Right-size empty Nester Homes helps simplify property tightening

Two of every three Hobart’s empty nests were unintentionally downsized and offered larger homes for young families.

Some potential landers have the largest populations sitting on real estate in popular school areas.

Figures from the Australian Seniors Survey show that only 17% of parents who move out of the house have shrunk, 15% are considering this, while 67% do not plan to move.

Lindisfarne, Bellerive, Taroona and Kingston Beach are home to some of the city’s population over 50 years old.

Meanwhile, the Retirement Living Commission’s report on removing rights barriers urged overhauls of the age pension asset rules and Commonwealth rental assistance eligibility to ensure retirees are not punished for moving into more appropriate homes.

RLC executive Daniel Gannon said the changes will reduce the demand for public housing, hospitals and elderly care.

“Prehistoric policies lock Australian seniors in large family homes during the housing crisis, when the appropriate scale initiative should be front and center to relieve stress on housing and health care systems,” Gannon said.

“What’s ridiculous is that policies decades ago are expected to keep up with the prices of modern homes and the cost of living.

“Young Australians risk losing their pensions, while young people are in housing difficulties.”

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Russell Yaxley, president of the Tasmanian Real Estate Institute, said that empty nesters focusing on transitioning to homes that suit their lifestyle are not only a good idea, but will also be a positive contribution to Tasmania’s housing supply challenges.

When empty-nest elderly people enter more manageable, efficient homes, Mr Yaxley says it can provide a larger family home for growing families.

“The family then moved from their first homes, which opened up opportunities for young buyers and investors to enter the market,” he said.

“This cycle is not new or secret, and encouraging empty nesters to move is challenging and requires quality, well-located home supply to suit their needs – single-story living, lower maintenance, lower maintenance, strong community connections and access to amenities.

“It’s a once-in-a-lifetime opportunity for those willing to take on the challenge and offer this option.”

Eleanor Creagh, senior economist at Proptrack, said one of the most important undeveloped materials when Australia encounters a housing shortage is to better use existing homes.

Ms Creagh said: “There are many land-based homes all over the country, and even if we only offer some of them, it can open up a lot of options for families.”

The economist said they may face too many inhibitions to relocate to overcome emotional and cultural attachment to their families.

Ms Creagh said: “The decision to shrink is not just a financial decision. It is a very personal decision. The cost of stamp duty and the lack of a suitable alternative is a suppressive effect on many Australian elderly people, especially considering all the emotional and cultural factors at play,” Ms Creagh said.

Socio-demographic Mark McCrindle said empty nests resist moving for financial, practical and emotional reasons.

“This is a generation that has gained a huge benefit from that family home,” McLindle said.

“They see an increase in land value, which is a key part of what they don’t want to give up on that.”

Hobart’s top 10 empty nest hotspots

Suburbs, the percentage of people over 50 years old, the population over 50 years old

Lindisfarne 0.46%3098

Bellerive 0.44%2197

Taroona 0.46%1455

Galeston Bay 0.41%1448

Dodge Ferry 0.41%1100

Kingston Beach 0.46%1064

Battery point 0.44%933

Sandford 0.41%856

Richmond 0.51%816

Primrose Sand 0.55%670

Source: proptrack