Homeowners Look to Downsize
The reason so many homes are coming onto the market in Queensland is because of a want to downsize debt. Some real estate agents are seeing more homeowners selling up and buying somewhere cheaper, to cut the cost of their mortgage repayments. In the past, age and health has mainly been the reason people downsize, particularly as children grow up and leave home. But now, things are changing.
“With the state of the economy, rising taxes and high rates, people are under more pressure financially so some of them are seeing now as a good time to downsize,” said Mark Lowrey from Style Estate Agents. Mario Sultana from Place Newmarket agreed and said he had observed more owners trying to cut their debt levels and becoming more aware of their budget issues and constraints. But people are also being reminded to consider the cost of changing homes.