Waiting lists for retirement villages? In Western Australia, it’s happening

Nearly 70 per cent of the state’s retirement villages currently have a waiting list. People want to ‘downsize’.

500,000 West Australians are over the age of 60 and this is predicted to increase by 100,000 in the next four years.

To make ‘downsizing’ easier – and cheaper – WA Premier Colin Barnett says he has a solution – a $15,000 stamp duty concession to over-65’s if his Liberal government is re-elected on March 11.

The biggest concession of its kind in Australia, the discount would apply to new and existing properties valued up to $750,000, with a $10,000 discount for vacant lots up to $400,000 (How do you downsize from a ‘vacant block’?).

It’s a major lure for older homeowners.

Over $18,000 in savings for the average house

According to the Property Council in WA, downsizing home owners paid between 8 and 10 per cent of money made from selling their home in stamp duty on their new property between 2001 and 2010.

If the plan was implemented, it would save around $18,715 on the average West Australian house price of $520,000.

The scheme would run for two years from January 2018 to January 2020 with the $50 million cost to be offset by the duty paid when the buyer purchases the home the senior is selling.

Of course, it’s only an election promise – but Western Australia is expected to have a shortage of 2,500 seniors’ dwellings in the next two years.

We need viable housing options – including retirement villages and nursing homes – now. Other states say they won’t follow – maybe until their next election.