Are you thinking about downsizing? If so, you’re not alone. According to the Australian Housing and Urban Research Institute, 43% of older Australians are thinking about downsizing, and over a quarter said they’ve moved somewhere smaller during the past 5 years.
Why are more people now downsizing real estate in Australia? And what strategies can make finding your perfect smaller home an easier task?
What Are the Benefits of Downsizing Real Estate?
For many Australian homeowners, moving to a smaller property offers significant financial benefits. Across the country, the median house prices have increased by 33% over the past 10 years. For those in desirable inner-city locations, these increases have been substantially higher (56% in Melbourne and 67% in Sydney).
By selling a larger home and moving to a smaller one, homeowners may be able to unlock substantial equity, which can be used to boost savings, reduce debt or relocate to a more desirable area.
Downsizing: The Ideal Choice for Over 50s Living
For those approaching retirement age, moving to a smaller home can be an easy way to increase capital. Scaling down is also a desirable move for those seeking a more manageable home that is a better fit for their changing lifestyle. After all, why keep maintaining a 2-storey, 4-bedroom home on a quarter-acre block now if you no longer need that much space?!
Developments specifically designed for over 50s living can also offer an ideal mix of community, affordability and access to desirable amenities (such as gyms, swimming pools and onsite healthcare providers). As more of these communities become available, it’s become easier than ever to downsize to a smaller home without compromising on your preferred lifestyle.
5 Strategies to Make Downsizing for Retirement Easy
1. Evaluate Your Needs and Priorities
Start by honestly assessing your personal needs and priorities. For example, would you love to move somewhere warmer or closer to family? Do you need access to public transport or specialised medical care? Are you looking for something that’s very low maintenance, or would you prefer somewhere with space for a veggie garden?
2. Declutter and Simplify
This can seem like a daunting task, so start by setting small achievable goals. Take it one room at a time, and use the ‘keep, donate, discard’ method to decide what will come with you to your new home.
3. Research Potential Locations
It’s important to do thorough research before deciding to relocate to a new area. Consider a range of factors, including climate, cost of living and proximity to shops and healthcare services.
4. Consider the Future
When planning to downsize your home, it makes sense to think long-term. You may have just turned 50 and be in fantastic physical health, but will your new home still be suitable when you’re in your 60s and 70s? Planning ahead can make it easier to transition through various life stages without having to continuously move house.
5. Use a Buyer’s Agent
To ensure you find the right property in the right location, consider using an experienced buyer’s agent. A buyer’s agent can do all of the research for you, find suitable properties and handle the negotiations once you’re ready to make an offer. They can also provide valuable insights into the local property market and may have access to off-market properties.
Start by honestly assessing your personal needs and priorities. For example, would you love to move somewhere warmer or closer to family? Do you need access to public transport or specialised medical care? Are you looking for something that’s very low maintenance, or would you prefer somewhere with space for a veggie garden?
This can seem like a daunting task, so start by setting small achievable goals. Take it one room at a time, and use the ‘keep, donate, discard’ method to decide what will come with you to your new home.
It’s important to do thorough research before deciding to relocate to a new area. Consider a range of factors, including climate, cost of living and proximity to shops and healthcare services.
Let an Experienced Buyer’s Agent Make Downsizing Easier for You
If you’re ready to start scaling down, the experienced professionals at Discover Buyers Agency are here to help. From finding you the perfect smaller home to successfully negotiating the best price, we’re committed to making the downsizing process as easy as possible for you. Contact us today to get started!
Kane Dury is the Director and Lead Buyers Agent at Discover Buyers Agency. He has been pivotal to the company’s success since February 2023. With over a year and a half of dedicated service, Kane specialises in real estate investment, exclusive buyer representation, and property consulting on the Gold Coast, in Queensland, Australia.
