Could Baby Boomer downsizing be the answer to Australia's ...

Posted by Jellis Craig on November 27, 2012

Planning authorities and the Real Estate Institute of Australia (REIA) are convinced that if Baby Boomers sold their family home and moved into something smaller then Australia?s record house prices, rising rents and the chronic housing shortage could be curtailed.

Many home owners born between 1946 and 1964 have been able to achieve the dream of owning their homes outright after many years of work. Having established themselves within the local community, they are just not interested in the stress and stamp duty costs that moving house involves.
2011 data from the Australian Bureau of Statistics shows that 91.4 per cent of retiree households had one or more spare bedrooms.

A recent survey of 1604 retired home owners by the Australian Housing and Urban Research Institute demonstrated that by international standards, 88 per cent of these homes were considered far too large given the number of occupants.

Baby boomers say that these extra bedrooms are a necessary space for minding grandchildren, supporting an increasing number of mothers returning to work. These rooms are also used to house visitors, pursue hobbies or exercise in.

Having recently conducted research into the efficient utilisation of Australia?s housing stock, the REIA?s Evgeniya Hawthorne says, ?Encouraging downsizing among the older population may be considered as one of the key tools in avoiding overcrowding and meeting occupancy standards by other groups such as younger families with children.?

With one quarter of the nation?s fast-growing population currently over 55, there is mounting pressure for viable solutions to be found to house everyone. From approving the development of smaller homes to possible stamp duty concessions by State Governments in the future, Baby Boomers are being given a variety of options to assist with scaling back.

This downsizing message may be diluted slightly when considered alongside the Government?s ongoing home support programs for retired Australians. Designed to encourage retirees to stay in their own home for as long as possible before considering a move into residential care, these programs could also reduce the incentive for Baby Boomers to downsize.

Source: http://jelliscraigblog.com.au/?p=1154

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