Drastic measures older buyers are taking to save for their own home
Moving back in with his mum at age 53 has helped John and his wife to save for their future home.
Middle-aged couples are increasingly moving in with their parents to save for a home deposit as property prices have skyrocketed due to a booming housing market. This trend is particularly evident on the Gold Coast, where John Atwood, 53, has had to return to his childhood home to help his mother and accumulate a deposit. Property expert Jackson Hills warns that by 2031, 440,000 older households may struggle to find or afford suitable housing.
Dr Johari Amar, a Bond University property expert, notes that home ownership on the Gold Coast and Queensland has decreased from 80% in 1996 to 72% in 2021. She attributes this decline to an influx of internal migration, estimated at more than 400 new residents per week, driving up prices. Dr Amar suggests that without new housing supply, the competition for existing homes will continue to push prices higher.
For now, the slight cooling in the housing market provides a glimmer of hope for Atwood and others in similar situations.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
