| Troya Living is a furniture company that specialises in multi-functional furniture that organises and creates more space. At Troya, we have been lucky enough to help many families on their space-saving journeys. Currently, 9/10 of the people who come to look at our showroom are downsizing! |
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So what is downsizing?
In simple terms, “to make smaller”. It is the act of moving from a larger home to a smaller one. Downsizing from a house to an apartment or smaller dwelling is becoming increasingly popular amongst homeowners of all ages. There are a few reasons why we are seeing an increase in the downsizing trend.
According to News.com “Finder recently revealed that 13 per cent of Australians they surveyed have been forced to find a more affordable property as they feel the pinch of inflation. That translates to 2.6 million people who say they’ll have to downsize in response to the rising cost of living.”
The Generations leading this trend are the Baby Boomers and the millennials. Together they are the largest generation groups in Australia, Taking up 45 per cent of the total population. |
Why are people downsizing?
Changing Family Structure As the baby boomer generation moves into retirement age, their children are moving out, and they have no need for a 4 to 5-bedroom house. Changes to Health, relationship status, and family structure mean they can't justify the upkeep of a larger home.
According to ABC News, “based on a survey of 2,400 households, more than half of Australians over the age of 55 are open to downsizing.“
Through Troya, we are experiencing this shift first-hand. We can see that people are choosing town housing, apartments and retirement villages over their larger family homes. We predict that the trend will continue to increase in popularity, as people discover the benefits of downsizing to an apartment or smaller home. The government has introduced an incentive to make the transition a little bit easier. Freeing up larger homes for new families.
It’s not just the Baby boomers that have a changing family structure. Single professionals and couples are choosing more compact residences. They are having children later in life and prefer living in a small residence to a bigger home. |
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Strategic financial decision
Downsizing can also be a strategic financial decision. Besides the government incentive, smaller properties have lower purchase costs, rates, utility bills and maintenance costs. As the cost of living increases, it can be financially beneficial to downsize and move to a cheaper mortgage. Or Downsize to have greater savings amount.
Lifestyle And Lastly lifestyle, Australians are increasingly prioritising quality of life over quantity of space. Location is everything; we are finding people who would move to be closer to family and based on their ideal living location rather than their ideal home. Closer access to amenities, gyms, restaurants, cafes, parks, and beaches. |
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Downsizing often brings about its own unique set of challenges. Here at Troya, we understand the complexities that can arise during this process. Our products are thoughtfully crafted to assist you in navigating these transitions with ease. Whether you're seeking a balance between accommodating guests and creating a productive study area within limited space, our solutions are tailored to help you find harmony and functionality in every corner of your home.
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As the trend of downsizing continues, many people are finding themselves in smaller living spaces that require creative solutions to maximize storage and organisation. One innovative answer to this challenge is the wall bed, also known as a Murphy bed. That’s where Troya comes in!.
Want Tips on Downsizing to an Apartment?Check out this blog : Space-Saving Guide to Apartment Living |
