership with <a rel="noopener" href="https://www.hampshirevillages.com.au/" target="_blank">Hampshire Villages. </a></div> <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839758/sponarticle10-4.jpg" alt="" data-udi="umb://media/0a794252eeec403b89899090fff0ed02" /> <div style="text-align: center;">A new home at Hampshire's Mudgee Lifestyle Village in regional NSW</div> <div style="text-align: left;"></div>

Downsizing

First tour of the stunning new downsizing project set around a historic mansion

The Rosemorran mansion is the centrepiece of a retirement living project on Sydney's upper north shore. Many of the grand homes which once lined the Pacific Highway north of Sydney have sadly since been demolished for redevelopment. This is hardly surprising, given these mansions are expensive to maintain due to their size and age and are sitting on large blocks which attract speculative developers. But one mansion still holds pride of place in this historic corridor. What’s more, this mansion is now emerging as the centrepiece of a luxury 33-dwelling retirement living project. <a rel="noopener" href="https://www.oversixty.com.au/premiere-projects" target="_blank">OverSixty.com.au</a> enjoyed a tour of the renovated mansion, and the new retirement living apartments behind it, ahead of the formal opening of the Rose by Moran project early in 2021. About Rose by Moran - and Rosemorran The <a rel="noopener" href="http://rosebymoran.com.au/" target="_blank">Rose by Moran project</a> is framed around Rosemorran, a Federation-era mansion which was thought to have been built around 1914. This locally listed heritage item, in the Sydney upper north shore suburb of Wahroonga, appears to have been used as a family home for most of its life, most recently by Marc and Lindy De Stoop who purchased it in 2003. At a time when many other stately homes along the Pacific Highway were being targeted for demolition and redevelopment, the De Stoops had a vision to retain and renovate the mansion and make it the centrepiece of a downsizing development. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839388/downsizing-1.jpg" alt="" data-udi="umb://media/4083640c48634f04a951438be4f04064" /> The music room inside the renovated Rosemorran mansion The good news is that the mansion’s renovation is now complete, meaning that for the first time since it was built the general public can get a glimpse of its stunning interior. The building is a veritable time capsule of the best of the Federation period. Upon entering the mansion, you’ll find a wide corridor, with a decorative archway and grand original cedar staircase. On the ground floor, visitors have the option to explore a library, music room, medical consulting room and hair salon, along with a staff office. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839387/downsizing-2.jpg" alt="" data-udi="umb://media/be1232720a46489d8ddd4e50101a29a6" /> The entry hallway to the Rosemorran mansion Behind these rooms, you’ll find a spacious dining and gathering area, known as the club room, alongside a communal kitchen which can be used by caterers or residents. It’s the perfect spot for resident events and celebratory group dinners. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7839386/downsizing-3.jpg" alt="" data-udi="umb://media/90a3b79cb753407aabb518c6a43c27ae" /> The club room in the renovated Rosemorran mansion The mansion’s second storey includes two apartments, both with their own generous verandahs with original carved timber balustrades. Throughout the mansion, you’ll find soaring ceilings and original marble fireplaces, bay window seats, chandeliers, ceiling roses and stained glass windows. The port hole stained glass windows in particular add a sense of colour, whimsy and surprise as you turn corners and explore spaces. