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  • 23 hours ago
Australians in their fifties are taking drastic measures to try and crack the housing market. But those who do buy their first property later in life face the prospect of retiring with mortgage debt increasing the risk of homelessness.

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00:02At 53 years old, John Atwood's dream of owning a slice of the Gold Coast is still just out of
00:09reach.
00:09We've seen it go from bugger oil to astronomical prices.
00:15He's moved back in with his elderly mother, in the hopes of saving enough to buy a home next year.
00:20If we'd gone on the standard rental market, I doubt we would have anything left over.
00:27But if he does secure a mortgage, the working years left to pay it off are running out.
00:32It does concern me going into retirement.
00:37Peak Housing Body National Shelter estimates by 2031 about 440,000 older households won't be able to find or afford
00:45suitable housing,
00:46with more people heading towards retirement with major debt.
00:51This is right across the income distribution.
00:53People in their 50s, 60s and 70s now retiring with mortgage debt and housing stress is pretty common in most
00:59parts of the country.
01:00With few choices available, experts say Mr Atwood's decision to live at home and save is prudent and others in
01:07his shoes are following suit.
01:09That's the best way to manage cost of living while at the same time being able to have access to
01:14a home.
01:17We will be closer to the home.
01:17I'll look at that home.
01:17Let's go.
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