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Grant for elderly downsizing good news for South Australia

28 Feb 14

News that could interest those with real estate careers in South Australia was revealed earlier this week (February 22), with the Labour government in the state announcing a new grant that will help the elderly downsize their properties in the near future. This could be great news for retirees looking into their accommodation options. 

Premier Jay Weatherhill announced an $8,500 grant to people aged over 60 with the intention of downsizing their homes, which will be available for new builds over $400,000 and phase out for properties valued over $450,000. The government aims to commit $7 million to the strategy for two years, after which time the plan will be re-evaluated and amended. 

"Labours' grant will boost the construction of new homes and increase the supply of existing housing stock, providing greater opportunities for younger South Australians to take the first step to home ownership," said Richard Angove, executive director of the Property Council (SA Division) in a February 24 statement. 

In partnership with the stamp duty concessions for central business district apartments, this could offer a number of opportunities for older South Australians - which will also result in a range of flow on effects for the overall state in general. 

"When you consider the gains made by extending the Housing and Construction Grant and securing partial Stamp Duty concessions on new apartments from July 2014 until [the end of] June 2016, this policy is a positive step towards stimulating the development sector," said Mr Angove. 

This could be a great piece of information to have for those with real estate careers, especially if elderly clients approach you asking about their retirement options in the near future. Providing the best real estate advice to people will help you to succeed in the industry.