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839385/downsizing-4.jpg" alt="" data-udi="umb://media/878aa789142c4ea091c3571c6fd2b108" /> Some of the stunning stained glass windows you'll find in the Rosemorran mansion Despite the heat outside, the mansion itself is cool. This is hardly surprisingly, given that Federation homes - unlike the Victorian era homes before them - were specifically built to respond to the harsh Australian climate. This sense of calm and coolness is reinforced by the mansion’s interior design, which was overseen by Coco Republic and includes light, sympathetic colours, high-backed fabric sofas and ornate mirrors. Apartments and communal facilities built behind mansion The rear of the mansion opens out to the new two and three bedroom apartments and further communal facilities. This new section of the project is contained within a building up to five storeys high, which was being finalised at the time of <a rel="noopener" href="https://www.oversixty.com.au/premiere-projects" target="_blank">OverSixty.com.au</a>'s visit. These eye-opening contemporary communal spaces include a temperature-controlled wine cellar which can be used by all guests (including a tasting table) and a boutique cinema with ten generous and comfortable seats. Future residents will also be able to access a pool, spa, gym, sauna, men’s workshop and sport’s bar. The retirement village will be managed by Provectus Care, a company founded by Dr Shane Moran from the well-known Moran family (which has operated hospitals, aged care and seniors living facilities in Australia over the last 60 years). Dr Moran worked closely with the De Stoops to secure planning approval and turn the project’s vision to reality. Sally Taylor, who is the Rose by Moran project director within Provectus Care, said the spacious elements of the mansion have also underpinned the design philosophy of the new apartments. Our brand new apartments have been designed to provide a sense of light and spaciousness,” Ms Taylor said. "We’ve done this by ensuring they have high ceilings, large expanses of glass doors which lead out to external under-cover outdoor living areas, wide hallways and extensive storage. The apartments also feature fireplaces, quality Miele appliances, chef-style kitchens, engineered oak flooring throughout the living spaces and wool-carpeted bedrooms. All of these features serve to emphasise the premium, quality retirement living option we are providing as the benchmark in the upper north shore.” <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7839384/downsizing-5.jpg" alt="" data-udi="umb://media/d3777af371854d4e9681e574c7d10408" /> Artist's impression of a completed new apartment at Rose by Moran Ms Taylor said the refurbished Rosemorran mansion was both a functional and sentimental drawcard for the village. The importance of the connection of our residents to the heritage mansion is paramount to their confidence and assurance in moving from their large family homes into a new, contemporary apartment,” Ms Taylor said. "Our residents have the opportunity to continue to utilise and enjoy large, grand spaces in the mansion without the maintenance and ongoing work required in keeping a large family home.” <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7839383/downsizing-6.jpg" alt="" data-udi="umb://media/c8bc713916594426be08ea35ec589865" /> Artist's impression of an apartment at Rose by Moran <div class="track-link-news"> <div class="article-body"> Find out more There are still apartments available at the Rose by Moran project. It’s located just south of Wahroonga train station and shops, along with being around five minutes drive to Sydney Adventist Hospital, ten minutes drive to Westfield Hornsby and 38 minutes from the Sydney CBD. Available apartments range in prices from $900,000 to $2.1m, with a deferred management fee applying. Find out more at the <a rel="noopener" href="http://rosebymoran.com.au/" target="_blank">Rose by Moran website</a>. This is a sponsored article produced in partnership with <a rel="noopener" href="http://rosebymoran.com.au/" target="_blank">The Rose by Moran</a>. </div> </div>

