As the cost of living rises and life circumstances change, many homeowners are choosing to downsize their properties.
Whether it’s due to an empty nest, financial considerations, or a desire for a more manageable lifestyle, downsizing is becoming an increasingly popular option.
Sandy Lower, a real estate agent with Q State Property, has seen firsthand the various reasons families and individuals decide to make the move.
“From our experience on the sales side, downsizing often happens when families mature, and children move out,” she said.
“Mum and Dad don’t need such a big house anymore, so they look for something more manageable on a day-to-day basis.”
In addition to family changes, property owners on larger acreage lots and farms are also opting to move into smaller, low-maintenance homes.
“We see a lot of people selling bigger acreage properties and moving to homes that require less upkeep,” Mrs Lower said.
Financial considerations also play a significant role in the decision to downsize.
“Some homeowners want to remain property owners but simply can’t afford the higher mortgages with cost-of-living stresses,” Mrs Lower said.
“Council rates are another factor. Downsizing from 10 or 15 acres to a 500-square-metre block can mean a vast difference in expenses.”
There are several signs that indicate it may be time to consider a smaller home.
“Maintenance is a big one,” Mrs Lower said.
“Many people get to a point where they don’t want to spend every weekend mowing or maintaining large properties.”
Others may be looking for convenience, particularly as they age.
“For those who are older, being close to medical centres, shops, and public transport becomes more important,” Mrs Lower said.
When it comes to choosing the right property after downsizing, there are several options available.
“If someone is moving off acreage, a smaller residential block means less maintenance,” Mrs Lower said.
“They no longer have to deal with septic systems or large gardens.”
For older homeowners, over-50s lifestyle communities are a popular choice.
“In places like Ingenia, homeowners have a low-maintenance setup with added conveniences,” she said.
“They can travel and have a home base without the stress of looking after a large property.”
While some downsizers choose townhouses or apartments, the majority still opt for smaller, standalone homes.
“The trend we see locally is more towards single-family homes in estates or over-50s communities,” Mrs Lower said.
Location is also crucial.
“Conveniences like proximity to shops, medical facilities, and public transport should be factored in, especially for those approaching retirement,” Mrs Lower said.
For those considering a move to a smaller home, Mrs Lower advises taking lifestyle needs into account.
“Think about what your life is going to look like for the next five to seven years.” she said.
“Are you traveling often? Do you still want space for a garden? Your next home should fit your needs both now and in the near future.”
