Property Australia

COVID-19 drives downsizing

PROPERTY AUSTRALIA August 11, 2020

Nearly a third of mature-aged consumers are more likely to consider downsizing or moving into a retirement living community following COVID-19, according to fresh research from OverSixty.com.au and Downsizing.com.au.

A survey of visitors to both websites – which attract a million people each month combined – found 29 per cent were rethinking their options in light of COVID-19.

According to Downsizing.com.au co-CEO Amanda Graham, downsizers have been the most resilient market segment throughout the COVID-19 pandemic.

“Our survey results show that many of these downsizers are now bringing forward their decisions about housing, as they don’t have the luxury of waiting out the next property market cycle,” Graham says.

“Their home is their largest asset, and releasing equity is often the key to their own financial security and independence during their retirement years, as well as helping their adult children become homeowners.”

Graham says Downsizing.com.au is Australia’s leading downsizing and retirement property site.

Downsizing.com.au and OverSixty.com.au have now joined forces to help the property industry promote downsizer-friendly projects to a million-plus audience of mature-aged consumers.

“As this downsizer market grows, we have now significantly extended our niche audience reach by partnering with OverSixty.com.au to feature premium property developments well suited to this demographic,” Graham adds.

OverSixty.com.au started as a Facebook page six years ago and has since grown into a “one-stop destination to keep over-60s in the know,” says general manager Rohan Scott.

“Property has been attracting significant attention from our community and we look forward to helping them in this important stage of their lives. It is even more relevant now due to the economic impact of COVID-19 on our demographic.”

The most recent ANZ/Property Council Survey, published in July, found national retirement living capital growth expectations had risen by 11 index points over six months.

Retirement living had stronger capital growth and construction activity prospects over the next three months than all other property sectors except industrial.

Downsizing.com.au and OverSixty.com.au have also found 62 per cent of survey respondents were considering downsizing during COVID-19 to be in a “supportive and helpful community”. The same percentage of respondents also wanted to live in a “modern low-maintenance home”.

“Downsizers are the demographic with the highest levels of home equity and personal wealth, built up over a lifetime of hard work and climbing the property ladder. The Baby Boomers have been through recessions and economic shocks before, and those lessons learned are informing their financial decision-making process during this challenging time,” Graham concludes.

Email enquiries@downsizing.com.au or visit Downsizing.com.au to learn more about Australia’s leading downsizing and retirement property site, and the new project promotion opportunity in conjunction with OverSixty.com.au