Downsizing

Downsize to the pretty coastal town named as having the world’s best climate

The new Uniting Yamba retirement living dwellings will be on the doorstep of Yamba marina Downsizers have the rare opportunity to move to a NSW coastal town which has been named as having the world’s best climate, thanks to the construction of 84 new retirement living apartments and villas. Major not-for-profit retirement living provider Uniting is about to <a rel="noopener" href="https://www.uniting.org/services/retirement-and-independent-living/facility/uniting-yamba" target="_blank">commence construction of 34 villas and 50 apartments at the small regional town of Yamba, on the NSW North Coast</a>. About Yamba Located around 3.5 hours’ drive south of Brisbane, and with a population of just over 6,000, Yamba is fast turning from a coastal hidden gem to a sea change magnet. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838906/the-yamba-area-is-known-for-its-glorious-beaches-and-stunning-climate-1.jpeg" alt="" data-udi="umb://media/d7c1f7484b2545dd84464b379d13a4eb" /> The Yamba area is known for its glorious beaches and stunning climate <div style="text-align: center;"> The town has summer temperatures ranging from 19 to 30 degrees and winter temperatures ranging from 10 to 20 degrees. This warm yet comfortable temperature range has resulted in Yamba being named as having the best climate in the world by the CSIRO and Stanford University. This enviable ‘world’s best’ title is only shared with two other places - San Diego in California and Bunbury in Western Australia. The good news is that Yamba residents are spoilt for choice when it comes to beautiful coastal and inland areas where they can take advantage of these ideal temperatures. For instance, Yamba’s Main Beach is renowned for its picturesque ocean swimming pool and is also home to one of NSW’s oldest surf lifesaving clubs. A little to the south of Yamba, Angourie is the location of NSW’s first dedicated surf reserve. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838905/yambas-main-beach-is-a-great-place-for-a-dip.jpg" alt="" data-udi="umb://media/965133eb76364f32b5fd297c1e99696f" /> Yamba's Main Beach is a great place for a dip Short road trips will also take you to nearby historic villages and great fishing spots. About Uniting Yamba The Uniting Yamba retirement village is located just a four minute walk from the town’s boat harbour and marina, where you’ll be able to hire boats, go fishing, enjoy some fish and chips or have a bite at the marina cafe. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838904/uniting-yamba-is-located-close-to-amazing-local-attractions-and-the-yamba-town-centre-1-__800x517.jpg" alt="" data-udi="umb://media/b4ad0f9aa3704ed2a19cee5a5125eeb8" /> Uniting Yamba is located close to amazing local attractions and the Yamba town centre Uniting is about to begin construction of a range of one, two and three-bedroom pet-friendly villas and apartments at its Yamba village. Most apartments will look out to the marina on Yamba Rd, while the villas will be located in a quiet area in the village proper on Freeburn Rd. Importantly, these new dwellings will be specifically built to allow their occupants to live independently and be able to enjoy the best that Yamba has to offer. All of the homes will be light and airy, with floor-to-ceiling height windows to ensure that living areas are bathed in natural light. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838903/artists-impression-of-proposed-new-apartment-at-uniting-yamba.jpg" alt="" data-udi="umb://media/f876aba40ea74c5dbd8daee0f6eebcf0" /> Artist's impression of proposed new apartment at Uniting Yamba At the same time, the homes will be orientated so that residents can benefit from Yamba’s famous cooling afternoon breezes. The homes will include all the latest modern comforts and high-quality fittings and finishes, including stone kitchen benchtops and energy and water efficient appliances. They have also been designed to maximise safety and ageing-in-place, through level flooring, generous corridor widths, zero-threshold showers and the installation of bathroom towel racks which double as a strong grab rail. Tropical resort-like feel Uniting’s overall design vision at Yamba is to create resort-type retirement living which is in harmony with its tropical location. This will be achieved through the use of light-coloured building materials and paint, along with landscaping with warm weather plants such as palms, frangipanis and lemon-scented myrtles. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838902/artists-impression-of-proposed-new-villas-at-uniting-yamba.jpg" alt="" data-udi="umb://media/795d8c3902ee426f9d7e516b3d46175b" /> Artist's impression of proposed new villas at Uniting Yamba The on-site amenities at Uniting Yamba include the clubroom with library and BBQ area, which host resident activities such as trivia nights. Uniting Yamba is only a five-minute drive to the town centre where residents can access grocery shopping, pharmacies and GP services. The village is just 2km from the local Bowling Sports and Leisure Centre and Yamba Golf and Country Club, while the Maclean District Hospital is only 20 minutes’ away. Independent living benefits Importantly, the new dwellings will be designed as a springboard for good times and fun, for retirees who want to enjoy the best years of their lives. This is because the new dwellings at Uniting Yamba are specifically designed for independent living, which means that you can come and go from your home as you please and live your life exactly as you wish. <img style="width: 500px; height: 281.25px; display: block; margin-left: auto; margin-right: auto;" src="https://oversixtydev.blob.core.windows.net/media/7838908/artists-impressions-of-proposed-new-apartments-at-uniting-yamba-1.jpg" alt="" data-udi="umb://media/72db2cd9819c440d90f6df346f29af98" /> Artist's impressions of proposed new apartments at Uniting Yamba Importantly, the Uniting team will take care of general maintenance of your home and the village grounds. You’ll also have the benefit of living among a supportive and friendly retirement community, which means you can choose to enjoy communal activities and trips. By the same token, if the need arises, occupants of the new homes at Uniting Yamba will be able to call on additional home and community care services, including personal care, transport and meal preparation in your own home. In addition, the <a rel="noopener" href="https://www.uniting.org/services/aged-care-services/facility/uniting-caroona-yamba" target="_blank">Uniting Caroona Yamba</a> aged care facility is located beside the retirement village and offers around-the-clock care. Uniting retirement living residents are eligible for a 10 per cent discount on the refundable accommodation deposit (RAD) when moving into a Uniting aged care home. Find out more At Uniting Yamba, you will be able to downsize your home and upsize your lifestyle in a charming coastal locale. <a rel="noopener" href="https://www.uniting.org/services/retirement-and-independent-living/facility/uniting-yamba" target="_blank">Click here to find out more about the new homes at Uniting Yamba, including being able to download a brochure or make an enquiry.</a> You will pay a departure fee when you leave this village. This is a sponsored article produced in partnership with <a href="https://www.uniting.org/services/retirement-and-independent-living/facility/uniting-yamba">Uniting Yamba</a>. </div>

