Australian housing market needs shakeup, says report
The ageing nature of the Australian population has prompted the authors of an industry report to suggest a number of changes, including some for the residential property sector.
In a paper titled Realising the Economic Potential of Senior Australians, a panel of experts has noted that by 2050, the domestic population will be made up of those aged 55 and up will increase to 22 per cent.
The authors include the National Seniors Australia chair Everald Compton, former deputy prime minister Brian Howe and professor at the Centre for Research on Ageing at Curtin University of Technology Gill Lewin.
They note that the challenges presented by this demographic shift are complex - with many people in this age range still likely to be seeking work after retirement age.
Because of the shift in Australian business away from manufacturing in preference of knowledge-based tasks, the report says that many of these older employees will be able to perform their tasks from home.
The report states: "Seniors can contribute more effectively when they have access to good health and housing.
"The home environment can facilitate functional independence and even be designed to assist seniors in monitoring their health."
For residential property investors this could mean that senior-friendly properties that help to enable older workers wishing to remain an active part of the workforce will become increasingly in demand over the following years.