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ore than 1.6 million households with property valued about $1.6 trillion are planning to downsize over the next five years as Baby Boomers and some Gen-Xers cash in on booming property prices to boost their retirement income.
The flood of properties will ease pressure for larger houses, create more demand for low-rise, medium-density luxury apartments and accelerate the shift away from major capitals, according to exclusive analysis by consultancy Digital Finance Analytics.
Nearly 70 per cent of those planning to downsize are aged between 60 and 70 and about 17 per cent are older, according to the DFA survey, based on rolling analysis of 52,000 households. About 12 per cent are aged between 50 and 60.