Despite the Hunter facing a tsunami of demand for retirement living places, with those aged 65 or over increasing by 85% to 2050, supply has been strangled and the deficit has been growing.
According to Hunter Director, Andrew Fletcher, “We’ve known since 2013 that 100 new retirement village places were required every year just to keep pace with demand.”
“But like other sectors of the housing market, investors have been reluctant to take on NSW’s broken planning system.”
“That means retirees who would like to downsize, often don’t have that option”
He said the “double-whammy” was the hand-brake it placed on existing housing stock being released to a starving market.
Thankfully, Mr Fletcher said the trend towards new retirement living developments having several hundred independent units for sale from day one had now reached the Hunter.
He said these new “mega-villages” made sense on many levels.
“It means developers can master plan a retirement community so they provide a certain lifestyle.”
Pointing to the $150 million project currently underway at Shortland Waters, he said some over 55’s were attracted to living on a golf course.
“For others it will be the rural benefits offered by the Hunter Valley and for others still, it will mean a walkable, high-density development in the city centre close to reliable public transport”.
He said retirement living developments currently under construction, submitted for approval or mooted, fitted each of those categories. In combination, they had the potential to turbo-charge retirement living supply by more than 1,000 units before 2020.
“The other strong trend they each reflect is the intersecting retirement and aged care markets”
“Retirees want the security of not having to face the prospect of another move later in life.”
These developments and latest industry trends will be debated at the Property Council’s annual Hunter Retirement Living Lunch on July 15 at Newcastle City Hall. To register, visit www.propertycouncil.com.au
Media contact: Andrew Fletcher | M 0407 410 017| E [email protected]