Australia faces a massive challenge delivering suitable housing for its ageing population.
The country is expected to have nearly 9.4M over 55s by 2036.
Over 2400 Australians aged 55 and over, took part in a survey recently conducted by the Australian Housing and Urban Research Institute through focus groups in metropolitan and regional WA, NSW and VIC, including older Indigenous Australians, about their housing aspirations in later life.
It found housing meets the current needs of nine out of 10 older Australians. But only around 70% thought this housing met their longer-term aspirations, so the other 30% would be seeking to move.
Regardless of their current housing tenure, 80% of older Australians want to live in a home they own, no matter the type, size or location which offers security in later life.
The survey found that two-thirds of older private renters were once in, home ownership. Most of these households were forced, rather than chose, to enter the private rental market, often due to a relationship breakdown or financial hardship.
So, where do we want to live in retirement?
- We most commonly want to live in the middle or outer suburbs of a city. This aspiration increases with age.
- Among those aged between 55 and 74, there was a strong aspiration to live in small regional towns.
- Those aged 75 and over were more likely to indicate a preference for the inner suburbs of a capital city.
- Few older Australians wanted to live in the CBD of a capital city.
What sort of house do we want?
Over two-thirds of older Australians want to live in a standalone house. The remaining third prefers an attached dwelling, apartment or alternative such as an ancillary dwelling, like a mobile home or granny flat.
And apparently ‘size matters’ Around 50% of older Australians want to live in a home with three bedrooms. Just 20% wanted four or more.
The preference for larger dwellings drops sharply with age. Those older than 75 were more likely to prefer smaller dwellings.
The retirement living sector also has a major role to play by offering a range of flexible products designed to suit the needs of older Australians in a variety of financial circumstances.
The survey suggested new types of housing options might also help bridge the gap between the security of home ownership and the relative insecurity of renting for older Australians who, in many cases, are asset rich but income poor.
Time to get thinking about the future?
