Instead, it’s a chance to embrace change for the better: a more relaxed lifestyle full of new opportunities.

Contemplating the transition from a large, free-standing family house to an apartment can seem daunting, but with a few cardinal rules in place, downsizing without compromise will leave you wondering why you didn’t do it earlier.

Imagine your life five, 10 and 20 years from now

Any buyers accustomed to a large house need to be picky when looking for an apartment that will suit their changing needs over the years.

While a development with stairs may be fine now, the possibility of future mobility issues makes a lift essential in order to rest assured that you wouldn’t have to move if such an eventuality occurred.

Perhaps space for grandchildren to visit and play is important, while you don’t want to be forced to get rid of a lifetime’s worth of treasured possessions (yes, there is such a thing as downsizing too far).

It’s all in the design

Even when moving from a house to an apartment, compromise shouldn’t be in the vocabulary. In fact, this is a time to seize the chance for top-flight design embracing light and space.

A boutique north-facing development overlooking the water in Cremorne, Park Residences reflects the fact residents are likely to be downsizing from large homes, with all 11 apartments boasting house-sized proportions and northern aspect views.

“Every apartment has been designed to get a maximum amount of sun. Balconies and terraces are also generous enough to fit a full-sized dinner table, so you can continue to entertain the family in proper style,” says the managing director of Abadeen Group, Justin Brown.

“It’s a unique spot, high up on a ridge with northern views of Middle Harbour. It’s rare on the Lower North Shore to get such a boutique aspect and views never to be built out.”

Location, location, location

“Consider the aesthetics you’re used to,” says buyers’ advocate Lauren Goudy of Rose & Jones.

“If you’re used to trees or the water, you might miss those if you move somewhere completely different. It’s about finding comfort and ease in your location.”

Future-proofing your downsizing decision requires an unsentimental look at the area.

“Are there shops and medical centres nearby, is there easy access to public transport, to the city or to the beach if that’s an attraction?” asks Goudy.

It’s equally important to consider the recreational aspects. Downsizing is synonymous with a time in life when you’re free to embrace hobbies and social extra-curricular activities.

Brown says the location was key to Park Residences.

“The Neutral Bay shops are a flat 300-metre walk away, while the golf course, tennis courts, and a croquet pitch are also just nearby. As for the beach, it’s just down the hill.”

Boutique is best

Leave the large apartment developments for the younger buyers. For downsizers, there’s comfort in knowing who your neighbours are without living in each other’s pockets.

Boutique developments aimed at owner-occupiers are generally more focused on the luxe touches, such as beautifully detailed textures and finishings within apartments and subtle ways for residents to mix.

At Park Residences, all apartments boast floor-to-ceiling windows, fireplaces, marble benchtops, oak timber floors, main bedrooms with large walk-in wardrobes and large outdoor entertainment areas.

What’s more, all are generously sized for entertaining at home, or there’s a luxe common area equipped with a 12-seat dinner table and kitchen where residents can socialise or hold their own events.

Above all, it’s crucial for a downsizer to know the market in their desired area and to consider all of these factors in their decision.

“It’s a very competitive market and what is likely to be your last big investment,” says Goudy.

“Do your homework and identify a quality asset.”