Friday 28 July, 2023
MEDIA RELEASE
Retirement communities – key to solving housing crisis
The Retirement Living Council has welcomed the Property Council of Australia’s push for governments to focus on retirement living and other housing sub-sectors as part of the solution to an increasing nationwide housing supply shortage.
RLC Executive Director Daniel Gannon said retirement communities play an important role in providing affordable housing options for older Australians.
“Retirement communities already play an important social and affordable role within the housing market, providing units that are 48 per cent cheaper than the median house price in the same postcode,” said Mr Gannon.
“Often retirement villages are confused with aged care. They are not the same thing. Retirement communities offer a unique housing option that enhances wellbeing and lifespan for older Australians, and actually prevents the entry into aged care.
“Australia’s population is ageing, which means our three tiers of government need to address and solve the challenges associated with housing this demographic cohort now.
“If more seniors are living in age-friendly communities, there is significant economic upside for state and federal governments through reduced interaction with the health system and delayed entry to aged care, while more houses become available in the traditional real estate market.
“Encouraging and facilitating more seniors into retirement communities carries the added benefit of freeing up traditional housing stock for singles, couples, new and growing families.
“We know that the number of people aged over 65 will increase from 4.4 to 6.6 million by 2041, meaning the seniors housing challenge will only increase over the next two decades,” he said.
According to the 2022 PwC/Property Council Retirement Census, the three-year development supply pipeline of retirement units nationwide fell by more than half to 5,100 dwellings compared to the previous census forecast of 10,500 dwellings.
ENDS
Media contact: Joe Schwab | 0402 687 890 | [email protected]