The latest population figures,taken last year,show that across the country there are 6192 people aged over 100 in Australia compared to fewer than 200 in 1983.
Property Club president Kevin Young said the growing number of older Australians meant people would need homes for much longer than previous generations,which would add a new dimension to the housing crisis gripping Western Australia.
Young said Australia would soon be hit by a tsunami of people that lived much longer into old age who would be unable to find affordable rental accommodation.
“Improving health care means Australians are living longer and therefore need housing for a much longer period of time than previous generations,” he said.
“It is the cruel secret that the government is hiding as they struggle to find the money to fund the surging cost of the aged pension and social housing due to our population living much longer.”
Young blamed the housing shortage on a series of anti-property investment policies pursued at all levels of government over many years targeting mum and dad investors.
“And this government-induced housing crisis in Australia means that a growing number of older Australians will not afford to rent a home because of rising rental costs,” he said.
“For example,the weekly rent in Australia is now around $620,which is now higher than for someone living on the government pension.
“Even more sobering,during the past year at more than five times the increase in the aged pension.
“It is no wonder an increasing number of older Australians are relying on charities for food.”
Young said mum and dad investors provided more than 90 per cent of rental accommodation and negative government policies had resulted in a 30 per cent increase in the number of ex-rental properties being listed on the real estate market.
Almost 12,000 ex-rental properties were put on the market nationally in the year ending January 2024.
“Recent regulations introduced by a number of state governments mean that rights of tenants are now starting to supersede those of landlords while soaring taxes on investment properties are financially making it much harder for mum and dad investors to hold onto their rental properties on top of 13 recent interest rate rises,” Young said.
“At a federal level,the decision by APRA to limit the period of interest only loans have seen thousands of mum and dad investors sell their properties as they could not afford the principal payments.
“At the same time interest bans have been allowed to charge higher interest rates for investment loans compared to owner residential loans.
“On top of that changes to tax concessions relating to second hand rental properties have been removed meaning the supply of these cheaper rental homes has dried up.”
Young said Australia should follow the lead of New Zealand and ditch capital gains tax on investment properties.
Housing Minister John Carey declined to comment other than to say the greatest demand for social housing in Western Australia was and always has been for seniors.
The state government reached a grim milestone last week with a record 20,000 applications now on the public housing waitlist.
Shadow Housing Minister Steve Martin said the shameful figures,revealed in Parliament,were compounded by Carey’s continuing refusal to answer questions about how many new social homes are being completed each month.
“The waitlist of 20,132 applicants represents 35,924 vulnerable Western Australians waiting for a house to live in,” he said.
“With housing supply still chronically low,an over the past year and a rental vacancy rate of 0.4 per cent,this record can’t possibly have come as a surprise to the Cook Government.”
On Wednesday the state government approved stronger regulation of short-term rental accommodation in WA including the introduction of a $10,000 incentive for property owners to return their properties to the rental market.
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