National overview of the retirement village sector

The dramatic increase in the number of Australians turning 65 over the next 20 years is now an established demographic fact. Treasury projects a doubling of the seniors’ population by 2050, with an economically significant reduction in the ratio of taxpayers to retirees.

To support this growth there needs to be a large corresponding increase in the amount of purpose-built housing, so that the 8.1 million Australians who will be over 65 by 2050 continue to have the choice, independence and autonomy that they expect and deserve.

The Property Council of Australia commissioned Grant Thornton to undertake a study of the national retirement village sector, with specific focus on its benefits to residents, and resulting government health care savings.

• Retirement villages offer affordable accommodation where residents are part of a supportive community
• 184,000 seniors call a retirement village home
• Growth in the population of seniors is driving demand for more retirement villages
• Retirement villages reduce the cost of publicly funded health care services by providing a supportive, well serviced community
• Through age appropriate design and provision of additional care, retirement villages reduce the burden on the hospital system through lower admissions
• Retirement villages reduce the burden on the hospital system through earlier discharge rates
• Retirement village living reduces the frequency of visits made by residents to the GP
• Living in a retirement village often leads to improved mental health and wellbeing
• In addition to healthcare savings, the retirement village sector directly contributes $2.93 billion to GDP and $176.2 million in tax per annum
• A breakdown of the industry on a state and territory basis

For more information please contact:

Mary Wood,  Executive Director, Retirement Living Council, T +61 2 6276 3606 E mwood@propertyoz.com.au

Scott Hartley, Partner, Grant Thornton T +61 3 8663 6143 or E scott.hartley@au.gt.com