Incentives Needed to Tackle Seniors Housing Shortage
The property industry is calling on all parties contesting the State election to commit to reducing stamp duty costs to enable eligible seniors to move to housing that they need.
“The biggest emerging problem in WA’s housing market is the shortage of suitable housing for seniors including people aged over 65 years old. Each year the number of seniors households in WA that want to move into a more suitable dwelling but are unable to find one grows by 1,000 each year,” said WA Executive Director Lino Iacomella.
Western Australian seniors are facing a looming crisis as seniors housing options fail to meet growing demand.
The availability of different types of housing is quickly becoming the most prominent issue affecting seniors who are wanting alternative housing choices that suit their needs later in life.
“Other states are addressing the problem with a raft of good policies, including financial assistance for those choosing to downsize into more suitable accommodation.
“Between 2001 and 2010 older, downsizing home owners paid between 8 and 10 per cent of the money they obtained after selling their home in stamp duty on their new dwelling. This is a major disincentive to seniors wanting to move into housing that better suits their changing needs.
“To support pensioners wanting to rightsize, Property Council is calling for the introduction of a targeted concession for aged pensioners selling their existing residence and purchasing a newly built home,”
“The concession will help reduce the cost of right sizing for seniors who are also having to weigh up the cost of moving with funding the cost of living either on a pension or through their superannuation.’
“The concession would a promote construction, creating jobs and foster growth to create far-reaching benefits for West Australians of all ages.
“Such a scheme would also promote housing mobility and free up much needed housing stock for families or redevelopment for greater housing diversity,” Mr Iacomella said.
Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]