“Many haven’t bought or sold in decades, so navigating today’s fast-paced market can be overwhelming. It can almost be like working with first-home buyers – they’re unfamiliar with current pricing, processes, and expectations.”
Solano (pictured right) noted that most downsizers are searching for single-level, low-maintenance homes that allow them to age in place. However, he said the process can be complicated by emotional ties to family homes and unrealistic expectations about property values.
“Some sellers have inflated expectations of their home’s value, while underestimating what it costs to buy again,” said Solano. “Add to that the stress of coordinating a sale and purchase in a short timeframe, and it becomes a daunting process.”
Stamp duty remains a significant obstacle for older Australians considering a move. “While some states offer concessions for pensioners, the thresholds are outdated and don’t reflect current market price points,” Solano said. “It’s unfair that someone in their 70s pays the same transfer duty as a 30-year-old. We need targeted reform. Offering stamp duty concessions on properties up to $1 million for Australians over 60 would make a real difference.”
Finder’s research points to the financial challenges facing retirees, with downsizing becoming a common approach to stretch retirement savings. Solano added that supporting this trend could also help address the country’s housing supply issues.