<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Advocates have long warned that the </span><a href="https://www.9news.com.au/housing" rel="" target="_blank" title="housing crisis"><span>housing crisis</span></a><span> in Australia is being compounded by empty nesters who refuse to sell their mansions to make room for first homebuyers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Baby Boomer and Generation X households are hoarding the most wealth in land values, holding an average equity of $1.36 million and $1.45 million in real estate respectively, </span><a href="https://kpmg.com/au/en/media/media-releases/2026/01/gen-x-most-wealth-in-property-baby-boomers-move-to-cash.html" rel="" target="_blank" title="according to KMPG figures"><span>according to KMPG figures</span></a><span> released earlier this year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But for many, the spiralling fees associated with </span><a href="https://www.9news.com.au/national/downsizing-not-on-the-cards-for-emptynesters-amp-research-reveals/df418a15-78ea-4700-8658-8440297f68e4" rel="" target="_blank" title="downsizing"><span>downsizing</span></a><span> outweigh the benefits.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/not-so-grey-nomads-max-and-duncan-cancer-diagnosis-during-australia-road-trip/40ca16ad-c8f3-4539-832e-45b1c40bba01" rel="" target="_blank" title="Max and Duncan sold everything to become nomads. Then came a grim diagnosis"><strong><span>Max and Duncan sold everything to become nomads. Then came a grim diagnosis</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>Have you decided not to downsize? Contact</span></strong></em><span> </span><strong><em><span>reporter April Glover at</span></em></strong><span> </span><a href="mailto:april.glover@nine.com.au" rel="" target="" title="april.glover@nine.com.au"><em><strong><span>april.glover@nine.com.au</span></strong></em></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Multi-million-dollar home sales attract eyewatering stamp duty fees.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The state government tax on property purchases varies in each state and territory and is calculated on the market value of the property.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/downsizing-costs-why-stamp-duty-moving-expenses-agent-fees-are-stopping-homeowners-explained/973605d4-c526-4a1c-aa19-715eddc12aef" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In Sydney, stamp duty on the median home price of $1.75 million is $78,262.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>And in Melbourne, stamp duty on the median property price of $1.083 million is $62,326.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>State government stamp duty fee waivers and reductions, which are different in each state and territory, only apply to first homebuyers, not long-time homeowners.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Combine that with cleaning and moving fees, along with conveyencer and agent fees and the upfront costs are staggering.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/harrisville-pub-queensland-owner-plea-as-country-pubs-struggle-to-stay-afload/53d3c499-0b0c-4818-bba1-9373c9b14286" target="_blank" title=""><strong><span>Queensland pub owner's plea after being forced to raise menu prices</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Asset-rich baby boomers sitting on mortgage-free homes </span><a href="https://www.9news.com.au/national/downsizing-could-solve-housing-crisis-experts-say/7b67a212-b6fc-4f5c-95fe-4e0cded4e0ff" rel="" target="_blank" title="have been urged to sell"><span>have been urged to sell</span></a><span> their multi-bedroom properties as the housing crisis sends home prices skyrocketing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Data even shows that one-third of the baby boomer generation feels as though their homes are too big for them.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Director of Metropole Property Strategists Michael Yardney told </span><a href="https://www.nine.com.au/?rf=true" rel="" target="_blank" title="nine.com.au"><span>nine.com.au</span></a><span> that the figures "simply don't add up" for home owners considering selling later in life.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"For downsizers, it means paying up to $100,000 in tax just to free up equity and move to a more suitable home," Yardney said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"So it's no surprise then that many choose to stay put rather than incur a huge tax cost just to buy a smaller place."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/us-terror-threat-level-iran-israel-strikes-what-is-it-explained/0ef6e153-f786-4ef2-9aaa-85a0e7d131bb" rel="" target="_blank" title="USA 'on war footing' after Iran's chilling vow for revenge"><strong><span>USA 'on war footing' after Iran's chilling vow for revenge</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://propertyupdate.com.au/baby-boomers-sitting-on-property-goldmines-but-why-arent-they-cashing-in/" rel="" target="_blank" title="Writing on his blog"><span>Writing on his blog</span></a><span>, Yardney said homeowners are also reluctant to leave their neighbourhoods after decades spent there.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"When they look around for a smaller, well-appointed, accessible home nearby, they often come up empty," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The middle-ring suburbs of our major cities are woefully underdeveloped when it comes to medium-density housing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This is where boomers live, and where they'd like to stay, but development has been stifled for years by local councils and resistance to change."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Yardney said waiving or reducing stamp duty for Australians moving into their "final home" could unlock a new generation of properties.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The current stamp duty fees are only deincentivising retirees from freeing up family homes for the next generation, Yardney explained.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It would materially lower the cost of downsizing and would unlock a large pool of mid-sized and large homes for the market, easing housing supply and providing retirees with more choice and financial flexibility," he added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank" title=""><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" 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The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.</span></em></div></div>