Retirement Life

Downsizing no more: Australian over 50s want more living space and independence due to COVID-19

<a rel="noopener noreferrer" href="http://oversixty.com.au/" target="_blank" class="c-link" data-stringify-link="http://OverSixty.com.au" data-sk="tooltip_parent">OverSixty.com.au</a> and <a rel="noopener noreferrer" href="http://downsizing.com.au/" target="_blank" class="c-link" data-stringify-link="http://Downsizing.com.au" data-sk="tooltip_parent">Downsizing.com.au</a>, Australia’s leading over 50s property portal, recently published a research paper which finds that downsizing has a bright future in the post-COVID-19 era. Informed by consumer surveys and other consumer search data, the paper finds that: <ul> <li>COVID-19 has educated consumers about the disadvantages of being isolated in their existing neighbourhood and conversely the benefits of living with friends and community managers in a dedicated downsizing development.</li> <li>Downsizers are likely to be increasingly looking for developments with more personal space, either within or around the home, along with their own parking spot so they do not need to rely on public transport </li> <li>Downsizers have become more footloose and are increasingly attracted to areas which have been less impacted by COVID-19, such as regional areas, or want to move closer to family and friends.</li> <li>Irrespective of the COVID-19 economic dip, over 50s remain in a strong position to fund a retirement living purchase as they have enjoyed years or decades of capital growth in their family home value.</li> <li>Downsizers have also been motivated to move due to the fact they’ve been increasingly exposed to the maintenance and other chores of their existing family home while being forced indoors due to the COVID-19.</li> <li>COVID-19 has educated potential downsizers about the benefits of looking for, and inspecting, homes online</li> </ul> <a rel="noopener" href="https://www.downsizing.com.au/downloadable-reports/2/why-downsizing-has-a-bright-post-covid-future" target="_blank">DOWNLOAD THE REPORT HERE</a> According to the survey of Australian over 50s: <ul> <li>Around one in three people are more likely to downsize because of COVID-19, with key motivations including being able to move to a like-minded community and reducing maintenance chores</li> <li>54% say two or more bedrooms are essential, up from 48% in a survey undertaken before COVID-19</li> <li>56% regard garages and 54% regard parking spots as essential - both of these ranked below 50% in a pre-COVID-19 survey</li> <li>On the flipside, only 38% want to be close to public transport, down from around 45% in the pre-COVID-19 survey.</li> <li>Only 16% said it was essential they stayed in the same area, down from 18% in our pre-COVID-19 survey</li> <li>Of the people who are more likely to move due to COVID-19, around 20 per cent are doing this to move out of a crowded environment.</li> <li>More than one in three survey respondents were interested in downsizing in Queensland, despite the fact that only one in four were actually based in the State, in line with increased search activity for this State on our website</li> </ul> Downsizing.com.au co-CEO Amanda Graham said the survey showed that downsizing and retirement living was emerging from the COVID-19 with a strengthened value proposition. “We can see in this survey how COVID-19 has accelerated many over 50s housing trends already underway, including a desire for independent living and greater space and transport autonomy,” Ms Graham said. “In addition, COVID-19 has encouraged people to move to new areas, which they perceive as being safe but also where they can find new friends and enjoy a great lifestyle. “During COVID-19, we have also really seen a very strong structural shift to consumer search activity on digital channels.” Ms Graham said downsizers are proving to be a resilient residential property market segment during COVID-19, given they have accumulated significant home equity throughout their working lives and are now keen to achieve a better lifestyle and boost their retirement income. The report was written by Mark Skelsey on <a href="https://www.downsizing.com.au/news/787/Downsizing-no-more-Australian-over-50s-want-more-living-space-and-independence-due-to-COVID-19">Downsizing.com.au</a> and includes a foreword from the Retirement Living Council’s Executive Director Ben Myers (the report was produced independently of the Retirement Living Council).

