To capitalise on the years that their properties have matured in value, Victorian senior citizens are being urged to consider if downsizing is right for them.
The Real Estate Institute of Victoria (REIV) has conducted research which found that by selling their big home and buying a smaller one, senior citizens stand to free up a lot of capital to boost their quality of retirement.
Enzo Raimondo, the REIV chief executive said that they should consider putting to good use, their decades of mortgage repayments.
He explained: "By downsizing not only do they unlock the wealth generated over 25 or 30 years but they can also access a simpler lifestyle.
"The 2011 Census showed the high number of homes with owners living alone in a house with unused bedrooms."
Mr Raimondo cited data that revealed of all Victorians who are 65 or older and live alone – 66 per cent live in a house with three or more bedrooms.
Melbourne suburbs with the most potential are inner or middle areas which generally have higher house prices, the survey showed. Kew and Ivanhoe are examples of such suburbs, as they have a high number of retired, lone households.
