Affordable Housing in Sight for Downsizers
High median house prices is not the only obstacle seniors face when considering downsizing, with stamp duty proving to be a significant cost barrier for seniors in New South Wales’ housing market.
Between 2015 and 2016, Western Sydney’s Marsden Park saw 9.49% growth in its median house prices, to $864,990. This price growth combined with $34,415 in stamp duty on a property of this price, put property ownership out of reach for a number of seniors.
Ingenia Lifestyle Project Manager Rachel Pullicino said many seniors were unaware there were more affordable ways to downsize and avoid paying unnecessary stamp duty costs.
“Our land lease model at Stoney Creek is unique in that buyers are able to afford a new, architecturally-designed manufactured home and lease, rather than own the land, eliminating the need for buyers to pay stamp duty,” Ms Pullicino said.
“Our residents really do get to experience the benefits of downsizing at Stoney Creek – with no entry or exit fees residents, they have more money in their pockets to continue doing the things they love, such as travelling.”
Over 55s finance expert and author Rachel Lane said stamp duty is an expensive, transactional cost that provides no benefit to seniors.
“Ultimately it’s just a tax, so downsizing your home to a smaller home, or maybe even a strata title unit, you’ll incur a stamp duty in that transaction.
“If you’re considering a move to a land lease community there’s no stamp duty to pay and the unique ownership of the model means you own the home and have a leasehold over the land, making the upfront price often much cheaper, and the ongoing cost of leasing the land can be reduced through rent assistance – it is a very affordable housing option,” Ms Lane said.
Ingenia Lifestyle Stoney Creek offers a range of affordable, quality homes with brand new two bedroom homes available from just $310,000 all featuring modern entertainers kitchens, open plan living and dining areas with an integrated outdoor space. The last opportunity to purchase a brand new home at Stoney Creek is closing fast with the final four homes in the current stage release available now.
For more information call Rachel on 0459 995 919 or visit www.liveinmarsdenpark.com.au