Retirement Income

Meet the downsizers flocking to Sydney’s surprise retirement hotspot

Sue Eaton moved to Sydney’s Thornton Park retirement living project to meet new friends and to feel a sense of belonging and community. And Lorraine and Robert Greig became Thornton Park residents after seeing the size and style of the project’s 48 newly-built apartments. These are just some of the residents who’ve moved into <a href="https://www.thorntonpark.com.au/">Southern Cross Care’s Thornton Park retirement living project at Penrith</a>, in Sydney’s west. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7838731/downsizing-1.jpg" alt="" data-udi="umb://media/13f9c51f60b04ca0bf924ba301e5ca73" /> Sue Eaton has enjoyed the resident interaction since moving into Thornton Park Thornton Park is a small-scale independent retirement living project, featuring a mix of one, two and three bedroom apartments. The low-rise Thornton Park project is set on a quiet tree-lined street among modern family homes, yet at the same time is on the doorstep of the hustle and bustle of the Penrith CBD. While Thornton Park’s first residents have moved in, <a href="https://www.thorntonpark.com.au/">a limited number of apartments remain available for sale</a>. Meet the neighbours Sue Eaton watched Thornton Park being built, as her children live near the project. “I looked at a few places before I moved to Thornton Park, just to check out my options – but everything else was just like big blocks of units,” Ms Eaton said. “The apartments here are so nice – very spacious. Every time I walk inside I think, ‘I love my home.’ “The main benefit for me has been the interaction. "When we were in the middle of lockdowns due to the pandemic, I’d catch up with one of my neighbours – who’s become a good friend, and we’d take a couple of the older ladies for a walk, since their families couldn’t visit. "When I lived on my own I was much more isolated." Lorraine and Robert Greig had not considered retirement living, before they heard about Thornton Park. “We thought we’d be in our home until the end,” Ms Greig said. “That was until a friend of mine was going to Thornton Park to have a look and asked if we'd like to come with her. “As soon as I walked in and saw the bright, spacious apartments, I said to my husband, ‘I could live here.” <img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7838730/downsizing-2.jpg" alt="" data-udi="umb://media/8811303ad51249afb188f4f8fa452b6b" /> Lounge room of a new apartment at Thornton Park Ms Greig said she and her husband felt comfortable from the moment they moved in. “It wasn’t just the building itself, which is lovely – or the style and the size of our unit, which I love - It’s the social aspect as well,” Ms Greig said. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7838729/downsizing-3.jpg" alt="" data-udi="umb://media/65f5a26be0074c82a2b2395c344af16d" /> Lorraine and Robert Greig were impressed with the spacious apartments at Thornton Park “It’s so nice knowing that as part of a community, we’ll always have someone to talk to. “It wasn’t like that at home, where things were much more quiet - the kids were working and we were often on our own. "One of the other things that really puts my mind at ease is that if Rob or I got sick, or our circumstances changed, there’s an aged care facility about two seconds away – it’s brand new and lovely." Penrith a downsizing hotspot Penrith, the suburb in which Thornton Park is located, is something of a surprise and growing downsizing hotspot. Penrith was the seventh most searched suburb in NSW on Downsizing.com.au in 2019-20, up from eighth position the year before. This makes Penrith more popular than other well-known coastal sea change and downsizing locations such as Wollongong, Ballina and Tweed Heads. There are good reasons why this is the case. Penrith is the gateway to the Blue Mountains, giving local residents easy access to a natural wonderland and a series of quaint mountain villages. Penrith is also home to the Nepean River, a regional aquatic playground. