Retirees, Creatives and Housing Market Complexity: Challenges for Policy‐Makers

Abstract

Retirees and creatives, significant cohorts in the Australian economy, are used in this article to demonstrate the challenges faced by policymakers when addressing the housing environment. The housing market is characterised by many participants, often with competing needs and wants, all contributing to the complexity of housing policy. As a result, policy can be difficult to define with multi-directional interdependencies. We identify five characteristics of complexity-uniqueness, layers of government, dynamism, actors and knowledge spheres-that if duly considered in the policy formation process could contribute to a more integrated approach that minimises negative and conflicting policy consequences.

‘Safe as Houses’: Recalibrating Homeownership in Australian Retirement Planning

“…Despite these challenges, accumulated home equity can be released to support an individual's retirement income by drawing on home equity while remaining in their own home (de Silva et al 2016). Equity release products typically come in two forms: reverse mortgages and home reversion schemes.…”

Australia's Growth in Households and House Prices

“…Housing is an intrinsically useful asset, serving a dual role as an investment vehicle and a durable good that households consume (de Silva, Sinclair and Angelopoulos ; Freebairn ). The usefulness of housing as a consumer durable implies a user cost that falls as future prices increase relative to current prices.…”

“…The focus here is motivated by emerging evidence that the main reason for not selling the family home is a desire to age in place (Productivity Commission ). Current retirees, who are healthier and wealthier than their predecessors, tend not to liquidate housing wealth for general consumption because they prefer to remain in their own home as long as possible (de Silva et al ).…”

The Distribution of Artistic Human Capital – A Typology Building Approach

“…Human capital has long been recognised as an important determinant of economic prosperity (Lucas, 1988). As argued in de Silva et al (2016), creative human capital (of which artistic human capital is a vital component) has a unique and significant role to play both at the regional and national level. International evidence suggests that regional prosperity through innovation and entrepreneurial outcomes (Boschma & Fritsch, 2009;Storper & Scott, 2009;Abel & Gabe, 2011) is positively associated with creative human capital.…”