A LOOMING housing crisis affecting older Australians will be the focus of a summit hosted by seniors advocacy group Council on the Ageing at Canberra's National Press Club today (June 22).
Affordability and housing security for older people will be key topics discussed by experts, policy-makers and seniors at the forum.
The major housing issues expected to hit seniors in the next two decades include falling rates of home ownership, rising rental prices, scarcity in social and community housing, an increasing number of older people retiring with mortgages and an inadequate supply of suitable housing options for both renters and home owners looking to downsize.
COTA chief executive Ian Yates said older Australians are in many respects the forgotten faces of the housing crisis.
"Older Australians are increasingly falling through the cracks in the growing housing affordability and supply challenge, with a growing number of older Australians needing to rent, rather than owning a home outright," Mr Yates said.
The rates of home ownership by older Australians is already in decline, and this is forecasted to drop even further in the next 10-15 years.
"This trend is already exerting extra pressure on the rental market and on many older Australians who are struggling to pay their rent, while also juggling other rising expenses like energy," Mr Yates said.
"There is a whole group of people currently in their 50's and 60's who will be retiring as renters, or if they are lucky enough to own a house, facing the prospect of retiring with a mortgage.
"We are dealing with a vastly different economic landscape than 10 years ago and policy makers must come up to speed with the key issues and trends in housing for older Australians, including re-evaluating assumptions about home ownership that underpin age pension policy."
