Briefs

The wealth portfolios of older retired mortgagors (i.e. aged over 55 years) is dominated by holdings in property—both the family home and investment properties—(an average of $934,000 or 59.2% of all assets) and superannuation ($433,000 or 27.4%). The family home accounts for, on mean average, $663,000 or 42.0 per cent of all assets.

The rise in home ownership in Australia since the second world war has led to more retirees owning their home outright by the time they finish their work lives, meaning they can live on a lower age pension (traditionally dubbed the fourth pillar of the retirement incomes policy).

The 22 years between 1995–96 and 2017–18 has seen an increase in the proportion of Australians buying their first home at an older age. The mean age of people buying their first home in Australia has edged up from 33 for either a new or established dwelling in 1995–96 to 35 for a new dwelling and 36 for an established dwelling in 2017–18.

Traditionally early adulthood, for Australians aged between 25 and 34, was the time when people formed long-term relationships and bought their first home.

An AHURI research survey found that the vast majority (over 90%) of older Australian across the country are in dwellings that meet their current housing needs, and that 70 per cent reported their current housing meets their longer-term housing aspirations. Just what sort of dwelling and location make up the 'ideal home' for older Australians?