More senior housing needed

Occupancy of retirement villages in Australia is close to capacity, highlighting the forthcoming shortage of age appropriate housing for senior Australians in their local communities, according to new data.

Retirement challenges: Older Australians are facing a forthcoming shortage of age appropriate housing.

Retirement challenges: Older Australians are facing a forthcoming shortage of age appropriate housing.

The results of the annual PwC/Property Council Retirement Census show increasing numbers of older Australians are choosing to live in a retirement village, and taking advantage of hotel-style services, visiting health professionals and cash left over from the sale of their family home.

PwC Real Estate Advisory Partner Tony Massaro says the PwC/Property Council Retirement Census shows retirement village accommodation continues to be an affordable option for the current generation of Australian seniors who, for the most part, own their own homes.

“The national average entry price for a two-bedroom unit is at $424,000. This is almost one third less than the median house price in the same postcode,” Mr Massaro said.

“Beyond affordability, retirement living accommodation is also increasingly connected to health and lifestyle services for senior residents.

“More than three quarters of villages surveyed host visiting health professionals, while 28 per cent have aged care within 500 metres of the village, up from 26 per cent last year, and 33 per cent of villages are operated by an approved provider for home care.

“Every city needs vibrancy, diversity, connectivity and inclusion to truly thrive, so it’s exciting to see senior living continuing to evolve to support these needs.”