Golden Gap Year - Downsizers Trade Family Homes for Apartments and Travel

More Australian downsizers are selling their family homes, purchasing low-maintenance apartments and using the time before settlement to enjoy extended holidays.

After selling her Castle Hill home and purchasing an off-the-plan apartment at Mirvac’s Highforest community in West Pennant Hills, 65-year-old Maria Buzzo decided against renting while waiting approximately 12 months for her new home.

Instead, she placed her belongings in storage and planned a solo “golden gap year” through Spain, Portugal, France and Italy.

The move has given Maria the freedom to travel without the responsibilities of maintaining a large house, pool and gardens, before returning to settle into her new apartment.

Mirvac’s General Manager of Residential Development NSW, Warwick Bible, said the trend is becoming increasingly common among downsizers in Sydney and Melbourne. Buyers are taking advantage of the gap between selling their existing home and settling into their new apartment, while embracing the convenience of a lock-up-and-leave lifestyle.

Research cited in the article found that 39 per cent of Australians aged over 50 had taken a major holiday within the previous year, while 64 per cent felt comfortable using retirement savings for travel.

For Maria, downsizing has created an opportunity to take the overseas trip she has dreamed about while preparing for a more convenient and low-maintenance lifestyle at Highforest.

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