Brighter Buying

Why 2023 is a great year to downsize

by Kate Watt, Marketing Manager 5 January 2023

You may not have noticed it amongst all the fireworks, but a new law came into effect on 1 January which makes 2023 an attractive year in which to downsize.

A single Australian aged 55 and above can now contribute $300,000 to their superannuation account from the proceeds of the sale of a home, or $600,000 for a couple.

This is thanks to a change which has lowered the age to qualify for a concession to top up super with proceeds from your home sale.

Around 8000 Aussie pensioners downsized in 2021, reports The Guardian, and it is hoped that this number will increase under the new laws.

It aims to create a win-win, removing a financial barrier to downsizing, in turn seeing more housing stock hit the market, and helping to ease affordability pressures.

But when it comes to downsizing, financial matters are just one consideration. Often lifestyle factors can be just as complex to work through – if not more so.

Moving to a smaller home can mean letting go of memories not just material possessions. There are many ways to approach it – from the practical and efficient, to thinking about the change as an opportunity to ‘fun-size’ your life.

If downsizing might be on your radar for 2023, read our tips on how to downsize your home and upsize your life.

Thinking of making a change? Contact us for a chat.

Ready to fun-size? View our current listings for sale or talk to us about selling.