Downsizing remains a challenge for asset rich, cash poor older Australians
The Property Tribune
Downsizing in Australia is part of the broader housing diversity conversation. While there is growing momentum behind the idea of downsizing, major hurdles remain firmly ahead.
At a UDIA WA event, Downsizer Economist in Residence, Michael Blythe, highlighted Australia’s aging population. In parallel, houses were also aging and becoming less suitable or unsuitable for older Australians.
As homes became no longer fit for purpose, the upkeep of older houses also became a growing challenge.
Blythe raised the poignant point of home sizes.
As the number of empty nesters rose and home composition changed, Australia is not so much experiencing a housing crisis, as it is an excess of bedrooms – the number he put on it: 13 million.
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