One of the critical factors when making the transition into Aged Care is funding the Refundable Accommodation Deposit (RAD). Often this requires the sale of the family home.
We at Tower recently managed the sale of a unit in Clayton South for just this purpose. Time was of the essence for the owner was already in Aged Care. The Aged Care facility required payment of the RAD asap, and the cost of the Daily Accommodation Payment (DAP) was adding up.
On the 28th July 2018, Tower Property Advisory (Tower) concluded the sale of their client’s property - located in a sought-after golf course themed estate at 43 Greenways Drive Glen Waverley - with an outstanding auction result.
With the client’s reserve set at $1,300,000 and initial reluctance among the 45 attendees at auction, a vendor’s bid of $1,100,000 needed to be placed by the auctioneer to kick off proceedings. From there on, frenzied competition from six bidders ensued, and after a remarkable 191 individual bids, the price was driven all the way to $1,551,000. In golfing terms, the result could only be described as an ‘ace’!
It’s getting harder to sell property at auction – clearance rates are down to around 60% – and the number of unsold properties on the market are starting to climb. Buyers are now in a stronger bargaining position as they have more choice.
Gerry and Rosemary Franklin have made a bittersweet decision that empty-nesters right across the country are faced with each year.
The Canberra couple will move into retirement accommodation later this year and sell the family home where they have lived for almost half a century.
At 83, Mr Franklin is determined that he and his wife, 82, downsize together while they are both fit and well.