Downsizing in Rockhampton: Sell now or later?
Share
If you have been thinking about selling to downsize in the next two years, here is the most straightforward advice we can offer: if selling is on your mind, don’t wait.
Find out why we’re encouraging sellers, and in particular downsizers, to act sooner rather than later:
The market is cooling
Forecasters are increasingly pointing to a softening ahead for Australian property, with predictions for a more “fragmented and constrained” market.
Hypothetically, if values drop by 20% (which is a big call and not what we’re saying will happen in the near future), the numbers tell a very clear story:
- A home worth $1 million becomes worth $800,000.
- A home worth $500,000 becomes worth $400,000.
On the surface that looks equal because both dropped by 20%. But for the seller with the larger home, the loss is doubled.
The $1 million seller loses $200,000 in value, and the $500,000 property they are moving into only drops by $100,000.
Rockhampton has seen strong growth over recent years. Selling now means locking in the gains you have earned (prices have doubled in most suburbs since 2021), rather than watching them erode while you wait for a better moment that may not come.
Still not sure about downsizing in Rockhampton?
Downsizing is a huge decision, regardless of how the property market is performing, and many couples agonise over leaving the family home for many years because it is such a big change.
However, a well-known study by economist Steven Levitt, author of Freakonomics, found that people who choose change are consistently happier with their outcomes than those who did not, regardless of the decision they were making.
Some reasons to downsize:
- Free up cash for retirement
- Lower insurance, cleaning and maintenance costs
- Move to a home on a single level that will allow you to live independently for longer
- Switch from mowing lawns and vacuuming to a cosmopolitan, resortstyle way of living with security and undercover parking by the river
- If you are over the age of 55 and have owned your home for more than 10 years, you can explore the downsizer contribution as a way to boost your superannuation without exceeding the contribution cap.
Waiting for certainty rarely delivers it, and once you make the decision, it’s unlikely you will look back.
Read more: Make downsizing easier for you and your family
There is a practical case too
Start the downsizing process now and you could be settled in your new home well before the end of the year, ready to enjoy summer in a brand new place that suits your needs, and without the concern of a larger property that is dropping in value.
The team at The Agency CQ is ready to talk through your options and walk you through the selling process. Our service includes:
- Detailed appraisal
- Comprehensive strategy
- Support as you prepare your home for sale, including arranging tradespeople and property stylists
- Access to one of the best negotiators in Rockhampton, so you get the best possible support to achieve a price you’re happy with
Call 07 4930 4900 or request an appraisal and let one of our dedicated local agents explain what your property is worth in the current market.
