The burgeoning downsize market – Greg Oddy

Greg Oddy is the Manager of Sales & Marketing at Downsizing.com.au. In this segment, he shares how downsizing is changing construction and how brokers can work with sellers and buyers who want to downsize.

What do downsizers want?

Downsizing is a pretty hot topic these days. With people getting older and feeling healthier at the same time, demand has risen for downsized properties. But what does it really mean?

Contrary to popular opinion, downsizing doesn’t just mean retirement homes and the like. One thing that most baby boomers don’t want is to move again.  They’ve got a property or a home that they like, so they’re not desperate. Downsizers are looking for luxury, it's got to have great appliances, good qualities, things like water doors, lower power points that a person in a wheelchair can reach, etc.

The thinking is, they'll move there, they'll stay in that location, and then they'll factor in home care if they get to a point where they can no longer look after themselves.

Not all downsizers are baby boomers

Greg has had clients as young as 40, in fact. As soon as a couple’s children are in their late teens or early 20s, chances are, their kids are not going to be home much.  The parents don’t really need a backyard anymore, so what are they going to do with it?

It's really not always about the money, it's more often about the space and having less things to do around the home. Downsizers (usually) feel the urge to go out and travel–experience more of life now that their kids have grown.

Furthermore, with nearly 8.8 million elderly classified in Australia, the market is fairly lucrative. These seniors are cashed-up and ready to spend.

Planning the move

Moving, for a downsizer, is not the same for everyone else looking to sell a home or move into another home. A downsizer or retiree has to take a lot into consideration as they start the process a lot earlier. They also need to take pension in to consideration.