With ever-increasing property prices, not only are younger people struggling to break into the property market, but older Australian's are finding it difficult to find buyers for their family homes.
Traditionally, many older Australian's sell their family homes once all their children have moved out, in order to free up some of the equity in their home. Ideally, this process provides them with extra cash to spend.
However, with house prices rising faster than wages, options have become limited when it comes to finding a buyer.
"There's no doubt housing is an issue for seniors on several levels," says National Seniors Australia CEO, Michael O'Neill.
"The cost of downsizing, such as stamp duty and agent commissions, are an impediment as is the lack of suitable age-friendly housing stock in areas where people want to remain," says O'Neill.
Many seniors want to stay living in their current neighbourhoods - or as close to as possible - because of family, friends, doctors and favourite shopping areas.
O'Neill believes that many seniors have not done sufficent research and planning when it comes to selling the family home.
"People make decisions in haste because of other events such as illness, rather than in a planned way that gives you more control," he says.
Unfortunately, without in-depth research and planning, many seniors and retirees may be left without much change after downsizing their homes.
If you are looking to downzise and struggling to find a buyer for your home, Agent Select can help by taking the stress out of the selling process and find you the best agent to maximise your house price.