Darwin, NT (27 April 2017) With property values starting to improve, astute empty nesters in Darwin are realising that now is the perfect time to downgrade from a superfluous family home into a modern apartment, according to Glenn Grantham, General Manager of Raine & Horne Darwin.
“Some Darwin retirees have recognised the challenges faced by empty nesters in the southern states, where spiralling real estate values and charges such as stamp duty make it difficult to downsize from larger properties into more appropriate housing,” said Mr Grantham.
“With these southern state lessons in mind, Darwin locals have recognised that in terms of paying lower fees, charges and taxes, it’s generally better to sell and buy in a less robust market, which we have now.”
Retirees living in larger properties in Darwin’s desirable northern suburbs are starting to enquire about downsizing to apartments in the CBD, according to Mr Grantham.
“One retiree has decided to move to take advantage of lower apartment prices in the Darwin CBD,” he said.
“The empty-nester is confident that by downsizing into the city now, she’ll pay a more realistic price of around $750,000 for a 3-bedroom apartment, as well as lower transactional charges such as stamp duty.”
At the peak of the market in 2011, similar apartments in Darwin were valued at $1 million.
“At the same time, property values in the northern suburbs have held their ground, so the empty nester is confident that she’ll be left with a decent financial nest egg when she completes the move from a bigger house to an apartment.
“At the same time, she has estimated that by downsizing in the current market, she will save herself about $30,000 in transaction fees.”
Apart from the financial aspects, Mr Grantham said downsizing into modern apartments such as 9014/ 27 Wood Street, Darwin[i] affords lifestyle advantages. The apartment is on the market for an affordable $689,000.
“Many CBD apartments offer plenty of floor space that enables retirees to accommodate grandchildren and other family members when required,” said Mr Grantham.
“For those retirees looking to spend more time travelling, the lock and leave benefits is another attraction of downsizing into a secure Darwin CBD apartment.
“They have plenty of parking, full lockup security, pool, gym, outdoor entertaining areas, balconies and magnificent views of Darwin.”