One in three older Australians delay downsizing amid property market fears

Ivan and Renate Jagi chose to take out a reverse mortgage on their Brisbane home. Pic: Lyndon Mechielsen/Courier Mail More than one in three older Australians are delaying selling their home to downsize as a softening property market shatters vendor confidence. New survey data from Seniors First reveals 33.7 per cent of mature homeowners are putting sales on ice amid falling clearance rates and market uncertainty. Instead of taking a hit under the hammer, 62.2 per cent of over-55 homeowners say they would prefer releasing equity through a reverse mortgage than sell right now. Uncertain retirees are holding onto the family home With ABS figures showing more than 5.5 million homeowners are over 55, retirees are being forced to rethink their next move, as weekend auction clearance rates plunge to an average of 47.9 per cent from 71.9 per cent last year. “For a long time, downsizing has been seen as the natural next step for older Australians looking to unlock wealth from their home,” Seniors First CEO Darren Moffatt said. “What is changing is confidence. People are taking more time, watching the market closely and looking into alternative options before making major housing and retire...