"While Melbourne’s green wedges are generally considered to be a legacy of the 1972 – 1981 Rupert (Dick) Hamer State Government, they were established as part of the 1968 – 1971 Melbourne Metropolitan Board of Works planning process. They were protected by what was then called the Landscape Interest A zone, with a minimum lot size of twenty acres (eight hectares).
With NSW’s (read Sydney’s) population growing at a break-neck pace (see below chart), last month it was revealed that there was a revolt underway from within the NSW Liberal Party against the federal government’s mass immigration program and over-development across Sydney (watch video).
Add up all the neglected costs of downsizing and retirees have good reason to be wary of making the move. It’s time to debunk the myth of zero housing costs in retirement if we want to understand why retirees resist downsizing. Retirees have at least five reasons to be wary of the costs of downsizing.