If you are residing in Australia, you are one of the 25.3 million (https://www.worldometers.info/world-population/australia-population/) people who do too. Out of these, 6 million are retired. No matter what stage of life you are at, many people like to plan for their retirement. Have you dedicated time to explore what options you will have?

Even if you haven’t, there’s no need to fret. Retirement is a new stage of life, and some even say ‘life begins at retirement’! You may be looking forward to putting your feet up and reading all those dusty novels on your bookshelf or spending your days pottering around the garden or golfing 24/7, or you may want to fill your time with social group activities or volunteering. However, where you decide to spend your retirement is just as important as how you want to spend your retirement.

In Australia in recent years, more and more people are opting to live in retirement villages. According to the Property Council of Australia (https://www.propertycouncil.com.au/), in 2014, there were more than 2,300 retirement villages in Australia and around 184,000 seniors living in retirement villages. That figure is expected to double by 2025!

If you are not familiar with these, retirement villages are housing developments offering a range of accommodation options, services and facilities. These vary from swimming pools and golf courses to social events and 24-hour emergency assistance. Many people are attracted to the opportunity to downsize into a like-minded community with additional benefits while maintaining an independent living lifestyle. Although there are other costs associated with retirement villages, properties are often cheaper than similar sized homes in the same area. Some villages also have rental properties, meaning you can still enjoy the benefits of retirement village living without having to own the home.

There are resident-funded villages (funded by the residents who purchase their villa or apartment and contribute to the village’s capital infrastructure cost and ongoing management costs) and donor-funded villages (normally owned and operated by NFP organisations and include an element of charitable subsidy. Entry is generally restricted to the ‘needy’).

The various types of retirement properties are:

Villas / Independent Living Units 

Properties range from one to four bedrooms and come in many shapes and forms varying, from high or medium-rise complex or terrace housing arrangement to a stand-alone or semi-detached building. If you require little or no assistance with daily activities but want to enjoy the benefits of living in a retirement community then this is the best option.

Serviced Apartments 

Generally, have one or two bedrooms and offer the safety and security of 24-hour support and access to living assistance. They are ideal when you don’t need round-the-clock medical support, but you need a bit of extra help for daily living.

Retirement villages with home care services

If you live in a villa/independent living unit, many retirement villages also offer access to a range of home care services such as help with domestic work and transport to appointments. Home care services are an additional cost.

Retirement villages with residential aged care

Some retirement village developments now have integrated levels of care and are offering residential care accommodation. This means that even though your needs may have changed, you can still live in the same community. This is especially beneficial for partners as you can stay close to each other and friends if one of you has complex needs or can’t continue to live in your own home.

Above is a quick snapshot of the retirement villages sector, an Australian industry leading with +25 NPS utilising the Bain & Company research technique. (https://www.parliament.vic.gov.au/images/stories/committees/SCLSI/Retirement_Housing/Submissions/Submission_751_-_1_Property_Council_of_Australia.pdf)

Quoting Christopher Baynes from villages.com.au: “What other industry or sector or service can claim to actually increase the happiness and life satisfaction for customers who are 75 years or older, with both the health and financial challenges that most face? It’s a pretty good place to be”. (https://www.retirementvillageinfo.com.au/retirement-village-industry-rort-key-happiness/)

I have been partnering with more and more organisations across this sector to assist them with their transformational programs and projects. As a growth sector, I would imagine that 2020 will also bring more change to this booming industry, change that we are well placed to assist providers with to ensure better outcomes for their customers. Watch this space…

I specialise in recruiting for business transformation, project services and change management for the Not-For-Profit, Health and Aged Care sector. If you would like to get an understanding as to what’s happening in the market and / or considering making your next career move, please don’t hesitate to reach out for a confidential chat.

Lydia Mc Williams

Consultant

Project Resource Partners

Level 7, 360 Collins Street, Melbourne VIC 3000 

T +61 3 9949 8100 D +61 3 9949 8106

E  lmcwilliams@projectresourcepartners.com.au