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Unprepared for the silver tsunami

The fact that seniors’ housing is leading the way in the real estate market should come as no real surprise.

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Perth
Great article Lino. I support the proposed initiatives and it would be great to see more focus on this subject. As a major supplier to this market we are keenly aware of the difficulties developers are facing and we would welcome the opportunity to contribute to further discussions regarding potential solutions.

It gets worse. The new 1 Jan 2017 Centrelink Asset Test on Aged Pensioners is a perverse Government incentive that ensures that $5.9 Trillion in housing stock remains locked up, in order for retirees to receive the full age pension. The unwelcome alternative for retirees is to lose some or all of their fortnightly pension when investing in non-residential investments caught by the Asset Test. Many hundreds of thousands of retirees would like to downsize into more appropriate accommodation, in doing so enabling first home buyers to purchase an existing home - rather than be forced to build from scratch. However the new 1 Jan 2017 Centrelink Asset Test on Aged Pensioners acts as a hidden incentive to prevent both outcomes. If that shining financial beacon, New Zealand, can operate quite successfully without such a draconian Asset Test on Aged Pensioners, it’s about time Australia worked out how to follow suit.

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