64% of baby boomers won't downsize, research finds
Research shows 64% of Australians over 50 unlikely to downsize due to lack of suitable homes and desire to support their children.
A national survey of over 2000 Australians found 64 per cent of those aged 50 or older are unlikely to downsize as they age. Older Australians wanting to move struggle to find suitable properties in the established suburbs where they have lived for decades.
Most want a one level home close to their GP, friends, and grandchildren. When suitable properties do appear, they compete with young families and first home buyers.
Transaction costs also deter moves: stamp duty and agent fees on a $1.2 million home can total about $66,000, before selling costs. About 40 per cent of over-65s also want their property to pass to their children, so they hold onto the wealth for future generations.
- 64 per cent aged 50 and older
- Unlikely to downsize
- 71 per cent unlikely to downsize
- Age 75 and older
- $66,000 on $1.2 million home
- Transaction costs example
- About 40 per cent
- Over-65s wanting inheritance transfer
Why it mattersOlder Australians' reluctance to move keeps housing supply tight, worsening affordability for younger families struggling to buy.
AustraliaAustralia's housing shortage persists because older Australians hold onto larger properties, squeezing supply for younger buyers across the country.
✓ Claims checked against the source. checked 1 h ago
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