Older people unlikely to downsize

Older people unlikely to downsize

Posted on Wednesday, April 17 2013 at 3:48 PM

Investors purchasing units around CBD locations might have less chance than they think of finding an older tenant.

The notion that retirees are downsizing has been questioned by the
Australian Institute of Health and Welfare (AIHW). Its report, The desire to age in
place among older Australians
, shows more than 90 per cent of older
Australians intend to stay in their current accommodation, rather than move to
aged care or move at all.

It looks at older people who own their home outright (73 per cent),
those paying a mortgage (five per cent), those who rent (10 per cent) and those
who live in social housing (eight per cent).

“Most older Australians say that they desire to ‘age in place’, that is,
to remain in their current accommodation as opposed to moving into specialised
care, or even moving at all,” AIHW spokesperson Geoff Neideck says.

“This report shows that older people who are outright homeowners not
only intend to move less, they actually move less than other household tenure

However, private renters appeared the least satisfied with their housing

“The majority of older private renters intend to move in the next five
years and report the fewest number of reasons for wanting to stay in their
current home,” Neideck says.

“They also move most frequently, despite expressing anxiety about this.”

For most households, location is the most often reported reason to stay,
followed by comfort and then finances. 

Follow us on Twitter.

Was this article helpful? Place a link to it from your website, or share it using the button below.

Bookmark and Share

Recent articles:

SMSF spruikers under watchdog’s microscope

Property confidence on the rise

Analyst’s report predicts Sydney price growth

Older people unlikely to downsize

NSW development approvals to be reduced to 10 days

Paying up for permanent parking

Leave a comment







    Article source: http://feedproxy.google.com/~r/API_Property_News/~3/kv6HnUNcsBA/older-people-unlikely-to-downsize