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7838728/downsizing-4.jpg" alt="" data-udi="umb://media/24c3abbf42844d15b43686d3a6ab9a54" /> Penrith's Nepean River As part of the Great River Walk, almost eight kilometres of walking track have been created along the river, including resting points and lookouts where you can see birds and other wildlife. Penrith also has a growing arts and cultural scene, with the centrepiece being the Joan Sutherland Performing Arts Centre. This regional facility has a 660 seat concert hall, 380 seat drama theatre, 100 seat multi-purpose hall and more than 25 purpose-built rooms for music classes. Penrith also has great shopping, a variety of award-winning cafes, restaurants, pubs and clubs and many other places to visit including the Sydney International Regatta Centre and Western Sydney University Observatory. Find out more at <a href="https://www.visitpenrith.com.au/">Visit Penrith</a>. About the apartments Thornton Park includes a range of spacious one, two and three-bedroom apartments. All apartments have a study nook or full study and include contemporary, open plan living spaces that lead onto generous balconies. <img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7838727/downsizing-5.jpg" alt="" data-udi="umb://media/f486ccd465494980a96a2616148296d9" /> Thornton Park apartment balcony area The apartments feature beautiful wood, stone and textured floor coverings, complemented by high‑end European fixtures and appliances. <img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7838726/downsizing-6.jpg" alt="" data-udi="umb://media/2c04d86a69014305bcefc28d7e53e2ae" /> Kitchen, living and dining area in a Thornton Park apartment Thornton Park’s apartments are also cleverly designed with excellent soundproofing between rooms and apartments. Residents have access to a cafe serving coffee and light meals, along with a hairdressing and beauty salon, library, media room, multi-purpose community centre and a rooftop barbecue terrace and hobby garden. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7838725/downsizing-7.jpg" alt="" data-udi="umb://media/953a166c248a4553897f87709563b158" /> Library at Thornton Park As an added benefit, Thornton Park provides retirement living residents with on-site concierge services and an hour of domestic assistance per fortnight. Optional home care services are also available. It’s also important to note that Thornton Park’s new independent living retirement village apartments are located alongside a new 100-suite state-of-the-art residential care home. This is particularly convenient when one partner needs to move into full-time care, while the other can continue to live independently in an adjacent retirement village apartment. Find out more Thornton Park is a relaxing retirement oasis that feels a world away, yet is within walking distance of all that a cosmopolitan centre like Penrith has to offer. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7838724/downsizing-8.jpg" alt="" data-udi="umb://media/6a487ed61e6543bf83233a48aca26f4b" /> This aerial photo was taken from the roof of Thornton Park and shows how it is close to everything Penrith has on offer Apartment prices start at $495,000, with a deferred management fee applying. For a limited time, buyers can also take advantage of an early bird offer, made up of a complimentary whitegoods package including a fridge, microwave, washing machine and dryer, valued at $4,300. This is a sponsored article produced in partnership with <a rel="noopener" href="https://www.thorntonpark.com.au/" target="_blank">Thornton Park.</a>

