Help for retirees to ‘right-size’
The Property Council of WA are calling for the government to implement a ‘last home owners’ grant to provide an incentive for older West Australians to downsize.
Sandra Brewer told Oliver Peterson the $15,000 bonus would offset stamp duty and other expenses that normally put older people off selling their large family homes.
“We’re suggesting the bonus is paid to people willing to move into an apartment or seniors’ living like a retirement village, to help them with some of those costs.” she said.
Ms. Brewer said getting older people to ‘right-size’ would improve availability of housing and rentals in WA, and the government wouldn’t lose out on stamp duty.
“In our modelling we’ve looked at how many people might take up this $15,000 bonus, and compared it to the stamp duty revenue the government would receive from people downsizing into an apartment but also for their family home to sell… even if just five per cent of people over 65 were to ‘right-size’ that would deliver $179 million in stamp duty revenue.”
Click PLAY to listen.