National Seniors Australia
AUSTRALIA’S retirement living sector is undergoing a major transformation as an ageing population fuels unprecedented demand, but National Seniors Australia is warning older Australians to carefully read the fine print before signing a contract.
The organisation is calling for stronger, nationally consistent retirement village laws, saying many retirees continue to be caught out by complex contracts and hefty exit fees.
National Seniors Australia says inconsistent legislation between states leaves consumers vulnerable. In Queensland, operators must refund an entry payment after 18 months if a unit remains unsold, while in Tasmania the requirement is just six months.
The advocacy group wants nationally uniform protections as part of its Better Housing campaign, alongside measures including pension reforms to encourage downsizing, increased Commonwealth Rent Assistance, stamp duty concessions for eligible seniors and more accessible housing.
Meanwhile, developers and institutional investors are rapidly expanding into the retirement living market to meet soaring demand.
One of the sector’s most innovative projects is being developed by the University of Wollongong and retirement operator Keyton, which will create a Health and Wellbeing Precinct combining retirement living, aged care, healthcare, education and research.
The precinct will allow residents to age in place while giving students and researchers opportunities to work alongside older Australians in areas including dementia care and mental health.
The retirement living industry is expected to grow significantly as Australia’s population ages. The number of people aged over 75 is forecast to increase from about two million to 3.7 million by 2040, while only around 12,000 new retirement living units are expected to be built over the next five years.
That supply shortfall has attracted major investment from superannuation-backed funds and property developers.
Industry leaders say retirement living is becoming an increasingly attractive long-term investment due to Australia’s ageing population and low sector vacancy rate of about four per cent.
Many new developments are moving towards apartment-style communities with integrated home care.
