NSW retirement village shortage traps thousands and freezes family homes off market

Waitlists for retirement villages have been blowing out across NSW, leaving would-be downsizers trapped in oversized homes that could otherwise be sold to growing families. Alarming figures have revealed a shortage of spaces within retirement villages has created a major chokepoint within the wider housing market, with nearly 7800 households currently on village waitlists in NSW alone. A total 26,825 retirees were reported to be on waitlists for retirement villages nationally, and NSW accounted for 29 per cent of the pent-up demand, according to the figures from PwC and Retirement Living Australia. 7,800 homes could be injected into the housing stock if would-be downsizers were able to get off retirement home waitlists. Picture: Gaye Gerard Retirement Living Council (RLC) executive director Daniel Gannon said the aged care system is being overwhelmed but that the impact of waitlists doesn’t stop at retirement living. “Almost 27,000 waitlist registrations tell you everything you need to know – older Australians want retirement communities, but the pipeline has hit a brick wall,” Mr Gannon said. “Every older Australian who moves into a retirement village frees up a home for another f...