The 2020 PwC / Property Council Retirement Census presented some great insights into the current retirement housing sector throughout Australia generated from their annual survey of operators. This year has seen contributions from 52 operators across 586 villages and over 65,000 participants. The Retirement Census is an annual data collection process conducted amongst Australian retirement village operators. It covers retirement villages governed by state Retirement Village Acts, rather than other forms of seniors’ living accommodation. The most recent census focuses on the financial year of 2020 (July 2019 – June 2020).
Key highlights from the census snapshot report shows resilience from many operators in the face of challenging market conditions. Resilience in the industry, for the residents and within Australia as a whole. A few key highlights from the data have shown the following important results:
- The national average price of a two-bedroom independent living unit (ILU) has held firm at $463,000, a marginal increase from $459,000 in 2019. (As a comparison Edenlife’s 3-bedroom Kingfisher, the largest Edenlife homes is valued at $370,000).
- Average days from vacant possession to settlement has remained steady at 261 days compared to 258 days in 2019.
- The average of residents entering villages was 75 years old, the average age of current residents was 81 years old and the average time of stay in a community was 8-9 years long.
- Females made up 64% of the total population in ILU’s with males making up the other 36%.
- 58% of ILU’s are occupied by a single resident and 42% are occupied by couples.
- Although the average stay in a village nationwide sits around 8-9 years, Western Australian average stay in 2020 reached 10.1 years (Previous Year=PY was 8.9 years). The second-highest average after South Australia (10.4, PY 7.9).
The PwC Census also sheds light on community facilities across Australia and the following statistics:
- 91% have a social committee program, which Edenlife will once the resident amount improves.
- 92% have a community centre. E.g. Clubhouse
- 46% have a gym
- 41% have solar power
- 45% have a bowling green
- 58% have a pool
- 48% have CCTV
- 90% of villages have 5+ of the census listed facilities
Since 2015 the national average price of two-bedroom ILU’s has increased from $385,000 to $463,000 in 2020. This has been a healthy cumulative average growth rate of c.3.776%p.a. Not only do ILU’s continue to increase in price, but on average, they remain affordable with the sale prices being 67% of the median house sale price in the same postcode.
Although Edenlife Communities are not retirement style villages, our communities are a great option for older Australians aged 50 years and over. With no exit fees and a wonderful range of community facilities and you certainly don’t have to be retired to enjoy all that Edenlife has to offer. Edenlife Australind is located an hour and a half south of Perth with a range of stunning brand new resort-style facilities and new affordable homes.