New analysis conducted by Western Australian Apartment Advocacy of the WA retiree’s apartment market has unveiled some interesting insights into how retirees view apartment living.
The research was conducted nationally with 3300 respondents, of which 23% were classified as retirees.
Over half the apartment owners have been living in their apartment for less than 5 years and were made up of two person households (65%) as well as singles occupiers (35%).
But as WAAA Director Samantha Reece stated, what was most interesting was that WA Retirees had the highest satisfaction and referral rates when compared to the other demographics in the study, with a 96% satisfaction rate with their apartment and 75% saying they would also recommend an apartment to friends and family.
“The data also demonstrated that while satisfaction rates were high, over half of the retirees surveyed would seek to purchase a three- bedroom apartment next time,” Ms Reece said.
“This clearly demonstrates that retirees should not to be classified solely as downsizers but rather as “rightsizers”, with the baby boomer market mainly seeking to lose the backyard in their transition to the apartment lifestyle.”
The data also revealed that 83% purchased their apartment because of the location, with 78% stating they could walk to public transport. They also liked the ability to lock and leave (68%), low maintenance (63%), security (67%) and parking for residents (62%) within their development.
And while retirees represented the largest cohort of households where kids had left home (49%) it was still lifestyle (41%) that was a strong contender, demonstrating that apartment living is not necessarily a life stage moment but a lifestyle choice.
Ms Reece stated that the retiree cohort also relied on traditional means for researching apartments.
“35% of the retiree sector found out about their apartment through the newspaper (again the largest proportion across all the age demographics) and 50% on the internet,” Ms Reece said.
“In addition 64% chose an apartment over a house because it was the right size for them, and 69% because it was easier to care for and maintain.
“And next time 57% would choose an apartment over other traditional housing choices, with 51% seeking a coastal setting and 25% in the inner CBD.”