Retirement living industry requires 67,000 units to be built by 2030
In anticipation of this week’s budget, the Retirement Living Council (RLC) is urging the Australian government to improve conditions to foster the development of age-friendly housing.
“Australian governments past and present have known about our nation’s rapidly changing demographic landscape for years, alongside the associated challenges with accommodation and care,” said Daniel Gannon, RLC executive director.
Earlier this year, the RLC proposed five recommendations in its pre-budget submission, including the integration of retirement units into the prime minister’s objective of constructing 1.2 million new homes by 2029.
“Every day that passes without seniors’ housing accommodation being recognised in these targets is a big ‘swing and miss’ for the Australian government when they should be looking for a home run. Targets are an important way out of this supply mess – but only if they’re complete,” Gannon said.
The call for action comes amid forecasts from the National Housing Supply and Affordability Council (NHSAC) indicating that the government is likely to miss its housing target by nearly 300,000 homes.
“If the Australian government is looking for inspiration, look no further than the State of the Housing System report released by the National Housing Supply and Affordability Council recently,” Gannon said. “It sings the virtues of rightsizing, highlights the housing risks associated with an ageing population, outlines the benefits of retirement communities, and flags that an older population will require more in-home care and support services – typically found in retirement villages.
“As it stands, units in retirement communities aren’t recognised in these housing targets, but the group tasked with delivering them is spruiking their many and varied benefits. In order to maintain existing market demand, the retirement living industry requires 67,000 units to be built by 2030.
“This would represent 22% of the gap identified by the NHSAC, meaning retirement communities – containing units that are 48% more affordable than comparable homes – can help the government solve Australia’s housing supply problem.”
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