Older Australians sell long-held homes to unlock property wealth

Summarised from 2 outlets · Updated 14 Nov, 21:31 · Archive

Senior Australians are selling properties held for decades to convert accumulated wealth into cash.

Senior West Australians are listing properties that have been held by the same families for 30 to 80 years to convert accumulated wealth into cash. Real estate experts report an unprecedented wave of activity, with properties marketed as being offered for sale for the first time in multiple decades. Real estate professionals describe this as part of an intergenerational wealth transfer, with owners seeking to unlock equity, simplify estates or assist younger family members establishing their own financial futures.

Australians aged 65 and over account for around 17.5 per cent of the population and hold property as their largest asset. They control an estimated $2.8 trillion in net property wealth, which represents just over 30 per cent of Australia's total housing assets. The broader trend reflects a phenomenon dubbed the "great wealth transfer", which is expected to see younger Australians inherit an estimated $5.4 trillion in assets by 2050, with the peak of transfers expected around 2041 as baby boomers pass away.

How it is being reported

• WA home sellers look to ‘unlock their wealth’, by selling off properties held for generations‘In my 35 years in real estate, I can’t recall seeing so many property advertisements highlighting that a property is being offered for sale for the first time in 30, 40, 50 or even 80 years.’Perth Now · 14 Nov, 21:00
• WA home sellers look to ‘unlock their wealth’, by selling off properties held for generations‘In my 35 years in real estate, I can’t recall seeing so many property advertisements highlighting that a property is being offered for sale for the first time in 30, 40, 50 or even 80 years.’The West Australian · 14 Nov, 21:00

In this story: West Australia · Australia · Raine & Horne Group · Angus Raine · Bankwest Curtin Economics Centre

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log