Downsizing may provide income boost
Retirees looking to boost their financial position may be interested in recent data that shows downsizing residential properties can increase their income.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said moving into a smaller home can bolster retirement savings, while still allowing people to live in the area that they desire.
"By downsizing not only do they unlock the wealth generated over 25 or 30 years but they can also access a simpler lifestyle," Mr Raimondo explained.
The property expert said data from the 2011 Census showed there are a large number of people who live in homes with unused bedrooms.
Those who are interested to learn how much equity can be unlocked by downsizing are encouraged to visit an interactive map on the REIV's website.
"The suburbs with the greatest downsize potential were usually located in the inner to middle Melbourne suburbs such as Kew and Ivanhoe as well as long the bay such as in Sandringham and Beaumaris," Mr Raimondo said, adding that these areas, which boast a larger number of retirees, have relatively higher house prices.
Mr Raimondo said the new research may make it easier for those considering a downsize to establish a budget and plan accordingly.