What is the number 1 property issue for 50+?

Our WYZA® Wise Up! research reveals how people 50+ purchase, sell and manage their properties, here are the highlights.

Did you know? From 50+, people undergo substantial changes in terms of work, family structure and home life, as the timeline below indicates. 

Wise Up _Research Topic Pages _Property 1-1000px

Home and property decisions
Some home and property decisions vary according to age, while others remain relevant from 50 to 70+.

50 - 55
Holiday homes or second residences are a niche but lucrative market which skews 50 to 54 year olds, most still working and many with kids at home, are 3 times as likely as people over 55 to buy a holiday home. A third of these people (34%) have household incomes of $100k plus per annum.

50 - 69
Making current homes more beautiful is a pursuit which continues well into people’s 60s — a third of people in their 50s and 60s (34%) intend to renovate or redecorate their home in the next 12 months.

50+
People are as likely to intend to buy or sell their primary residence when they in their 50s as they are in their 70s (a steady 11% for each decade). Just under a third of buyers/sellers 50+ (28%) also intend to make a sea change or tree change, while half (52%) intend to downsize and 10% intend to move into a retirement village. There is a significant skew among property buyers/sellers who are aged 50+ currently living in regional Queensland (17%) — compared to 15% who are in regional NSW and 13% in Sydney.

70+
Interest in retirement living increases once people reach 70 — a quarter (25%) of property buyers and sellers 70+ intend to move into a retirement village.

Additionally, use of outside services to help around the home skews to over 70s (23%) and increases strongly over 80 (40%). This seems very much driven by a spirit of independence — 85% of people over 70 who are interested in CDC type services value independence highly.

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