1. Renovate to age-in-place - keep the suburb and the neighbours. Reconfigure to single-level living, better bathrooms, no-step access. 4 to 9 months.
2. Knock-down rebuild on the same block - same land, a brand-new single-storey home designed for your next 20 years. 14 to 22 months including permits.
3. Buy an established downsizer - a courtyard home or low-maintenance townhouse. Fast, but supply is tight in the good pockets.
4. New build on a smaller block - land plus build in a growth corridor or an infill estate. Full control, but 18 to 30 months from decision to move-in.

Not what the brochures show - what Melbourne couples in their 60s and 70s actually tell us matters:

• Single storey, or a genuine ground-floor master plus laundry
• Zero-step entry from the garage and the front door
• Doorways wide enough for future mobility aids (900mm or more)
• A second bedroom that doubles as a study, guest or carer room
• Two bathrooms so guests do not share yours
• North-facing living so Melbourne winters are bearable without constant heating
• A 7-star (or better) energy rating to keep running costs down - mandatory on new Victorian homes since May 2024
• Lock-and-leave garden for the grey-nomad and travel years

General market observations as of mid-2026, not quotes.

Age-in-place renovation: $140k to $380k depending on bathrooms, laundry and level changes.

Knock-down rebuild, single-storey courtyard home (180 to 220 sqm): $650k to $1.05M build, plus demolition ($25k to $55k) and site costs.

New build on a smaller block: land $380k to $850k depending on the corridor, build $560k to $900k for a well-specced 3-bed single-storey.

Established downsizer townhouse: $720k to $1.4M in the middle ring, less further out. Add stamp duty and transaction costs.

• Going too small too fast - one guest room short and the kids (and grandkids) stop staying over.
• Choosing a two-storey townhouse for now that becomes unlivable in 15 years. If you buy two-storey, insist on a ground-floor master, bathroom and laundry.
• Forgetting storage - decades of family life does not fit a 3-bed courtyard without joinery planning.
• Buying in a suburb without walkable coffee, a GP and friends nearby.
• Underestimating owners-corporation fees on new townhouse developments.

• Bentleigh / Hampton / Sandringham - bayside, walkable, quality courtyard and townhouse stock.
• Camberwell / Surrey Hills / Balwyn - leafy, tram access, strong resale.
• Williamstown / Newport - village feel, water, easy access to the city.
• Ivanhoe / Eaglemont - established character on smaller blocks.
• Point Cook / Williams Landing - newer single-level homes with low maintenance.
• Mornington Peninsula / Ocean Grove - for the sea-change lifestyle downsizer.