What is the number 1 property issue for 50+?
- WYZA Life
Our WYZA® Wise Up! research reveals how people 50+ purchase, sell and manage their properties, here are the highlights.
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Did you know? From 50+, people undergo substantial changes in terms of work, family structure and home life, as the timeline below indicates.
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.
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.
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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