Single-level units key to downsizers selling large family homes

DOWNSIZERS unable to relocate might be sitting on hundreds of family-sized properties across the Bayside region.

Despite new government incentives that allow downsizers aged 65 or over to inject $300,000 into superannuation if they sell their home, many are refusing to do so because the right stock is not available.

Namely, single-level units.

Branon Real Estate sales professional Cam Saba said many prospective downsizers in Bayside were in touch with him regularly.

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“I’m currently dealing with about 100 of them, trying to find them homes,” Mr Saba said.

“If you consider how many might be dealing with other agents, there could be hundreds of homes ready to be listed across Bayside.

“They’re willing to sell their large houses, but the stock they want (single-level units) isn’t there, and they all want to stay in the area.”

Bayside resident Valerie Maniatis said she had been looking to downsize for around four years.

“The government incentives aren’t enough if the right stock isn’t available,” Ms Maniatis said.

“It’s the last move I plan to make, and I want it to be the right home.

“I want to stay in Bayside; it’s got a great community feel, and it’s where my friends are.”

She said most of the stock she was finding was two-bedroom, double-storey townhouses.

“I don’t want to be dragging myself up stairs, or limiting myself to how much of the house I can use,” she said.

“We’re willing to pay, just build them (single-level units). “Build them and we will come.”

3/13 Stonehaven Cres, Hampton East, has a spacious open-plan area at its centre that flows out to a decked area.

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Bayside property developer Obaid Naqebullah, of Marcopolo Property, said many developers recognised the demand.

“We had a development at 13 Stonehaven Cres, Hampton East, where we had space to build a three-bedroom, single-level townhouse at the rear,” Mr Naqebullah said.

“It did have more interest than the two, two-bedroom townhouses, and ended up selling for $1,212,500.”

Mr Naqebullah said land costs meant building single-level units was often uneconomical.

“You also have to remember for the most part, we are dealing with 600sq m-700sq m blocks, which are hard to use when you’re spreading out rather than building up.

“Planning restrictions mean we also have to factor in around 25 per cent green space.”

He said some that wanted single-level living were buying off-the-plan apartments, and joining two together, which could set buyers back about $800,000-$900,000.