THE average age of new residents moving into retirement villages has risen to 75, with a growing number of Aussie seniors choosing to downsize.
That’s according to the Property Council’s 2016 Retirement Census, the largest annual snapshot of data and trends in the retirement living sector, which showed strong occupancy rates and a continuing shift to older residents.
The average age of new residents has risen to 75 (74 last year), while the average age of current residents is 80.
The census is comprised of data provided by the operators of more than 53,000 retirement and independent living units across Australia.
It also found retirement villages now have a 92 per cent occupancy rate, indicating a growing popularity for this style of living.
Property Council chief executive Ken Morrison said the census shows retirement villages “are an affordable downsizing proposition that provide real lifestyle and health benefits to residents”.
“According to the Retirement Census, the average two-bedroom unit is priced at 67 per cent of the median house price in the same postcode,” he said. “This enables older Australians to make the move while ensuring they also have cash on hand for their health and lifestyle needs.”
Mr Morrison said the survey indicates there are challenges ahead, including housing availability and outdated housing stock.
“One of the challenges is to ensure we get attractive seniors housing in all parts of our major cities, and not just on the urban fringe,” he said. “This is vital so that residents can live close to their communities and families.
He said the the average village is 24 years old, and many villages are approaching a stage where significant redevelopment is required.
Other census findings:
- 65 per cent of village residents are female
- 60 per cent of units are occupied by singles, 40 per cent by couples
- The average current tenure of residents is seven years
- The average monthly service fee charged by village operators is $409 (under a quarter of the full base age pension for singles)
- The average cost of a two-bedroom retirement village unit is $398,000, up from $385,000 last year
- 26 per cent of villages reported co-located aged care or aged care within 500 metres of the village
