Living Well

AUSTRALIAN PROPERTY INSIGHTS

LIVING WELL

DEMAND DRIVERS

Demand is underpinned by one of the clearest demographic trends in Australia – the ageing of the population, but it’s also lifestyle and financial motivations that are shaping where and how seniors want to live. The typical resident is not looking for aged care – they’re looking for retirement autonomy, community connection, and a simpler way to manage retirement.

DEMOGRAPHICS: A GROWING AND SHIFTING COHORT By 2034, almost 1 in 5 Australians will be aged 65 or over, but it’s the 75–85 age group that represents the most active part of the retirement village market, set to grow by more than 1 million over the next decade. While longevity is increasing, so too is the period where seniors seek independent yet supported living – expanding the viable customer base for Retirement Living beyond just the traditional ‘entry point’. LIFESTYLE & AUTONOMY The Retirement Living sector represents a lifestyle choice – one that offers connection, security and routine at a time when many seniors are seeking simplicity and purpose. Tenure data from industry benchmarks suggests that the average Retirement Living stay is 9–10 years, with high satisfaction rates reported among residents. That longevity speaks to the product-market fit, once residents are in, they tend to stay.

FORECAST POPULATION GROWTH IN 65+ COHORT (2023 TO 2063) CHART 3

4% 2% 2%

2022-23

2062-63

65-69

70-74

75-79

80-84

85+

Source: Source: Cushman & Wakefield Research, Intergenerational Report 2023

CHART 4

AVERAGE LIFE EXPECTANCY

85.1

84.6

84.0

83.0

81.8

81.1

80.9

80.5

79.7

78.1

76.2

75.0

1993

1997-1999

2003-2005

2009-2011

2015-2017

2021-2023

Male

Female

Source: ABS

CUSHMAN & WAKEFIELD