‘A win for everyone’: Retirement now in 1.2m new homes target
Empty homes will be freed up and thousands more units built after the Albanese government issued 11th hour approval to add retirement villages to its 1.2m new homes target from July 1.
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Empty homes will be freed up and thousands more units built after the Albanese government issued 11th hour approval to add retirement villages to its 1.2m new homes target from July 1.
The move is expected to fast track approvals of new “well-located” retirement villages and units at state, territory and council level over the next five years – given they now count towards the massive $3 billion federal New Homes Bonus that will be shared by premiers that hit their housing supply targets.
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The decision is one that the Property Council of Australia and its Retirement Living Council has lobbied for ever since Prime Minister Anthony Albanese’s 1.2m new housing target was announced mid last year.
RLC executive director Daniel Gannon said “given 67,000 retirement dwellings are required to maintain existing (retirement) market demand to 2030, these homes could help close the supply gap by 22 per cent.”
“The added bonus is that when older Australians ‘right-size’ into a retirement village, it frees up important supply in the housing market for young couples and families.”
He said each home above the 1m target will attract a $15,000 payment as part of the scheme for state and territory coffers.
The move comes as over 700 participants from around the country gather on the Gold Coast for the 10th annual National Retirement Living Summit.
Demographer Simon Kuestenmacher of The Demographics Group said “the growth potential for retirement living (and aged care facilities) over the next decade is second to none”.
“Growth in the coming decade will be very strong. You are playing in the right field,” he told participants referring to opportunities for expansion as well as jobs in future.
One of the country’s largest service providers for the sector, Queensland-based operator RetireAustralia CEO Dr Brett Robinson welcomed the federal decision, saying “anything the state government can do to help us through this arrangement is important because we have a silver tsunami (ahead)”.
He said they had four development approvals in Queensland so far this year, which would amount to almost 450 units.
“It spurs us on, but we need the support.”
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Mr Gannon said “it’s important that state and territory governments get their skates on, but they also need to better understand the socio-economic opportunity in approving more age-friendly retirement communities,” Mr Gannon said.
“Research now shows there are clear housing and health benefits for older Australians when they move into an age-friendly retirement village – and these communities are effectively full.”
“This now means focus shifts to local, state and territory governments to ensure they deliver more homes for more Australians as the country continues to age.”
Originally published as ‘A win for everyone’: Retirement now in 1.2m new homes target
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