According to an Australian Housing and Urban Research Institute study, Australia’s population is expected to double between 2036 and 2036. This means that governments need to provide policies for their housing needs.
The suburbs and the middle of cities are preferred areas for older Australians. The 55-74 age bracket has strong preferences for smaller towns. If they are over 75, most people will choose to live in the suburbs.
A study found that nearly two-thirds of older Australians prefer to live in a detached and freestanding home. A third of older Australians prefer to live in an apartment or attached home.
The study revealed that 50% of seniors would prefer to live in four-bedroom homes, but their preference for larger homes decreases with age.
This is a sign that older Australians are in high demand for homes with two- or three bedrooms located in areas of high quality amenities. About 13% of Australians consider apartments to be a valuable product. However, smaller attached houses also offer a solution,” Amity Jam, Curtis University’s leading author of the AHURI research, stated.
James said that diversity in housing stock is also a need in the regions.
“Small, regional towns can be a great place for seniors to call home. However, these areas must have enough dwellings to accommodate the growing demand. She stated that no matter where the housing is located it will require a collaborative approach between developers and planners to ensure that housing meets these needs.
The most striking finding of the study was that many older Australians do not plan ahead to achieve their long-term housing goals. James suggested these households might benefit from a central service for housing to help them with their changing housing requirements.
“Currently, we have found that older Australians most likely to get financial or legal aid to help them achieve their goals. They were also more likely to access stamp-duty relief, financial advice and subsidised rental in private sector. In a Think Piece posted on The Conversation, James stated that access to these services decreases as one gets older.
Because homeownership is cheaper than renting, the study emphasizes how important homeownership is for your future.
James stated, “The alarming trend in declining homeownership rates among younger cohorts is going to cause major problems for retirees that must maintain rent payments into retirement.”
As some possible solutions, the study recommends low-cost, low deposit ownership products through shared ownership or land rental.
For those who can’t afford homeownership, it is crucial to have formal reforms that offer longer lease terms and more security in the private rental market. James indicated that these could include tax or other incentives for older Australians in need of housing.
