Transitioning to a smaller home will grow in popularity over the next decade, according to one researcher.
Simon Kuestenmacher, Co-Founder and Director of The Demographics Group, said moving to a smaller residence will start becoming a mass phenomenon by the 2030s as the Baby Boomers age and the family home becomes a hassle to maintain.
“Baby Boomer homes are located in the middle suburbs of Australia,” Simon wrote in The New Daily.
“Throughout the 2030s, these homes will enter the market and many of them will be bulldozed to make room for three townhouses – densification of the middle suburbs is all but guaranteed.”
Many older people are already making the decision to move into a smaller residence, often retirement living.
Certainly, there are many benefits to moving into a village, with the first being the cost.
A browse through villages.com.au finds a two-bedroom apartment from Southern Cross Care (NSW and ACT) at South Coogee, 9km southeast of Sydney’s CBD, from $630,000, well below the median suburb price of $1.4 million.
With equity from a house sale, plus superannuation, many village residents free up cash by downsizing, using the proceeds to fund their retirement.
Villages offer safety and security, including the ability to lock up and head out on the road or to visit family and friends.
Importantly, there is a real sense of community. Social isolation is well-known for its harmful impact on health and wellbeing, but many villages are making wellness and social connection a non-negotiable part of their service offering.
Time to look at village options in your suburb today?