Intergenerational transfers and housing tenure – Australian evidence

Melek Cigdem · Stephen Whelan

55 citations0/0 files storedInternational Journal of Housing Policy

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Housing Market and Economics Financial Literacy, Pension, Retirement Analysis Housing, Finance, and Neoliberalism

Abstract

Australia has a long tradition of home-ownership though there is evidence that rates of home-ownership are declining. Anecdotal evidence suggests that older Australians are facilitating home-ownership for younger cohorts through intergenerational transfers. This paper examines the relationship between housing tenure and transfers in the form of bequests and gifts. We find evidence that intergenerational transfers are associated with a higher probability that recipients subsequently transition into home-ownership. For those at the edges of home-ownership, intergenerational transfers potentially play an important role in facilitating home-ownership. Moreover, given the central role of home-ownership for the savings and wealth accumulation of Australians, such patterns may exacerbate existing inequality and potentially undermine the role that housing may play in a broad-based policy of asset-based welfare.

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References

2011On the Long-Run Evolution of Inheritance: France 1820–2050 *2014Wealth and Inheritance in the Long Run 1998Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market 2002Private Transfers, Borrowing Constraints, and Timing of Homeownership 2010Home ownership as a (crumbling) fourth pillar of social insurance in Australia 2013Inheritances and the distribution of wealth or whatever happened to the great inheritance boom?1997PRIVATE INTERHOUSEHOLD TRANSFERS OF MONEY AND TIME: NEW EMPIRICAL EVIDENCE 2005The Structure and Distribution of Household Wealth in Australia

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