Homeowners in Rhodes Maria and Albert Mahabir. Picture: Thomas Lisson
Mortgage-free homeowners are increasingly giving up the Great Australian dream of a house on a quarter acre block for vertical living as developers cram their new projects with amenities and features.
It comes as superannuation fund Hesta reported a surge in downsizers selling homes in spring and channelling the proceeds into extra super contributions.
This included double-digit growth in the number of NSW retirees putting extra income into their super – in most cases, after downsizing their homes.
Part of the recent wave of downsizers was a Western Sydney mum, who revealed how an encounter with her daughter led to a life changing decision to ditch her forever house for an apartment.
Maria Mahabir said she decided to sell her mortgage-free home of seven years in Caddens, which she had pledged to stay in for as long as she could, for a luxury high-rise apartment.
She said she made the decision after realising she had to “nab” a slice of the high life before prices spiralled out of control.
Housing development Oasis Tower in Rhodes.
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Despite vowing she would never sell the family home that she built on a block of land in the Penrith region, Ms Mahabir said one night in Rhodes changed everything.
After visiting her daughter’s unit in the booming inner-west precinct, the allure of resort-style living proved too strong to resist.
“We didn’t intend to downsize. We were supposed to stay. Never in my mind was I going to sell,” Ms Mahabir said.
“But I had seen my daughter’s (home) in the area and liked it. I thought I’d better grab something in the area before it’s too late and the prices go up.”
Ms Mahabir splashed out on a unit in Oasis Tower, a 43-level skyscraper developed by construction group Billbergia as part of the Rhodes Central masterplan.
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She has traded suburban lawn maintenance for a “beautiful” lifestyle that includes access to a pool, sauna, and a state-of-the-art cinema room.
The luxury tower sits directly above the new $85m Rhodes Recreation Centre and is located right next to the railway station.
“I saw the lifestyle (my daughter) had. It’s beautiful,” Ms Mahabir said. “I knew that if I was to buy in this area, I should buy something new … this was the best option.”
Ms Mahabir revealed she and her husband sold their Caddens home to buy into Rhodes mortgage-free.
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Vertical living has become more appealing for many downsizers.
She is no stranger to the property game, revealing the couple previously owned a portfolio of six investment houses in Penrith before cashing them in when the market peaked.
Now, despite high inflation and the cost of living crisis, she is ready to roll the dice again with further property investments.
“If you wait for the market you will wait forever. You will have to make a gamble at some point,” she said, shrugging off high interest rates by recalling when she paid 8 per cent on her first home.
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