Encouraging ‘rightsizing’ is the right move, says REIQ
The Real Estate Institute of Queensland (REIQ) is welcoming the Albanese government’s move to introduce a Bill to parliament to encourage Australian pensioners to downsize their homes.
REIQ CEO Antonia Mercorella said giving older Australian’s an asset test exemption on their home sale proceeds would incentivise them to move into size-appropriate homes for their stage of life.
“The REIQ is an advocate for ‘right-sizing’ incentives which allow older Australians to sell the family home that is now too large and move into a better-suited sized home,” Ms Mercorella said.
“We think everyone would prefer to see properties freed up for growing “up-sizing” Australian families, rather than seeing pensioners feeling financially stuck in properties that they aren’t fully utilising and aren’t fit for their needs.
“While ageing in place is a factor, we know high transactional costs is one of the reasons older Australians are reluctant to sell and are holding on to their properties, for far longer than is ideal for their circumstances.
“In the lead up to the last Queensland state election, we called for stamp duty exemptions for older Queenslanders arguing that the removal of this costly tax would provide senior citizens with an opportunity to move into more age-appropriate housing and create more housing options for young, growing families.
“The REIQ supports initiatives that make downsizing a much easier financial decision for older Queenslanders, to significantly free up much-needed housing stock, and our view is more can be done at all levels to achieve meaningful change.”’
Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
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