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Ageing population spurs property investment

By Ben Faulks

Australians are living longer, and while this is good news for the general population, it also means people need more time to save for a comfortable retirement.

Figures from the Australian Bureau of Statistics (ABS) show the median age in the ACT stood at 34.9 years in 2014, making it among the lowest in the country.

However, the ABS data still indicates that people are living longer as a general rule. The number of people aged over 85 has nearly doubled from 1 per cent in 1994 to 1.9 per cent 20 years later.

A survey carried out by ING Direct found that many Australians don't believe they'll be able to lead the lifestyle they want when they retire if they rely only on funds from their superannuation pot.

As a result, 13.2 per cent of people's retirement spending would come from property investments, which could see real estate in Belconnen grow in popularity

John Arnott, the group's executive director for customers, said this result isn't surprising, particularly as people like to fall back on strategies they're already familiar with.

A fifth of those polled said they used cash from their own savings accounts, while 7.1 per cent admitted to relying on inheritance to fund their post-work years. 

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