At the Property Council of Australia's recent Ageing of Aquarius II Conference, Peter McMullen, National Director for Health and Aged Care Services for Jones Lang LaSalle, presented his research paper, "Is Supply Meeting Demand or Missing the Mark?"
McMullen says that Australia's rapidly ageing population has resulted in an abundance of retirement village development opportunities across the nation. "To meet this surge in demand, it is predicted that up to 140,000 new dwellings in retirement villages are needed over the next 15 years, equating to an investment of about $42 billion (in 2008 dollars) in new construction,"
he says.
He also found that Retirement Village living is also becoming more accepted as participation rates are continuing to increase. "At present, approximately 5.25 percent of the over-65 population live in retirement villages, a significant increase from the 3 to 3.5 percent benchmark from only eight or nine years ago."
At present, there are more than 500 new villages with more than 51,000 new units either proposed, approved or under construction. In existing villages, another 20,7000 new units are either proposed, approved or under construction.
McMullen believes that, "despite the current softening in market sentiment in all property classes, the long-term future of the Retirement Village industry is secure with significant opportunity for investment."
For more information, see the full article in the November Edition of "Property Australia".
More information on the Ageing of Aquarius Conference is also available via the Property Council's website - http://www.propertycouncil.com.au/retirement/
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