Around 26% of over-55s have already downsized while another 29% are considering it, according to a new survey of 2,400 households by the Australian Housing and Urban Research Institute (AHURI).
The AHURI says that with about 6.5 million Australians aged 55 or older living in about 4.3 million households, that’s around 2.5 million households that could potentially downsize – but many aren’t.
Why not?
The researchers say the biggest barrier is a lack of suitable housing that meets people’s needs and preferences.
The survey showed most respondents wanted a home with three bedrooms (though two-thirds moved to homes with less), within walking distance of shopping, medical, recreational and public transport services, and a lower-maintenance property or garden.
The wish for a better lifestyle and to free up cash were also cited as benefits (pictured above).
But retirement villages and land lease communities fulfil all these needs – and more. Most importantly, they provide the community that research has shown is critical to preventing social isolation and improving physical and mental health as we age.
It’s also worth thinking about downsizing now – before a crisis happens.
The survey respondents who were most likely to consider downsizing were those who had experienced a change in their health, for either themselves or their partner – and the importance of this in prompting a move increased with age.
Considering your options now could make your move a relaxed decision – rather than a forced move.
You can find out more about the different options at villages.com.au here.
