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The 2015 Retirement Living Census

on the Wednesday, February 3, 2016

Last year, PwC and the Property Council of Australia undertook a retirement living census, creating the most comprehensive aggregated data source about retirement villages in Australia. The census covers physical characteristics of retirement villages, ownership details, business attributes and demographic data. 

This new annual census provides critical intelligence to governments and the private sector about the market for age-adaptive housing. It is comprised of rich data from big and small operators across the industry representing more than 50'000 homes in retirement villages in Australia.

Mary Wood, the Property Council of Australia’s Executive Director said, “Data from the census shows that retirement villages are a vital part of the social fabric of communities in an ageing Australia.”

There are more than 2300 retirement villages in Australia, and more senior Australians choosing to downsize than ever before. Retirement communities are a popular choice, as they are cheaper than median priced homes in the same area, and allow older Australians to unlock home equity as well as live happily in houses designed to support physical independence and social interaction.

Despite their popularity, and the fact that more ageing Australians live in retirement communities than in aged care facilities, governments know very little about these communities or the people who live in them.

Key findings from the 2015 Retirement Living Census:

  • Two thirds of all village residents are female, with the largest demographic being single females (51 per cent) followed by couples (36 per cent) and single males (13 per cent)
  • The average resident enters a village at 74 years of age, the average age of residents is 81 and the average length of stay is 7 years
  • The average 2 bedroom retirement village dwelling costs $385,000 (68 per cent of the cost of the median house price)
  • Villages have a very high occupancy rate of 91 per cent on average across the country

“Retirement villages support the universal desire of older Australians to stay independent and socially engaged,” says Mary Wood, the Property Council’s Executive Director – Retirement Living.

“They provide a supportive environment for people whose health is declining, who can no longer maintain or afford their large family home, or have lost their spouse.

“The data in this census can be relied upon by state and federal governments, whose decisions about regulation and age pension rules strongly affect the future of the seniors’ housing market around the country.”

PwC Real Estate Advisory Director Tony Massaro said, “Before this initiative there was limited baseline data around village level metrics for both for profit and not for profit villages.”

“It is vital for the sector to thrive – to deliver good quality housing and services to ageing Australians, a demographic that is growing in numbers and sophistication.”

“This census aims to help governments, investors, regulators and customers make better decisions while working to grow the sector.”

If you would like to take part in the 2016 census, you can register you interest here.

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