Property Australia

Retirement living sector steps up

Karen Jamal Karen Jamal July 27, 2021

The Retirement Living Council sends two callouts to members: sign up for the 2021 PwC/Property Council Retirement Census and work with the Property Council on the federal government’s national vaccine rollout.

 

Three key takeaways:

  • The 2021 PwC/Property Council Retirement Census is collecting data on the sector until Friday 27 August
  • The 2020 Retirement Census revealed the sector’s “remarkable resilience”, says Property Council executive director Ben Myers, despite unprecedented challenges and market conditions
  • The Property Council has also received an “enthusiastic response” from members of the Retirement Living Council wanting to play their part in the Australian Government’s vaccine rollout program, Myers adds.

 

Myers, the Property Council’s executive director for retirement living, says the census is a “critical piece of research”.

“It is the most holistic and longest running data collection process for Australia’s retirement living industry. It not only provides the Retirement Living Council with an important advocacy tool, but the industry with a snapshot of the trends impacting their businesses.”

The 2020 Retirement Census captured data from 52 operators across 586 villages and 65,000-plus units. This revealed the sector’s “remarkable resilience in the face of unprecedented challenges and market conditions,” Myers says.

The national average price of a two-bedroom independent living unit held firm in 2020 at $463,000 – a marginal increase from the $459,000 average in 2019. Similarly, the average days from vacant possession to settlement remained steady at 261 days, compared to 258 days in 2019.

“Retirement living operators who contribute to the Census receive a comprehensive data-rich analysis report which is far more detail than the freely-available Snapshot,” Myers adds.

“This analysis helps operators to benchmark their business with data that simply can’t be purchased – you can only get your hands on it by participating.”

The results of the 2021 PwC/Property Council Retirement Census will be revealed at the National Retirement Living Summit in November.

Meanwhile, the Property Council has received an “enthusiast response” from retirement living members wanting to be part of the Australian Government’s vaccine rollout program.

“Retirement villages offer an opportunity to reach a large number of unvaccinated elderly Australians as well as staff that operate villages,” Myers notes.

“We estimate that Property Council retirement living members can support the roll-out of at least 100,000 vaccines. This will create real peace of mind for residents and help boost the number of vulnerable Australians who have been vaccinated.”

Tags: RETIREMENT