What To Weigh Up Before You Retire In Your Current Home

The rising costs of bills, insurance, and everyday essentials is having an impact on how older Australians live.

According to the Australian Seniors Cost of Living Longer Report 2024, 79% of the over-50s surveyed were making daily sacrifices to manage their finances.

With cost-of-living pressures only increasing since the report’s release, the focus on finances and lifestyle is at the forefront more than ever.

According to James Westh, Victoria General Manager of Stockland Halcyon, one of the country’s leading over-55s community operators, this is also changing the way older Australians look at their homes.

“We’re seeing more Australians over 55 take a step back and ask whether their current home still suits the way they want to live,” says Mr Westh.

“Rather than simply focusing on what the property market might do next, many people are thinking more carefully about how they want to spend their time, their money and the years ahead.”

The hidden costs of staying put

With cost-consciousness at a high, the home is one place many over-55s are reassessing.

While moving and selling might seem like a more expensive option on the surface, Mr Westh says there are several hidden costs to staying in a larger family home that homeowners might not think of.

“Often it’s not the obvious costs people focus on, it’s the accumulation of smaller costs over time,” says Mr Westh.

From home maintenance and repairs to insurance and council rates, there are many day-to-day expenses that start to add up.

Household bills are another rising cost homeowners should consider, and the size of the home can impact that cost.

Even looking at just heating and cooling, Sustainability Victoria finds that a large-sized 220sqm house can cost at least $462 more per year to run than a medium-sized 160sqm house with the same air conditioner.

Ageing in the family home might also require the home to be updated and modified for increased accessibility.

The Federal government’s Assistive Technology and Home Modifications scheme only provides funding for up to $15,000 for eligible over-65s.

A 2025 statement from Occupational Therapy Australia highlighted however that some major modifications can cost up to $50,000, and that even smaller changes like handrails can quickly use up this funding.

Beyond the hip pocket, Mr Westh also adds that staying in the family home can cost more than just money.

“There’s also the time and energy required to maintain a larger property,” he explains.

“Many homeowners tell us they hadn’t fully considered those ongoing commitments until they started looking at alternatives.”

There are several hidden costs that over-55s can avoid by moving out of their older, higher-maintenance family home.

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Life timing versus market timing

Ongoing costs are only part of the equation when homeowners are deciding to stay or move, as market conditions can also play a role.

After years of strong performance, the growth in median home prices in Australia has slowed in recent months according to PropTrack’s Home Price Index, with prices decreasing in capital cities like Sydney and Melbourne.

A downturn can make buyers less inclined to sell as they try to wait for the next upswing, but this could see them waiting for years.

“Property markets will always move through cycles, and it’s very difficult to predict the perfect time to act,” says Mr Westh.

“What people can control is how they want to live and what they need from their next chapter.”

For many over-55s, that means prioritising ‘life timing’ — aligning a move with milestones like retirement, evolving health needs, and being closer to family — rather than trying to pick a market peak.

“If a move can provide greater financial certainty, more freedom and a lifestyle that’s better aligned with their goals, waiting for ideal market conditions can sometimes mean delaying the very things they’re hoping to enjoy,” says Mr Westh.

There’s also a benefit in moving while still active: homeowners have the energy and time to settle in, build new friendships and make the most of their move.

Choosing the change, rather than being forced by circumstance later, can reduce stress, boost confidence and create a stronger sense of belonging.

“Whether it’s travelling more often, spending time with family, joining social groups, taking up new hobbies or simply enjoying a more low-maintenance lifestyle, people can make the most of those experiences while they’re active and looking ahead to what comes next,” says Mr Westh.

Timing a move based on life milestones, rather than property trends, can mean over-55s can make the most of their retirement lifestyle for longer.

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Where over‑55s are finding financial certainty and lifestyle value

For many over-55s looking to move, Stockland Halcyon’s land lease communities offer a clear way to right-size when life timing, rather than market timing, says it’s time to move.

Mr Westh says that what often surprises people is the broad range of lifestyle opportunities available.

“Homeowners have access to facilities such as clubhouses, swimming pools, wellness spaces and a range of homeowner-led activities and interest groups,” he explains.

“At the same time, they maintain their independence and continue to participate in the broader community.”

Homes are designed to offer lower maintenance, with solar included to assist in lowering energy bills.

Halcyon communities are also gated, giving a sense of safety and security to homeowners.

With community managers onsite and most communities typically close to shops, transport and health services, homeowners can spend less time on upkeep and more time on travel, family and social activities.

Because homeowners own their home and lease the land, there’s no stamp duty, no exit fees or body corporate levies, and they retain any capital gains, which can make budgeting and long‑term planning more predictable.

For buyers interested in learning more about Stockland Halcyon’s land lease communities, Mr Westh recommends visiting the communities in person and speaking to existing homeowners to see how the housing model works.

“Seeing the lifestyle firsthand and understanding the financial structure can be incredibly valuable,” says Mr Westh.

“The more informed people are, the more confident they tend to feel about their decision. At Stockland Halcyon, we’re always happy to help people explore their options and understand whether the model is right for them.”