‘Bedroom glutton’: Revolutionary plan to get Boomers out of their big homes
A new plan proposes a 'last homebuyer scheme' to encourage Baby Boomers to sell their large homes and downsize, potentially freeing up 13 million empty bedrooms in Australia. The scheme, inspired by first homebuyer grants, aims to alleviate the nation's deepening housing shortage.
Australia is facing a housing shortage amidst 13 million empty bedrooms. Michael Blythe, former chief economist at the Commonwealth Bank, suggests a 'last homebuyer scheme' to encourage Baby Boomers to downsize. The plan, similar to first homebuyer grants, could help unlock highly sought-after space for younger families. According to the 2021 Census, 3.2 million homes have one spare bedroom, 3 million have two, and 1.2 million have three. Boomers hold $6 trillion in wealth, with $2.8 trillion in real estate assets. A 'last homebuyer scheme' could help free up supply and alleviate the housing shortage.
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