The past month marks a significant change for retirement village owners and those living in retirement communities with the announcement of an 8-point improvement plan by the Property Council of Australia.
DMA Managing Director Ryan Andersen couldn’t be more supportive of the improvement plan saying that retirement living is an extremely active sector in the property market at the moment.
“In Brisbane alone we saw two major DAs approved recently for Tricare that will ultimately deliver more than 750 retirement living apartments into the local market,” Ryan said.
Supporting this view, the November 2016 PwC/Property Council Retirement Census indicated a growing popularity in retirement village living as people opt to downsize and live in communities that offer greater lifestyle benefits.
“We’ve known for years that the retirement property sector would gain traction.
“The population is ageing and that’s well known.
“Coupled with many older Australians having a desire to stay in the neighbourhoods where they have spent their whole lives, and what we get is a new demand to construct apartment style mid-rise retirement living within our established suburbs.”
Ryan said that recent negativity has surrounded the sector around unclear contracting practices, and these have largely been addressed within the 8-point improvement plan which is critical.
“What this plan now provides is a clear and simple framework, and a level of transparency that will support growth and strong performance of the sector.
“It will deliver a certain future for both operators and retirees.
“Key drivers from a property development perspective will come from greater consumer confidence.
“The plan covers a number of action points, but predominantly contracts will be simpler and clearer, improved training and professional support will be available for village managers and staff, and the industry will see increased collaboration and transparency amongst key sector stakeholders.”