More elders renting by 2031

ABS demographic projections anticipate a 35.1% growth in the population of seniors aged 55-years and over between 2016 and 2031 in Australia. A population of 5,970,825 seniors in 2016 would therefore grow to 8,064,117 in 2031.
 
A shrinking share of couples with dependent children is also projected and a growing share of childless couples, and female lone persons. The senior population would also comprise a greater degree of older age groups.
 
The ABS Survey of Disability, Ageing and Carers showed that 38.6 percent of the population aged 65 years and over require assistance with one or more activities. If this share remains constant, we can expect nearly 2 million over-65s needing some form of assistance with one or more activities in 2031.
 
In the years to 2031 outright home ownership status will be attained later in life than it was back in 2016. Those still carrying a mortgage among over 65 years persons is expected to increase, and private renters among 65 years and over is projected to rise from 279,028 (9 percent) in 2016 to 543,433 (11 percent).
 
Poor-health will become more common among tenants in rental tenures over the forecasting horizon. Indeed, a sharp increase in long-term health conditions is expected among the fixed number of public housing tenants with 80 percent of those with a public housing landlord having a long-term health condition, and it also is expected to rise to over half of all private rental tenants.
 
The Institute has long been an advocate for a diverse housing supply and addressing the needs of our elderly population through smart product that supports ageing in place. We will continue to put our focus on this as we move towards the 2020 elections.
 
The above information has been drawn from Section 5.2 Demographic change, falling rates of home ownership and tenure profiles, Mortgage stress and precarious home ownership: implications for older Australians, Australian Housing and Urban Research Institute Limited.
 
Any questions regarding this, please contact Manager of Policy, Martin Zaltron (mzaltron@udiaqld.com.au) on (07) 3229 1589.