Home Property Australia The 2021 Snapshot Report

The 2021 Snapshot Report

  • March 08, 2022
  • by Deepika Thapa

The 2021 PwC/Property Council Retirement Census Snapshot Report gives a clear indication that retirement living in Australia has been recognised and valued for its role in keeping residents safe and secure over the past 12-months.

The new information shows a shortening of average Independent Living Unit (ILU) selling days, increased affordability when compared to residential, rising occupancy levels nationwide and a large development supply in the pipeline for FY24.

Ben Myers, the Executive Director of the Retirement Living Council, said that this positive outcome is not news to the retirement living industry.

“This data is a testament to operators nationwide. Posting such incredibly strong data in the second year of the COVID-19 pandemic, at a time when there have been lots of operational challenges as well as ongoing legislative change is remarkable.

“The 2021 Retirement Census had a record level of participation, giving us our strongest data set ever.

“The trends are clear. Retirement living is affordable, safe, secure and geared to support a healthy ageing process,” he added.

The new data has made it possible to identify opportunities and threats for the industry. Demand for home care services and the impacts of government regulation being major examples.

Tony Massaro, Partner at PwC, has reflected on the positivity that is conveyed in the 2021 results.

“The 2021 Retirement Census paints a positive picture of an industry that has weathered the storm of COVID-19. Higher average occupancy rates and favourable affordability conditions are a testament to the resilience of the sector despite the steep economic and social challenges faced by the globe – especially as Australia continues to encounter an ageing population,” Massaro said.

“We’re delighted that a record 62 operators representing approximately 77,000 units have taken the time to contribute to this year’s Retirement Census. With record participation rates, we’re confident the data insights will continue to improve the sector and drive its future direction.”

Access the 2021 Snapshot Report.