Fresh data released highlights the affordability of units in retirement villages compared to Australia’s traditional and otherwise unaffordable housing market.
The 2023 PwC-Property Council Retirement Census reveals the cost of a two-bedroom unit in a retirement village is on average 43% cheaper than homes in the same postcode across the country.
A two-bedroom unit in a retirement village costs an average of $559,000 compared to the $986,000 median house price in the same postcodes.
Source: Pexels/Cottonbro Studios
The Retirement Living Council (RLC) emphasised the critical role retirement villages play in providing affordable housing for older Australians. Furthermore, these villages are effectively operating at full capacity, with a mere five percent vacancy rate.
“Retirement villages are an affordable housing solution available to older Australians in an otherwise unaffordable housing market,” RLC executive director Daniel Gannon said.
“But these retirement communities aren’t just helping older Australians with housing options – they’re helping younger homebuyers too. When an older person or couple decides to downsize into a home that is better suited to their ageing needs, they’re injecting a bigger home back into the market for younger Australians.”
PwC Australia partner Meredith Chester underscored the urgency of the situation.
“As our population ages, the demand for high-quality, accessible retirement living options has never been more critical,” she said.
“The sector is facing a unique set of challenges and opportunities that it must confront head-on.”
Source: Pexels/David McBee
