I spoke earlier about our plan to move – or rather cash-in on the hard work on our home of 10 years. Our ask and the buyer dollar just did not match. So we stay.
One thing we learned in the process is that ‘downsizing’ in Sydney is not what it should be. It was really hard to find reasonable parallels at smaller size AND smaller cost.
I think the market is yet to understand the reasonable shift position to attract the numbers to apartments. To change one’s life style, which some view as downsizing, from a highly equipped 4/5 bedroom home to a similarly equipped 3 bedroom apartment [off the plan] costs the same if not more and then the shared living spaces are a lot smaller. Downsize is size but not in dollar. Many of the apartments also come with higher quarterly rates due to pools et al which you may or may not use.
Where we are, a gorgeous area in Sydney, about 15min from the city centre, the homes appreciate on average at about 10% a year, so doubling the value in 7 years or perhaps a little longer. The city apartments are at about 6% [the better areas] appreciation rate. In addition you can keep going by adding value to your home whereas with an apartment you cannot.
It is only in the last 10 years that people are living in the centre of Sydney. It used to be a dead space when I first moved into Sydney in ’88. I could not believe that a city with such a great climate didn’t have very many outdoor cafes. It is getting better, much better.
The life style change will have to wait.
I guess trouble is that the whole system is geared for people to stay in their larger homes and suburbia/family style living. Makes for better citizens. Am I conjuring up conspiracy theories here? Nah, just observing one aspect of how the world works and keeps us perpetually reinforcing the societal means to ‘stabilise’.
The upside is that we get to now relax and enjoy the years of planning and thinking to make this home work great for us.