Downsizing can suit homeowners who want to simplify their lifestyle, reduce maintenance, lower ongoing costs or unlock equity tied up in their current home.

However, the right decision depends on your financial position, long-term plans and how you want to live in the next phase of life. It’s important to consider both the emotional and practical aspects before making a move.

It’s a good idea to speak with your accountant or financial planner to help you make any decisions.

There’s no one-size-fits-all approach.

Selling first can reduce financial risk because you know exactly how much you have to spend on your new purchase, but may also expose you to market risk if you delay too long before purchasing. Buying first can give you certainty and avoid temporary accommodation, but may require bridging finance or careful timing.

A clear strategy, guided by professional advice from your accountant or financial planner, together with a mortgage broker if required can help you choose the option that best suits your situation.

The amount of equity you release will depend on:

• Your sale price
• Your purchase price
• Any outstanding mortgage
• Stamp duty and transaction costs

A detailed financial assessment with the help of your accountant or financial planner will give you clarity on how much capital you’ll have available and how it may support your retirement or lifestyle goals.

Downsizing can improve cash flow and increase flexibility, particularly if it reduces debt or ongoing expenses.

However, it’s important to understand how released equity interacts with superannuation, tax implications and potential Centrelink considerations. Speaking with a licensed financial planner can help you make an informed decision.

When downsizing, suitability is often more important than size alone. You may want to prioritise:

• Low maintenance living.
• Accessibility and single-level design.
• Proximity to family, community, amenity and services (especially healthcare).
• Community connection and lifestyle features.

The right property should support both your current needs and your future plans.

Yes. Downsizing involves property, legal and financial decisions that can have long-term consequences.

Working with experienced and licensed professionals can help you avoid costly mistakes and ensure your transition is smooth and well-planned.