10 years of golden growth ahead for the retirement living sector

If you read our sister newsletter The SOURCE each Tuesday you would be aware that new retirement village and similar community developments are coming thick and fast!

In fact the elder statesman of the retirement village sector, Jim Hazel, says we are entering a 10 year golden period where demand will be increasing each year. This is largely due to Covid spurring people to reconsider their safety, security and independence living alone in a family home.

To give you an idea of the exciting developments, we just pulled out the announcements of the last week:

Living Choice Flagstaff Hill (pictured above), which is 16km from Adelaide’s CBD, is South Australia’s first fully integrated golf course/retirement community.

Seven properties already have been bought off the plan with construction well underway on Stages 1 and 2, comprising 42 villas and 17 apartments.

Retirement Your Way is expected to open its second retirement village, Oasis Peakhurst, 21km south of Sydney’s CBD, in October/November.

65% of the 41 one-, two- and three-bedroom apartments have been sold off the plan.

Palm Lake Group Managing Director Scott Elliott calls what will be known at The Springs by Palm Lake Resort as “arguably, the most iconic over-50s community Australia has ever seen.”

The first of 321 homes, with either water frontage or direct golf course access, at Palm Lake Resort Pelican Waters, on Queensland’s Sunshine Coast will be opened early next year, weather permitting.

VMCH (Villa Maria Catholic Homes) is “writing a bold new narrative” for a 1.6ha village in Kew, Melbourne. “Everything from the precinct’s design through to the way we take it to market and the facilities and services we’ll deliver to residents will push the envelope for retirement living in Australia,” said VMCH CEO Sonya Smart.

The latest acquisition by Ryman Healthcare, which has more than $2 billion of retirement villages under development in Victoria, is its biggest project in Australia – a 2.56ha former industrial site in Coburg North.

We expect that approximately 2500 new village homes will be built this year, representing approximately 250 villages or five new villages every week. The value? $1.7 billion.

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