Older Australians Embrace Apartment Living Despite Rising Costs and Financial Barriers

Many older Australians are choosing to downsize into apartments for lifestyle benefits, reduced maintenance, and improved accessibility, even as financial costs and emotional ties present notable challenges. While expenses such as stamp duty, moving fees, and strata levies can deter some retirees, others find the transition significantly improves their daily quality of life.

For 72-year-old John Turner and his wife Kathryn, moving into a two-bedroom inner-city apartment eight years ago following their retirement offered relief from maintaining their former 850-square-metre property. After living in their family home for 40 years and undergoing two knee operations, Mr Turner noted that the lack of lawn maintenance and the proximity to essential services—including public transport, markets, a cinema, and medical facilities—made the move worthwhile. The couple also cited enhanced security while traveling as a key advantage, though they experienced unexpected increases in strata fees and surrounding urban development over time.

Similarly, 78-year-old Bryan Worn downsized from a large Queenslander to a two-bedroom Brisbane apartment a year ago. Living alone for five years, Mr Worn sought to eliminate heavy maintenance work, particularly storm cleanups, following safety concerns from his children. Drawing on his background in finance and previous experience in apartment living, Mr Worn factored in ongoing costs like strata fees, though he noted that clearer information regarding future building maintenance expenses would help others considering a similar transition.

Housing Choice and Policy Challenges

Despite the advantages reported by downsizers, housing experts highlight significant barriers that prevent broader adoption among older demographics. Emotional attachments to long-term family homes and a general scarcity of suitable local options lead most older Australians to remain in their existing residences as long as possible.

Steven Rowley, Director of the Australian Housing and Urban Research Institute’s Curtin Research Centre, emphasized that the market currently lacks an adequate supply of larger dwellings, such as three-bedroom apartments, which are generally more attractive to retirees. Edgar Liu from the UNSW City Futures Research Centre supported this view, explaining that retirees spend more time at home and often desire more space than a standard one- or two-bedroom unit offers. Mr Liu suggested that government intervention mandating a varied mix of apartment sizes in new developments could help address the shortage. However, Professor Rowley expressed concern over the construction industry's capacity to deliver larger, affordable apartments given high building costs.