More and more older Australians are trading their homes for the comforts of retirement village living.
A report by the Australian Housing and Urban Research Institute found that the percentage of Australians aged 65 and over living in retirement villages is increasing, from 5.7% back in 2014 to 7.5% by 2025.
According to the Australian Bureau of Statistics' prediction of a population of 28 million in 2025, this translates to about two million people.
With this growth, it's crucial to provide retirees with options that deliver health, wellness, community, and care, offering an enriching and fulfilling lifestyle.
We chatted with Tony Randello, CEO at Aveo, which operates 67 retirement living villages across Queensland, New South Wales, Victoria, and Tasmania, to learn the most crucial items residents are valuing when it comes to downsizing.
1. Improved lifestyles
Randello highlights that retirees are increasingly drawn to retirement villages, motivated by the desire for a lifestyle that better suits their current stage of life.
Retirement villages offer the opportunity to forge friendships and boost well-being in a community setting.
The upkeep of older, larger family homes can feel overwhelming, and neighbourhoods that once thrived with families with children of similar ages might now seem isolating as they evolve with residents at different life stages.
Adding to this, the financial strain of maintaining older, less efficient properties is particularly challenging amid rising costs of living.
Downsizing offers the freedom to focus on what truly brings happiness, ultimately enhancing one's overall lifestyle.
While individual homes in these communities may be smaller in size, they offer significantly more in terms of usable amenities.
The strong emphasis on community-building provides ample opportunities for creating and nurturing friendships, exploring creative passions, and improving health and well-being in a fun and social environment.
“Residents at Aveo tell us they choose retirement living for various reasons,” Randello explains.
“Whether it's to downsize, foster social connections, enjoy shared amenities, free themselves from the responsibilities of property maintenance, embrace the convenience of a lock-up-and-leave lifestyle, or simply attain peace of mind from living in a managed community with extensive support services.”
This sentiment is echoed in a recent study by the Retirement Living Council titled "Better Housing for Better Health," which found that individuals living in retirement communities are 41% happier, enjoy better physical and mental health, and are five times more socially active.
2. Upfront financial information
Randello explains that potential buyers are not just selecting a better place to live; they also want to feel secure they're making responsible, long-term financial decisions.
This highlights the importance of clear cost communication from retirement community operators.
With so many steps involved in buying a home, people deserve to know exactly what they're getting into, regardless of their life stage.
Knowing all the financial implications upfront helps everyone pick a place that's right for both their lifestyle and their budget.
“At Aveo, there are no hidden costs,” Randello says.
“As part of the leasehold residence agreement, customers are informed from day one about how much it will cost to live in an Aveo community and what they would receive if they decided to leave.
“We aim to remove uncertainty and provide financial information upfront, and we have a money-back guarantee.
“Plus, our flexible payment options let customers choose what works best for them.
“We understand that customers are actively exploring options where they can look forward to the freedom and connection that comes with retirement village living.
“It is a big decision to make, and a unique decision as well as it is a different form of home ownership.
“We find that people considering a retirement village love their current home – they have lived there for years and have great memories – however they recognise that it might not be the right fit for them in the next stage of their lives.”
90% of Aveo residents appreciate the company's dedication to their lifestyle.
Aveo encourages people to talk to their families and seek independent financial advice before signing a residence agreement.
“Choosing to move to a retirement community is a deeply personal decision and it’s essential for customers and their families to feel completely in control as they explore the right options,” Randello says.
“Our approach is to guide customers through the process with transparent information, helping them to understand all the choices available and find what feels right for them. There is no rush and no pressure.”
3. Happiness and relaxation
It goes without saying that happiness is high on the list for any buyer, but specifically at the stage of retiring or downsizing it's important that residents feel optimistic and empowered with their decision.
Aveo surveys have shown that 90% of residents are happy with the company’s commitment to their lifestyle.
“Each Aveo community has on-site community staff who make life easier for residents, every day,” explains Randello.
“From management to operations, each community offers a range of lifestyle support services, including maintenance, gardening, housekeeping, and dining.
“Plus, if a resident needs some additional support down the track, the Aveo home care team can help them to receive the support that suits their needs while maintaining their independence.
“Ultimately, it is our goal to help residents live independently for as long as possible.”
What do residents say?
Aveo residents Gabrielle and Roger have lived in their retirement village for 18 months and haven’t looked back since.
“I do feel revitalised. It’s a good, good feeling,” Gabrielle says.
“There are no lawns to be mowed, no edges to be cut.
“We look forward to happy hour at 4 o’clock.”
“It’s perfect… don’t leave it too late to move in,” Roger says.
Aveo resident Suzanne says it’s important for people to do their homework and ensure the timing is right for them.
“Have the contract checked out, talk to residents so you can get their take on it, make sure you inform your family and then just enjoy your life in your new village,” she says.
For more information, visit the Aveo website.
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