Downsizing

5 ways to downsize your debt

It’s said that only death and taxes are certainties in life, but in the modern world, some form of debt is almost guaranteed too. Here are five ways to downsize your debt and get more control over your finances. 1. Look at your money holistically It’s all too easy to look at our money in different silos: this is what we owe, this is what we have, and this is what we expect to come in. But you have to consider all your money as a single pool to work out what represents the best overall value for you financially. For example, tax deductions for extra superannuation contributions may be bigger than the low home loan interest rate you’re currently paying, meaning you could be better off by beefing up your retirement earnings than paying down the mortgage a bit faster. 2. Tackle the most expensive debts first We often think of debt as the mortgage, but it may also be personal loans, car loans, credit cards and store cards/repayment plans. And each will have different interest rates. You’ll downsize your debt much faster by tackling the most expensive – that is, the ones with the highest interest rates – first. That’s because debts with high interest rates will grow much quicker, and can even spiral out of control. Depending on your circumstances, it may even be worthwhile consolidating some or all of your debts into one larger debt, particularly one with a much lower interest rate. 3. Make your mortgage work harder for you Speaking of mortgages, these can actually be used in your favour, if you know what to do and do it wisely. Over time, you’ll build more and more equity in your home, as property prices increase over time and as you pay down the loan. And that equity can be used to make more money than the interest it would attract by being withdrawn. As such, look at whether your mortgage has an offset account or redraw facility that you could tap into. If not, it may be time to refinance to one that does. Consider too whether to go for a fixed, variable rate or a combination of both on your mortgage, and which makes more sense for your current circumstances. Fixed will give you budget certainty, but variable offers more flexibility. 4. Boost your income through investments We often focus on paying down debt without building other investments. Chances are you’ve thought to yourself at some point “When I’ve paid off my home, then I will then invest”. But you lose precious time doing this, and time is our friend when it comes to investing – the longer your investment timeframes, the more you’re likely to earn through compound interest and higher asset values. So, consider whether you could be doing both simultaneously – investing for the future AND paying down existing debt. You may even find the proceeds of one will help you pay down the other much faster too. 5. Get your kids to pay their way By the time you’re in your 40s and 50s, your kids – if you have any – are likely in their late teens or 20s. And a variety of factors, including full-time study, high house prices and more recently the COVID-19 crisis, mean that many young adults are still living at home. You may or may not be happy to still have them in your nest, but they can be a substantial drag on your finances if you let them. When they’re earning money of their own, get them to contribute to household bills, insurances and grocery costs. They would pay more if they were out on their own anyway. If they’re not working, then they can still contribute in other ways – cleaning the house and mowing the lawns won’t cost them a cent, but will save you from having to hire a cleaner and gardener. Either way, you’re freeing up extra cash to help pay down your debts! Helen Baker is a licensed Australian financial adviser and author of two books: On Your Own Two Feet – Steady Steps to Women’s Financial Independence and On Your Own Two Feet Divorce – Your Survive and Thrive Financial Guide. Proceeds from the books’ sales are donated to charities supporting disadvantaged women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Find out more at <a href="http://www.onyourowntwofeet.com.au">www.onyourowntwofeet.com.au</a> Note this is general advice only and you should seek advice specific to your circumstances.

Retirement Income

Mornington Peninsula homes hit downsizer sweet spot

A range of new single-level houses, specifically designed to meet the needs of downsizers, have been released on the popular Mornington Peninsula, south-east of Melbourne. The two and three bedroom homes - each with their own property title - form part of the 31-dwelling <a href="https://www.downsizing.com.au/property/sale/49063/sublime-single-level-living-designed-for-the-downsizer">Waterfall Gardens estate</a> currently under construction at Rosebud. Real estate agent Robert Bowman, of Bowman and Company, said the estate’s developer Masterline would have been able to increase the dwelling yield at the site by building two-storey terraces, for a wide range of potential buyers. Instead, he said, the developer had opted for lower-yield single-storey homes, specifically to meet demand for this type of home from downsizers who were keen to age-in-place. Each of the homes features its own outdoor deck and small garden area. The Waterfall Gardens homes are in line with <a href="https://www.downsizing.com.au/news/657/Three-beds-small-garden-Australias-ideal-downsizing-home-revealed">the housing aspirations of downsizers, as outlined in a report released in February by the Australian Housing and Urban Research Institute. </a> The report finds that Australians over 55 reported the highest level of satisfaction (66 per cent) with three bedroom dwellings, closely followed by a 59 per cent satisfaction rating for two bedroom dwellings. In addition, the report shows many downsizers are still keen for a small courtyard-style garden. However, the report also found that many downsizers find it difficult to access these types of homes. Mr Bowman said three bedroom homes at the estate started from $589,000, with two bedroom homes starting at $549,000. “The developer of these homes has been developing for 50 plus years, and he is in the later years of his career and life, and has designed these homes for the retirees,” Mr Bowman said. “We could have got a higher yield on the site by putting on two-storey homes but we decided not to do that. “The person who buys these homes is a definite downsizer - we don’t get investors or first home buyers - so you are entering into a community of like-minded individuals. Everyone that has purchased in the estate so far has been a retiree.” “These homes are a higher grade specification, they are all brick veneer, which means they are lower maintenance for the retiree and they are not going to require constant upkeep.” Mr Bowman said the estate was an alternative to retirement villages, given that owners retain all capital gain, pay less in fees compared to villages and own the property title to the dwelling and land. However, unlike the situation with some retirement village properties, stamp duty is payable. Downsizing.com.au recently <a href="https://www.downsizing.com.au/news/656/Australias-most-popular-retirement-locations-unveiled">named the Mornington Peninsula as one of the top three downsizing destinations for 2019 in Victoria.</a> The Waterfall Gardens properties are across the road from Bay Views Golf Course and a stroll from local cafes. Written by Mark Skelsey. Republished with permission of <a href="https://www.downsizing.com.au/news/665/Mornington-Peninsula-homes-hit-downsizer-sweet-spot">Downsizing.com.au.</a>

