Market conditions spark upsizer surge: Evolve featured in Broker Daily

Broker Daily has covered a shift we’ve been watching for months: the upsizers are moving.

More than half of our recent inquiries are from people we helped into their first home within the last three to four years. They’re back, and this time they’re after the four- or five-bedroom family home.

The reason is a rare alignment. Three successive rate rises and the Federal Budget’s overhaul of investor tax settings have taken some heat out of the $1.3 million to $1.5 million bracket, with some family homes listing $100,000 to $150,000 below where they would have sat six months ago. Meanwhile the townhouses and units these owners are selling, mostly under the $1 million mark, have held their value relatively well. The gap between what they own and what they want has narrowed from both ends at once.

Add household incomes that in many cases have grown up to 15 per cent since that first purchase, and a move that didn’t stack up a year ago is stacking up now.

As I told Broker Daily, this is a narrow window rather than a new normal. If you bought your first home a few years ago and your family is outgrowing it, the numbers may sit differently than the last time you looked.

Read the full article at Broker Daily.