Westwood Conveyancing

Older people unlikely to downsize

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 types.”

However, private renters appeared the least satisfied with their housing conditions.

“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. 

Source  :  http://www.apimagazine.com.au/api-online/news/2013/04/older-people-unlikely-to-downsize

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