Elderly Aussies Say They're Looking to Downsize

Around the world, and specifically in the US, house hunters are looking for different types of homes to meet new needs after spending months in quarantine. In the US, specifically, the need to move away from crowded cities into homes that are larger and offer office space for remote work is the new search norm according to property portal researched data. 

That doesn’t seem to be the case for Aussies. 

Recent data has shown that one out of four Australians over the age of 50 are looking to downsize because of the coronavirus pandemic. 

Over 200 people took a survey run by property portal Downsizing.com.au and news and lifestyle platform, OverSixty.com.au. Results showed 28% of survey takers said they were ‘more likely’ to consider moving into a retirement community as a result of the coronavirus pandemic. 

Sixty-eight percent of the survey takers said the motivation to downsize came from a need of a supportive community during a crisis. 

Other reasons include: 

• Live in a modern, low-maintenance home (67%)
• Move away from a crowded city environment (26%)
• Boost retirement finances by releasing home equity (18%)

Downsizing.com.au CEO, Amanda Graham, said:

“All evidence points to the fact that retirement and lifestyle communities have provided a supportive, safe and stimulating environment for residents who’ve been required to stay in their homes during the coronavirus pandemic.

“For instance, residents in these communities have been able to continue to live independently in their own villa or apartment, but also enjoyed access to communal support services, including food deliveries and socially distanced entertainment and social activities.

“Clearly, many over 50s who’ve been isolated in the general community during the pandemic have seen these benefits and are now looking at downsizing as a result.

“Importantly for the retirement living industry, our survey respondents seem to have understood these types of independent living communities for younger and more active retirees are completely different to what is offered in aged care facilities, which provide high needs hospital-like services to very frail elderly residents.

“Overall, this survey would appear to show the retirement and downsizing housing industry has a very positive future coming out of the pandemic and indeed should be able to make a strong contribution to the nation’s economic recovery.”