A win for NSA on housing

The Liberal Opposition’s policy will offer a concession of $15,000 capped at properties worth up to $1.2 million, applied to both existing homes and new builds.

The Labor Government’s newly announced policy will abolish stamp duty for those aged 60 plus buying a smaller, newly built home or off-the-plan apartment worth up to $2 million.

Both policies have merit but have key differences that could sway voters.

While the Labor policy is more generous, offering a bigger concession on homes that are more expensive, it is limited to newly built homes to simulate construction of new housing.

The Labor policy could help to free up larger homes for families while supporting the construction of new housing stock for homes suitable for older people, but only if the right stock is built.

There is a question mark about what constitutes a “new build” or if there are plans to taper the concession for higher value housing (as is done in Victoria).

Ideally, these details should be worked out in consultation with seniors’ organisations, such as NSA, before the policy is enacted to ensure they work for older people and are targeted at need.

What we don’t want is a policy that encourages housing that older people don’t want to live in. That outcome is always a risk if developers focus on building housing that is ill-suited.

While retirement living might be flavour of the month now that retirement villages co-located with aged care facilities have been classified as “essential infrastructure”, this model is not for everyone.

We need a diversity of new housing stock for older people, and any stamp duty concession should ensure that a diversity of housing options is open to older people.

NSA will continue to call on the remaining states and territories – Queensland, New South Wales, Western Australia, and the Northern Territory – to do the same, so that all older Australians can more easily downsize into age-friendly housing.