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Real Estate Update - December 2022

The property market continued to slow in spring 2022 with prices declining and time on the market increasing. Rising interest rates are leaving many purchasers waiting to see what will happen in 2023. There is still steady demand as long as vendors are prepared to negotiate.

Often, retirement is a time for significant life transitions. For example, does your current home match your future dreams? Many people use this time to upsize, downsize, or move to a new destination.

Perhaps home is where relaxation is the name of the game, and it’s easy to travel because the property “takes care of itself.” In this case, look for a home that minimizes maintenance and landscaping chores, perhaps focusing on townhouses or apartments with a Body Corporate.

Maybe you love cooking or hosting gatherings. In this case, prioritize a home with adequate entertaining space indoors and outside and perhaps the kitchen of your dreams.

If you aren’t ready to relax into full retirement or need to continue working for financial reasons, make sure your next home can accommodate remote work (a dedicated office, quiet location, etc.) or is near appealing, in-person job opportunities.

Will retirement provide more time to devote to a favourite hobby—or to tackle new skills? Make sure your home includes space for your pursuits, such as a woodworking shop, a painting studio, or a crafts room.

Seniors Real Estate Tip:

If you are considering a property with a Body Corporate it is best to get your lawyer to check the disclosure documents to ensure there are no historical issues lurking.