Some Aussie states are more prepared than others for the nation’s ageing population and its changing demands, according to a new report.
According to Urbis’ latest Living Sectors Insights report, Australia is bracing for a retiree boom, with the over-65 population expected to increase to 6.5 million by 2036.
That’s a 10-year increase of 1.4 million residents, and they’re going to need somewhere to live.
Australia’s seniors’ housing market is diversifying as developers and policymakers respond to changing costs and care needs.
Now, a sub-market of older renters is emerging and expected to grow, driven by seniors seeking more flexibility along with reduced maintenance and proximity to amenities.
The over-65 population is forecast to increase by 1.4m by 2036. Picture: iStock
Australia's seniors living supply. Source: Urbis
Urbis’ data indicates that 18 per cent of Australians aged 65 and over are currently renting, up from 16 per cent in 2011.
The report forecasts the addition of more than 100,000 additional 65-plus renter households by 2036.
Queensland and NSW have increased their share of national supply of retirement housing, with both contributing 30 per cent.
The eastern states make up a total of 80 per cent of the nation’s dedicated seniors housing supply, though Victoria has seen a modest reduction, indicating comparatively slower pipeline growth.
Despite almost a quarter of its population being aged over-65, Tasmania’s seniors living supply makes up just one per cent of the national share.
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A new report projects a continuing increase in renting retirees. Source: Urbis
Urbis director Dylan Gray said seniors wanted “flexibility” in the living options available to them.
“We need to acknowledge that there is a spectrum to this though, and the flexibility is more so for those who have the choice,” he said.
“They are looking to a rental offer, or an offer that has a combination of purchase and renting such as Land Lease, as these products offer flexibility in the way they live.
Mr Gray said Aussies were now “far removed” from the generational steps of growing up in a family home, moving out and renting for a few years, then buying and living in your own family home.
“We see great diversity in the way people are choosing to live, and this is driving take up in new models, be it Build-to-Rent, Seniors Communities, or tiny homes,” he said.
“There are also those who do not have the choice to purchase and may be lifelong renters.”
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