Unlocking 60k homes with radical plans for baby boomers

Despite the worsening housing crisis in Australia, nearly 70% of empty-nest households have no intention of reducing size and releasing larger homes.

Extraordinary figures from the Australian Seniors Survey show that only 19% of empty-nest elderly people in Australia have moved into a smaller property after their children move out, while another 13% are considering that.

The majority (69%) of empty-nest elderly people decide to stick to their own family residence.

Of these generations, baby boomers are most likely to shrink in the past year, while the same baby boomers and Gen X remain the same.

High Network earns over $200,000 per year, high net worth makes the highest percentage of people that have not yet been reduced.

Now the housing crisis has become a cornerstone of the federal election campaign, triggering calls for reform from the Retirement Living Commission (RLC) to unlock 59,576 homes in Australia.

In a report released today, the RLC urged the lifting of financial barriers to encourage the “rights” of senior Australians and create much-needed housing opportunities for young families.

Related

Reduce the Dilemma: Why SA’s Empty Nest Is Not Annoying

NSW housing crisis fueled by stubborn empty nests

According to the Barriers Report on Demolition Rights, reforms to age pension assets tests and Commonwealth rental assistance eligibility could encourage another 94,000 seniors to obtain retirement village housing options by ensuring financial penalties for doing so.

RLC executive Daniel Gannon said the changes could lead to significant results, including reducing the costs and demand for public housing, hospitals and elderly care while bringing $295 million in stamp duty revenue to the state.

“Prehistoric policies lock Australian seniors in large family homes during the housing crisis, when rights initiatives should become smaller initiatives to relieve stress on housing and health care systems,” he said.

“It’s ridiculous that policies decades ago are expected to keep up with the prices of modern homes and the cost of living. The older Australians risk losing their pensions while young people are in housing difficulties.”

This is how your state compares in the Australian Seniors Survey.

South Australia

According to the survey, South Australia’s seniors are perhaps the most stubborn in laying off employees.

Up to 79% of respondents said they had no intention of reducing the size and making larger homes for younger families. This number is the highest record in all states and regions.

According to the data, only 17% of parents who move out of the house have reduced their parents’ size, while only 4% are considering it.

A separate analysis of census data showed that the population of potential landers in the SA suburbs was the highest, defined as residents over the age of 50.

More news: Government unlocks remaining land for housing

Golden Grove, northeast of Adelaide, leads the state, which has 4,459 people.

Hope Valley is another hot spot, with the remaining top 10 being in West Lake, Wynn Valley, Paradise, Grange, North Haven, Fulham Gardens, Somerton Park and Glennell North.

Eleanor Creagh, senior economist at Proptrack, said one of the undeveloped materials was to better use existing homes when SA struggled to address housing shortages.

“We know that affordability in South Australia has dropped dramatically, with prices rising by about 80% over the past five years … This could lead to unwilling people to land,” she said.

“(But) the decision to downsize is not only 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 older Australians, especially given all the emotional and cultural factors that are being played.”

Read the full story here.

New South Wales

In NSW, seven out of 10 empty nests refuse to shrink, putting increasing pressure on the already large housing shortage in the state.

Research by seniors in Australia shows that 20% of the state’s empty nests and the bill has moved to a smaller property after the child has moved out, while 13% are considering the property.

The majority (67%) still live in large family homes, although research shows that this could release nearly 60,000 desperately needed properties for young Australians nationwide.

More News: Surprising State Family Approval Lags

Many decliners have been shut down due to the financial burden associated with sales and buybacks, but emotional and practical barriers are often greater, said Mark McCrindle, a social analyst and demographer.

“This is their home to raise children, and giving up that family home is to give up emotions, which shows that the parenting phase is over and many people don’t want to admit it,” he said.

Mosman, Earlwood, Concord and Mona Vale are suburbs that may be the largest empty nest population, with the largest owners over 50 years of age and holding for more than a decade, according to PropTrack.

Read the full story here.

Victoria

Victorian empty nests proved that 67% of responders said they had no intention of reducing the size, which was just as stubborn.

Only 17% of parents whose children move out of the house have shrunk, while only 15% are considering it.

Separate census data show that Wheeler Hill, Camberwell, Elsham and East Brighton are home to some of the city’s largest populations over 50 years old.

The same suburbs also have locations for a special average home ownership term of more than 15 years, which put them in the city’s top 30 suburbs for owners to refuse to sell and move on.

More News: How Labor and LNP compare with first home buyers

Data for senior Australians were compiled in a study conducted by Mymavins and covers more than 1,200 Australians aged 50 and older who are current or former empty-nest elderly people.

As many as 80% of empty nests are open to the idea of ​​children going home, and a large percentage of them want to leave their homes to their children as legacy, for a big reason they are not considering selling.

Read the full story here.

Queensland

Seven out of 10 empty nests in Queensland are still sticking with family homes, making them the second largest accomplice to put their homes to the younger generation.

Only 19% of empty nests in the state moved into a smaller property after moving out, while 13% are considering it, with the remaining 68% staying.

Queensland’s highest potential lander population is defined as residents over the age of 50, and found in Cleveland, Redland, Greater Brisbane, the area has 8,364 people, followed by Aspley in the north of Brisbane.

More News: “This is the Wreck of Train”: Shocking New Australian Family Statistics

The remaining 10 baby boom spots are on the Golden and Sunshine Coasts:

Labrador, Hope Island, Tutantin, Carrara, Combaba, Out of Control Bay, Noosaville and Pelicans waters.

These areas are also ranked in the suburbs, where homeowners own real estate for more than a decade.

A separate study by Avid Property Group found that lifestyle considerations are the main driver of modern Queenslander decisions.

Avid found that 39% of potential degraders were driven by “aging in aging community in a considered community.”

“It’s interesting that ‘releasing extra cash retirement’ is not a consideration for these Queensland clients,” said Avid General Manager Manuel Lang.

Read the full story here.