Tax incentives encouraging retirees to downsize could alleviate the housing supply shortage, according to REINSW.
A stamp duty concession for retirees who are downsizing could ease the housing supply shortage.
Malcolm Gunning, REINSW President, said the institute has been lobbying government to introduce a stamp duty concession for downsizers for some time.
'We believe in supporting older Australians on the purchase of a smaller house on the basis that it frees up large homes that are being under-utilised,' Gunning said.
'We recognise that NSW should broaden the senior citizens transfer stamp-duty exemption by lowering the minimum age to 55 years and removing the 'new home' restriction and the purchase price cap.
'Many large houses are occupied by empty nesters. There should be incentives to encourage them to sell and buy more appropriate housing. This measure should also increase supply of larger homes in established suburbs, improve affordability and stimulate better use of existing infrastructure.
'We are pleased by reports that retirees have been put on the agenda for December talks between federal Treasurer Scott Morrison and state and territory treasury ministers,' Gunning said.