Why Retirement Villages Are Likely to Explode across Australia
As the population of Australia continue to age, so more attention is being paid to facilities for retirees. A generally declining birth rate, combined with the fact that people are living longer these days will combine to put more focus on these types of facility, which can only be beneficial for those who are approaching their golden years – or for investors. How is this trend likely to develop in the future?
Significant Growth Expected
Some experts suggest that the number of Australians approaching retirement age could double by the end of the next decade. This presents a very palatable opportunity for developers and investors and is in turn likely to lead to a number of choices for retirees. It is expected that retirement villages will proliferate in suburban areas, where facilities can be concentrated and residents can be well taken care of.
It is understood that some couples may experience bereavement and as a consequence there may be a significant number of individuals looking for appropriate accommodation. Also, women tend to outlive men and thus facilities for this segment of the population (most notably security) will be front and centre.
A sizeable proportion of residents may require care workers to support their lifestyle, to help with typical daily tasks such as gardening or cooking, or in some cases to help with medical supervision.
The specific demands of these residents are driving the development of these retirement villages. More of them are being built in close proximity to each other, around a centralised "hub" where service providers originate. This central hub can include the development of hospitals and specialty healthcare facilities, as well as a centralised transport solution.
Sustainability and Costs
Developers are also considering sustainability, efficiency and user-friendliness as they develop ideas for these new villages. With better efficiency in terms of the provision of utilities come lower costs, which can also be a critical consideration for those who are relying on pension payments or their life savings to fund their needs.
Options for Living or Investment
All in all, these villages represent a considerable investment proposition for those looking to broaden their real estate portfolio. For those who just looking for a retirement solution, it's likely that there will be a large number of options, ranging from villas that are designed for independent living, to those that provide all levels of support for the more infirm.