Latitude One | News

Downsizers crunch the numbers on their new lifestyle

As anticipated, the result of the 2019 federal election has started a ‘Scomo effect’ on Australia’s
property market with leading economists predicting an increasing spike in real estate activity.

With many news sources now reporting a more positive housing environment, vendor confidence is growing and more asset rich, cash-poor downsizers are crunching the numbers on freeing up their home equity to help fund their golden years.

Ingenia CEO, Simon Owen, said many downsizers are struggling to fund a comfortable lifestyle and providing the land lease model was a game changer, offering a more affordable home ownership solution.

“Downsizing into a land lease community provides a way for Australians with less superannuation to live comfortably in a new home they love.

“The average age pension ($36,301) is just over half what the average Australian couple needs to fund a comfortable retirement ($61,061) and the land lease model allows them the opportunity to make an affordable and sustainable housing decision,” Simon said.

Smart and savvy downsizers have recognised early on the unique benefits of the model where they purchase a new home and lease the land through a weekly site fee. It offers them a more affordable upfront price point with no stamp duty to pay and no exit or deferred management fees, allowing residents to keep 100% of any capital gains.

Prior to moving into Latitude One residents Darlene Petersen and her husband lived less than an hour away and made the decision to downsize early in a bid to save for their retirement.

“Being able to downsize now meant that we could still work, have that alone time we wanted and spend more time with people we loved, doing things we like to do – all whilst working towards our retirement.

“The land lease model is fantastic, we would never have been able to afford to live near the water if we had to buy land – it gives us our dream home at a price we could afford.

“A brand new home like this would be worth a fortune elsewhere – here it’s so simple, no 50 page contracts, no exit fees, just very, very easy,” Darlene said.

Over 55s looking to downsize can find out more information about the growing lifestyle community in Port Stephens by visiting www.liveinportstephens.com.au.