New data from the ABS shows one third of older Australians in low income households are ‘asset rich’ and ‘income poor’. This demonstrates the need for new policies that will help them unlock their home equity in retirement, according to the Property Council of Australia.
“We need to put in place the right policies that help older Australians downsize. All too often, a pensioner considers downsizing only to reject it because it would mean a hit on their pension,’ says Mary Wood, Executive Director – Retirement.
For health reasons, many older Australians need to downsize to homes without steps or big back yards and have a desire to move to more appropriate accommodation, like a retirement village, apartment or villa where there are cheaper rates and utility costs.