• Why not downsize? For these Sydney homeowners, it’s complicated

    Nicole Reed, with sister Ashley, and parents Dana and Rodney. Nicole has moved out of home but would be inclined to move back in when it’s time to save for a deposit. Photo: Steven Siewert

    Why not downsize? For these Sydney homeowners, it’s complicated

    TAWAR RAZAGHITWITTERJOURNALIST facebooktwitterpinterest

    Why keep a big family home after adult children have moved out? In Sydney’s soaring real estate market, empty-nesters could easily sell, then buy a smaller place and pocket the difference.

    But many homeowners are often holding onto large residences as long as possible to allow adult children to move back in if they need, or to have enough space to offer childcare for young grandchildren.

    It has become almost a rite of passage for the Boomerang Generation to make their way back to Mum and Dad’s to live, pay cheap board and save for a deposit on an eye-wateringly expensive Sydney property of their own.

    But a shortage of large family homes for sale can make it hard for young families to upsize, with scarcity pushing up house prices.

    These families explain why they’re staying put – and their children share their own property journeys.

    The renter

    Family in massive house - this place, which is mostly unused as the two daughters live in a small flat in Canmperdown. Family photo in large surroundings illustrate the generational divide around younger generation crammed into small places and empty nesters in large family homes. Pictured are Dana Reed and her husband Rodney at their inner west house with their daughters Nicole and Ashley who have moved out.5th June 2021Photo: Steven Siewert
    Dana Reed and her husband Rodney with their daughters Nicole and Ashley who have moved out. Photo: Steven Siewert

    Moving back in with her parents is exactly what Camperdown renter Nicole Reed hopes to do when she begins to look for her first home.

    “It is harder to save for a deposit when you are paying rent. I would be more inclined to move back in with my parents when I’m serious about my property goals,” Ms Reed said.