Upsizing Your Home: Tips for Families & Multi-Generational Households

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We’re hearing a lot about downsizers in the current market, but make no mistake… A huge number of upsizers are house hunting as well. And, with January being a classic re-evaluation period for many families, there’s definitely no time like the present for these buyers.

But who exactly are upsizers? And if you’re one of them, how can you make your upsizing move worthwhile?

All shapes and upsizes

Firstly, while families dominate the upsizer demographic, there are a range of buyer types who look for a larger place to live in.

They can be higher-income singles or couples who want to upsize because they have cash to invest and a desire to spread out more at home. Or they might be a couple planning to have children soon and want to upsize now before they’re buried in nappies and milk bottles.

Meanwhile, traditional upsizer families are usually those with children who are moving to a new school in the coming year. If parents have a particular educational facility in mind, they may need to relocate to its catchment area. As the kids grow, so does their demand for breakaway space, with teens clamouring for bedrooms and bathrooms that are well away from their parents.

Then, there are the upsizers who need to make room not just for their kids but for older relatives as well. In fact, these multi-generational households are becoming increasingly common. Australian Bureau of Statistics (ABS) data shows that between the 2016 and 2021 Censuses, the number of three-generation homes across Australia increased by 22 percent, reaching 335,000 in total. Or in other words, one in five Aussie households is now multi-generational.

Adding to the growing frequency of these households is the fact that, as of June 2020, around 4.2 million Australians (or 16 percent of Australia’s total population) were aged 65 and over, according to ABS. In short, you can expect to see more and more multiple generations living under the same roof.

Every buyer should factor in their future needs when choosing a home, but upsizer families more than most, as they’re household will go through dramatic changes during the time they own their property.

Upsizing essentials

Let’s look at the realities of the current Australian property market and how it’s influencing upsizer activity.

Firstly, we’re currently in a seller’s market where the disparity between entry-level, smaller homes and more expensive, larger homes continues to widen. This means buyers often have less purchasing power to upsize over time. Securing the right home quickly once the decision to upsize has been made becomes critical.

According to a Cotality report published in August this year, 42 percent of Aussie properties are three-bedroom homes, with another 28 percent being four-bedroom houses. A three-bedroom house isn’t as large as it sounds at first, especially if it must accommodate you, your kids, and perhaps some grandparents too.

Also, large homes are in high demand, with Cotality data in that same report showing the push to buy four-bedroom properties has risen over the past five years. At the same time, ABS building approval figures show that we’ll see more construction of new units, rather than houses, in the future.

In short, upsizers should expect to see fewer large family homes on the market, with those available being very popular.

Upsizing isn’t just about buying a bigger home, either. These purchasers want a better lifestyle with proximity to retail, cafés, and parks, as well as public transport options and easy road access to other locations. These areas are popular with all buyer types and are in suburbs that command price premiums.

Yes—buying an upsizer can seem challenging, but it is certainly attainable with the right buyers’ agent who can uncover more off-market opportunities.

Upsizing alternatives

As with any new purchase, think carefully about exactly why you want to upsize. Discuss your reasoning and your options with your partner and family. How much are you prepared to pay for an extra bedroom, bathroom, or home office, or a park or café within walking distance?

Try to think outside the box when it comes to your ideal property and location. Yes, detached houses are usually best if you want both space and privacy. But if a detached home is above your property budget, some large townhouses and apartments might suit your family too. These properties often have excellent on-site amenities, and they can be closer to inner-city offices and work hubs than detached houses, as well as to other amenities. For some families, they will be suitable.

Another option might be to stay in your current home and renovate it to include another bedroom or bathroom. Although this often proves to be a “band-aid” solution requiring a shift eventually, some renovations can be cheaper than upsizing to a new home in certain circumstances, and this can sometimes be less stressful than a big move. Depending on local rules and regulations, you may also be able to build a granny flat on your property or convert your garage, or a similar space, into one.

Another idea could be to find a knockdown/rebuild block where you can construct a larger home with separate living quarters for extended generations. Even having a granny flat attached to the property under the same roof might be an alternative.

This could deliver an outstanding outcome, with precisely the design and finishes you want—but you obviously need the budget to afford this option.

Speaking from personal experience, when we had growing teenage boys, up-sizing our home was one of the best things we could’ve ever done - and we’re still enjoying it to this day.

Upsizing your home is a key stepping stone in the property journey. There’s no denying that it’s challenging to weigh up your needs, wants, and like-to-haves when choosing an option. If you’ve found yourself stuck in a rut with your upsizing decisions, it’s time to contact our team at Propertybuyer. Our experts can talk through the possibilities to help you reach a conclusion about your housing needs. We can then help identify and secure the ideal home for you and your loved ones.

Don’t let upsizing your home become a source of immense stress. Instead, lean on a team that can make the process one where you meet your family's needs with minimal fuss.

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