Samantha Reece of PropertyESP recently attended the Property Council Retirement Conference as a panel speaker. Here’s is Samantha’s synopsis.
“There is definitely some myths being busted about seniors living in the WA market – and especially because it looks very different from 20 years ago, when the retirement village concept really gained some traction.
But nowadays only 5% of our senior’s population live in a retirement village and much of this population, by the time they reach the senior’s age bracket, have only just had their kids leave home (like me).
As such this cohort are not thinking about anything other than enjoying this new found freedom and the term retirement is too much like “slowing down!”
Recent research by the WAPC showed that 75% of the State’s seniors were not living in age specific housing. 64% stated they had not moved from the family home because of lack of suitable locations, 44% because of financial reasons and 32% suitability of the choices available.
As such our future seniors’ population will be looking for flexibility and the new village models are in fact now offering several different housing choices including townhouses, apartments and high end care, all in one location – with the intent of matching the resident as their needs change.
Furthermore these villages have a variety of spaces which allow for reflection, activity and socialisation and hence add further value to their offering. Vale the lawn bowls I say!
Retirement villages are certainly great for the economy and with a model of 211 villages by 2026 the WA economy can expect a contribution of over $40 million with wages and the like.
So while this model may stay - what is clear – is that the model of the retirement village that is predominant in WA, is about to evolve and change. The question is, are you part of the movement?”