Seniors Housing Incentives Welcomed

 

The Property Council strongly welcomes the WA Liberal’s commitment to introduce a raft of incentives and initiatives to assist seniors in WA into the housing they need.

The initiative includes a stamp duty concession of up to $15,000 for seniors downsizing into a property valued up to $750,000.  A $10,000 concession will also apply to vacant blocks valued up to $400,000.

“These initiatives would help thousands of seniors in WA move into more suitable housing and it will free up larger homes for younger families,” Property Council WA Executive Director Lino Iacomella said.

“It will also help the retirement living sector meet the expanding demand for seniors housing.

“The stamp duty concession will reduce the biggest blockage in the housing market, the high transaction cost of moving home for seniors.

“This will also stimulate the construction of more diverse housing in local areas that seniors live, delivering more jobs to the local economy.

“The broader real estate market will also benefit from the opportunities for younger families to trade-up into larger homes.

 “Permitting more age-friendly development on Crown Land is a great initiative and it will result in more seniors’ housing opportunities in local areas that were previously off-limits,” Mr Iacomella said.

“The funding boost for the Seniors Advisory Centre is also welcomed along with the focusing of government responsibilities for the sector with the Minister for Seniors.

“These are long-overdue and very necessary initiatives to address the biggest emerging problem in the WA housing market – the shortage of seniors’ housing. We call on all the major parties contesting the WA election to match these community building initiatives,” Mr Iacomella said.

 

Media contact:  Lino Iacomella | M  0417 501 974   |   E  liacomella@propertycouncil.com