How a Seniors Housing Concession Can Benefit Us All

 

The introduction of a stamp-duty concession for seniors looking to downsize would invigorate the property market, boost housing affordability and create jobs for young and old.

“To support pensioners wishing to downsize their housing needs, the Property Council is calling for the introduction of a targeted concession for aged pensioners selling their existing residence and purchasing a newly built place of residence under $550,000,” Property Council WA Executive Director Lino Iacomella said.

“Limiting the scheme to newly built residences, the concession will promote construction, creating jobs and fostering growth to create far-reaching benefits for West Australians of all ages.

“Such a scheme would also promote housing mobility and free up much needed housing stock for families or redevelopment for greater housing diversity.

“Western Australia is facing a growing and serious problem of limited access to diverse housing options for seniors.  Housing availability and affordability are two key barriers to downsizing for pensioners and must be addressed by all major parties contesting the 2017 State election.

“Between 2001 and 2010 older downsizing home owners paid between 8 and 10 per cent of the money they obtained after selling their home in stamp duty on their new dwelling.  This is a major constraint in the orderly functioning of the property market.

“All parties contesting the State election in 2017 should seriously consider incentivising the downsizing process to promote housing affordability, crate jobs and secure WA’s economic future,” Mr Iacomella said.

Media contact:  Lino Iacomella  |  M  0417 501 974   |   E  liacomella@propertycouncil.com.au