The retirement census in 2018 achieved a new record with 52 survey operators located across 610 villages and 68,000 units to bring us more information about retirement in Australia. Here’s what the study uncovered:
1. The mean age of entry into retirement villages is 75.
Perhaps the most consistent statistic across different states and territories in Australia, the average resident age upon entry into their chosen retirement village is 75.
The lowest average age was observed in Queensland, Western Australia and Tasmania at 74, with the highest average age at 76 for Victoria.
2. Village occupancy in Australia remains high at 89 percent.
While Tasmania has the highest village occupancy at 95 percent, the lowest rate for retirement village occupancy is still considerably high at 87 percent in two regions: Queensland and Southern Australia.
This steadily high percentage further highlights the importance of proper planning for retirement villages in Australia.
3. Retirees aged 81-85 make up the majority of village residents.
While only 2 percent of retirees younger than 70 live in these residences, the percentage increases to 10, 30 and 47 percent with increasing age ranges of 70-75, 76-80 and 81-85. The percentage drops back to 10 percent for retirees aged 86-90.
This finding could indicate the needs to provide more facilities for retirees in these age ranges, especially aged care services located in close proximity to the villages.
4. 27 percent of villages are within 500 metres of aged care services.
These 27 percent either offer aged care services located within the village itself, or they have the services close by for accessibility.
Western Australia, Tasmania and the Australian Capital Territory all hold above-average percentages for this accessibility at 40 percent or higher, but Southern Australia has much more to improve at only 5-percent accessibility so far.
In contrast, the other regions range between 23 to 32 percent.
5. Most residents stay for a tenure of 8-9 years.
The shortest average tenure of residents has been determined to be around 6.5 years in the capital territory – including Canberra – and the longest average tenure duration stretches out to 9.9 years in Western Australia.
The average years of tenure did not deviate far from historical data, which ranged from 6.1 to 8.5 years. Overall, most retirees stay in their village for 8-9 years.
6. 30 percent of future retirement villages will be vertical.
Compared to the current 15 percent, about 30 percent of new retirement villages under development will either be in high-rise apartments or at least a mix of both horizontal and vertical village components.
When compared to the previous generations, Baby Boomer retirees have a preference for apartment living, contributing to the decision for more vertical village components.
7. 97 percent of new retirement villages feature at least five facilities or services.
These commodities include health and emergency services, social programs, community centres and several other types of amenities for retirees residing in the villages.
Currently, 83 percent out of the surveyed 610 retirement villages have at least five facilities or more, which is a great indicator of post-retirement activity that retirees can explore.
8. 2,000 new units will be built annually over the next four years.
With the number of older Australians increasing rapidly, a high number of new units will soon be made available to fill the market demand.
However, there is an issue with finding suitable land for this purpose, especially with the demand for more recreational facilities on the rise among current and soon-to-be retirees.
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