SOCIAL INFRASTRUCTURE
THE cost of a two-bedroom unit in a retirement village in Sydney is 59% cheaper than homes in the same postcode, a new report from PwC and the Property Council of Australia has revealed...
The 2023 PwC-Property Council Retirement Census also showed the national on-market village more than halved to 5% – six percentage points lower than the prior year...
Vacancies are tightest – at around or just above 2% – in regional Victoria, Perth, regional Western Australia, and regional South Australia. They are highest in Sydney...
The report found the average two-bed independent living unit (ILU) price grew by 8.3% from $516,000 to $559,000 over the course of 2023, while national house prices over...
ILUs were more affordable than houses, reflecting circa 57% of the median house price. They are 41% of Sydney’s median house price, compared to 69% of that of regional NSW...
The average tenure of current ILU residents nationally was 8.7 years, compared to the average tenure of current serviced apartments (SA) turnover residents of 5.2 years reflecting the...
In Victoria, residents move into a retirement village on average at age 76 and spend 8.4 years – almost right on the average – living there...
Retirement Living Council executive director Daniel Gannon said the report shows the important role retirement villages play in providing affordable housing for older Victorians...
When an older person or couple makes the decision to ‘rightsize’ into a home that is better suited to their ageing needs, they’re injecting a bigger home back into the market for younger people...
Compared to people not living in a retirement village, research released in 2023 showed residents are 41% happier and 15% more physically active. It also showed they are...
According to the Retirement Living Council, this leads to reduced interaction with hospitals and GPs and generates $945 million in annual savings for the Australian government by...
Meredith Chester and Funminiyi Oduko, partner corporate value advisory at PwC, said, “As our population ages, the demand for high-quality, accessible retirement living options has...
However, the sector is facing a unique set of challenges and opportunities. From rising construction costs and limited land supply to evolving preferences of the senior population...
The survey responses suggested that development activity in Australia is projected to fall short of meeting the required demand, with almost 7,000 units expected to be...