AS life changes and family homes grow quieter, many older Western Australians are considering the benefits of downsizing. Whether it’s for financial reasons, a simpler lifestyle, or to reduce the physical demands of home maintenance, downsizing can be a liberating decision.
Here’s a guide tailored to the WA market, including advice from experienced real estate agents Tim Gossage and Daniel-Paul Filippi from The Agency WA, who can assist in getting an accurate appraisal of your property’s worth.
Timing is Everything
When it comes to selling your home, timing can play a crucial role in the outcome. Daniel-Paul Filippi, who has years of experience helping local residents transition to smaller homes, says:
“We are currently seeing a strong market for family-sized homes in Perth, making it an ideal time to consider downsizing. The demand is high, and buyers are keen to secure larger properties.”
However, every suburb in WA is different, so it’s important to understand your local market before making a decision.
Tim Gossage, an expert in the Western Australian property market, says: “We are seeing particular interest in areas like Fremantle, Cottesloe, and Joondalup, where downsizers are looking for smaller, lock-and-leave properties that offer proximity to amenities without the upkeep of larger blocks.”
How to downsize smartly
1. Get a professional appraisal. Before you even start planning your next move, the first step should be getting an accurate appraisal of your current property. This will give you an idea of the potential equity you’ll have after the sale. Tim Gossage and Daniel-Paul Filippi recommend obtaining multiple appraisals to understand the value and demand for properties like yours in your area. Contact them at The Agency WA to arrange a no-obligation appraisal.
2. The size of your next home when downsizing, depending on your current and future needs. While the goal may be to reduce your living space, it’s important to still have enough room to entertain, store belongings, and accommodate visiting family or friends. For many in WA, downsizing doesn’t necessarily mean giving up a bedroom, but it may mean looking for smarter, more efficient use of space.
3. Look for the right location. Think about what matters most in your next location. Proximity to healthcare services, shops, public transport, and leisure activities can be important factors. Many downsizers are attracted to suburbs offering a village feel, with vibrant communities such as Subiaco, Mount Lawley, or Mandurah proving popular.
4. Stay open to new living options. Some may opt for retirement villages or over-50s communities, particularly in regional WA where lifestyle communities are gaining popularity. These offer communal facilities, security, and lower maintenance. Others may choose to relocate to a smaller home in their current suburb, maintaining proximity to their friends and networks. There are plenty of new developments in Perth’s outer suburbs offering modern, low-maintenance homes perfect for downsizers.
5. Plan your finances It’s important to consult a financial planner to ensure you are making the best decisions for your retirement. A professional can help you assess the costs involved, from selling fees to potential stamp duty exemptions, and work out the best way to manage any equity you release from your property sale.
How Tim Gossage and Daniel-Paul Filippi can help.
Downsizing does not have to be a stressful process. With the right advice, you can make informed decisions that suit your lifestyle and financial needs. Tim Gossage and Daniel-Paul Filippi have extensive experience helping Western Australians with the downsizing process, offering tailored advice on property appraisals and market trends. Their focus is on ensuring you maximise the value of your current home while helping you find a new property that fits your downsizing goals.
To get started, reach out to Tim Gossage at 0411 284 074 or Daniel-Paul Filippi at 0412 991 361 today for a free, no-obligation property appraisal. They can guide you through the process, provide insights on the best time to sell, and offer a personalised service that takes the stress out of downsizing.
