Why good units don’t sell

With many retirement villages now approaching 30 years of age, operators are balancing ageing stock, rising resident expectations and the need to minimise vacancy periods. The panel challenged attendees to view every vacant unit through an asset management lens rather than as a standalone maintenance project.

Looking Beyond “Market Ready”

One of the strongest themes throughout the Masterclass was the distinction between a unit being market ready and being market competitive.

Today’s buyers are entering villages with higher expectations, greater access to information and a clearer understanding of what alternatives are available in the local market. A basic reinstatement may satisfy contractual obligations, but it may not be enough to attract the next resident quickly or achieve the best possible sales outcome.

As Chona Navaro. Capital Works Manager at Uniting NSW.ACT explained:

“We recognise to remain competitive, to actually provide a space that is fit for purpose for those ever changing and ever increasing needs, we need to do that and make that decision.”

The challenge for operators is no longer simply asking what a unit needs today, but what future residents will expect over the next five to ten years.

Decision-Making Should Be Strategic

The panel reinforced that refurbishment decisions should not be driven solely by budget or habit.

Instead, operators should consider:

• Current condition of the asset
• Market demand and buyer expectations
• Return on investment
• Village positioning
• Long-term maintenance risks
• Accessibility and care requirements

Mark Eagleston, Head of Customer Service Performance at Calvary Healthcare highlighted the importance of looking beyond immediate refurbishment costs.

“We’re not just looking at what’s the cost and what’s the sale price. We’re also looking ahead to making sure that resident has a really good lived experience.”

The benefits are significant: faster project delivery, fewer variations, better communication and a stronger understanding of resident expectations and compliance requirements.

Repositioning Older Stock

Perhaps the most forward-looking discussion centred on reconfiguration rather than refurbishment alone.

Many villages were designed for residents with different lifestyles and needs than those entering villages today. Accessibility, technology, ageing-in-place requirements and modern living preferences are increasingly shaping refurbishment decisions.

Examples discussed included opening enclosed kitchens, improving bathroom accessibility, removing trip hazards, enhancing connectivity and future-proofing units for residents receiving care at home.

For many operators, maintaining competitiveness now requires more than replacing finishes. It requires repositioning older stock for the next generation of residents.

Drawing on experience from more than 3,000 retirement village refurbishments, Jolyon Good emphasised that villages are unique environments requiring specialist knowledge.

“The number one thing is actually being treated as almost a partner in the business, not just a contractor.” – Jolyon Good

What Can You Do Today?

1. Review Vacant Units Through an Asset Lens

Look beyond the minimum reinstatement requirement and consider how the unit contributes to the overall performance of the village.

2. Update Documentation

Ensure floor plans, specifications and service information are current and readily available for contractors.

3. Build Contractor Partnerships

Develop relationships with contractors who understand retirement village operations and resident expectations.

4. Consider Future Resident Needs

Assess accessibility, ageing-in-place requirements and technology expectations when planning refurbishments.

5. Measure Turnaround Time

Track the period from vacancy to occupation and identify opportunities to reduce delays.

The Bottom Line

The message from the Masterclass was clear: refurbishment is no longer simply a compliance or maintenance exercise.

Every decision made during the turnover process influences sales performance, resident experience, village competitiveness and long-term asset value.

The opportunity for operators lies in moving beyond a “replace and repair” mindset and viewing every refurbishment decision as an investment in the future performance of the asset.