Downsizing

Central Coast's changing face attracts Sydney downsizers

The NSW Central Coast region’s natural beauty, improved transport access and shift to high-quality new housing are helping to attract downsizers from Sydney. Downsizing.com.au spoke to a local agent to understand more about the region’s growing appeal. Attractive lifestyle and transport access Michelle Tucker, a Central Coast-based McGrath agent, says there are several drivers enticing downsizers to ‘The Coast’ (as locals prefer to call the region). Ms Tucker said the picturesque Brisbane Waters and the region’s magnificent beaches are key attractors. “The lifestyle of the Central Coast has always been an attractive proposition for downsizers,” Ms Tucker said. Ms Tucker also says transport access is also about to improve, with the <a href="https://northconnex.com.au/">North Connex roadway project</a> close to completion. This project is expected to make the trip from the Central Coast to the centre of Sydney some 30 minutes faster. “Downsizers want to stay connected to the city’s amenities, and this is particularly so for those originating from Sydney,” Ms Tucker explains. “They want everything at their fingertips. They still want to go to shows in Sydney and meet their friend for lunch. They don’t want to give up their Sydney lifestyle.” In addition, Central Coast residents have the choice of two major airports, Sydney’s Kingsford Smith and Newcastle Airport at Williamtown. It is also possible to take a train from Gosford to Central Station in 70 minutes. Relative value for money Ms Tucker says the downsizer market on the Central Coast is split between locals and those moving from Sydney. “We recently sold a beautifully appointed penthouse with sweeping views of Brisbane Waters to downsizers from Killara, a northern Sydney suburb, for $1.6 million,” she says. “To find an apartment like this on the North Shore with sweeping water views of say Middle Harbour or Sydney Harbour, you could expect to double and even triple the price. “Not only has this couple bought into a fantastic lifestyle but downsizing to the Central Coast leaves money in the bank.” However, Ms Tucker said that the Central Coast hasn’t always offered the housing product matching the region’s lifestyle delights. “It’s only in the last few years we’ve seen an increase in brand new luxury apartments come onto the market,” she said. Changing face of Gosford With more residential towers in various stages of development in Gosford and Point Frederick, the local restaurant, café and bar scene is improving with a bullet. “You come out of your apartment, and you’re on the waterfront, go to a restaurant or café in town. Gosford is starting to happen, and there are places to go,” Ms Tucker says. In addition, both of the region's major hospitals are <a href="http://www.gwhr.health.nsw.gov.au/">currently undergoing a major redevelopment.</a> Properties on the Central Coast Ms Tucker is currently marketing the luxury <a href="https://www.downsizing.com.au/property/sale/47280/ravello-luxury-apartments">Ravello</a> residential apartment project, being developed by veteran media industry figure John Singleton at Point Frederick. Located on the former site of the iconic Monti’s Ashore fish and chip shop, Ravello includes 40 apartments and has largely uninterrupted views over Brisbane Water. The project will be completed in 2021 and includes one, two and three-bedroom apartments, and three penthouses. There is only a limited number of one-bedroom apartments available from $460,000, while two-bedroom apartments begin at $830,000. “Central Coast downsizers love large apartments with big terraces as they still want space for the Christmas lunch and in this respect, developments such as Ravello tick these boxes,” Ms Tucker says. Another new Central Coast project currently on offer is Retire Australia’s <a href="https://www.downsizing.com.au/property/sale/44418/expect-a-lifestyle-thats-second-to-none">Rise at Wood Glen</a> project at Erina. The Rise at Wood Glen will comprise 58 purpose-built two and three-bedroom independent living apartments against a backdrop of award-winning gardens and bushland views in the existing Wood Glen retirement living community. Independent living apartments in Stage 1 range from $650,000 to $1,050,000. The Central Coast also continues to offer more affordable property in existing retirement villages and land lease communities. Republished with permission of <a href="https://www.downsizing.com.au/news/664/Central-Coasts-changing-face-attracts-Sydney-downsizers">Downsizing.com.au.</a>

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