The growing number of retirees leaving the workforce without owning a home is creating a major opportunity for Eureka Group, says Simon Owen, the newly appointed chief executive of the residential villages and supported accommodation operator.

The appointment of Mr Owen, who previously ran sector giant Ingenia Communities, has been well received by investors since it was announced on Thursday. Eureka shares rose 5.2 per cent that day, and another 7.1 per cent on Friday, giving the company, with 52 villages and 2882 units under management, a market capitalisation of $162 million.