This article is from the Australian Property Journal archive
RetireAustralia is ramping up its offering of housing solutions for the ageing population, and has just opened the doors of its $80 million, 92-apartment development The Green at Tarragindi, in southern Brisbane.
In the past year, RetireAustralia has delivered 214 new dwellings, and is set to deliver just under 1,100 in the space of five years with other projects in Queensland and NSW.
RetireAustralia CEO and Retirement Living Council vice president Brett Robinson, said the demographic and housing outlook looked “grim” with villages effectively full and the development pipeline slowing.
The Retirement Living Council’s new Better Housing for Better Health report estimates those living in retirement villages across the country are helping taxpayers save nearly $1 billion in healthcare costs by delaying their entry into aged care.
The report also showed residents living in retirement villages are 41% happier, five times more socially active and 15% more physically active.
Vertical retirement The Green, an $80 million features an array of amenities, including access to Australia’s newest, championship-quality bowling green.
“Like all our villages, The Green is designed to offer choice, support, social connection and peace of mind,” Robinson said.
Evolving from a property-focused sector in years gone by to one that now focuses on health, wellbeing and care, Robinson said the retirement living sector was at a pivotal juncture.
“More older Australians are choosing to live in a retirement community rather than an aged care facility,” he said.
“It is critical that governments understand this as they plan for the significant increase of older Australians and aim to keep the aged care sector operational.
The federal government’s Intergenerational Report 2023 states the number of Australians aged 65 and older will double in the next 40 years, while the number of people aged 85 and older is set to triple to more than 3.5 million people by 2062–63.
The 2022 PwC/Property Council Retirement Census found retirement villages were effectively at capacity nationwide with a supply pipeline of new stock slowing down.
According to the census, the development supply pipeline planned for the subsequent three years fell to 5,100 dwellings compared to the 2021 Retirement Census of more than 10,500 dwellings. Higher construction and debt costs, and an uncertain economic outlook may have contributed.
The Better Housing for Better Health report showed while the current pipeline of retirement communities will reduce Australia’s housing shortage by 18%, growing the pipeline to meet current demand levels could ease this deficit by 67%.
“Governments across the country need to realise if more seniors are living in age-friendly communities there is significant economic upside for them through reduced interaction with the health system and delayed entry to aged care, while more houses become available in the traditional real estate market,” Robinson said.
