Older Australians want to live in a home they own, according to a report by the Australian Housing and Urban Research Institute (AHURI).
The report surveyed more than 2,400 Australians aged 55 years and up, with focus groups in Western Australia, New South Wales, and Victoria. In-depth interviews also supported the report.
Regardless of their current housing tenure, 80% of older Aussies want to live in a home they own, no matter the type, size or location, reflecting a desire to dwell in long-term, stable housing for the security it offers, the report said.
Nine out of 10 older Australians said their housing met their short-term aspirations, but only around 70% thought their housing met their longer-term aspirations, the report showed.
Two-thirds of older Aussies renting had previously owned homes, according to the study. Most of them were forced to enter the private rental market due to a relationship breakdown or financial struggle.
Older Australians mostly want to live in the middle or outer suburbs of a city, with a few desiring to live in a capital city's CBD, the report said.
Over two-thirds of older Australians want to live in a stand-alone home, while the remaining third prefer an attached dwelling, unit, or an alternative like a mobile home or a granny flat, according to the report.
Around 50% of older Aussies want a home with three bedrooms, while 20% want four or more, the report said.
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out