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Retirement Village Development In Australia (second set of slides)

Retirement Village Development In Australia (second set of slides). John McNamara. Penetration Rate of Over 65 Age Group. Penetration rate in Australia approx 4% of over 65 age group Greatest penetration rates are in states with new villages

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Retirement Village Development In Australia (second set of slides)

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  1. Retirement Village Development In Australia (second set of slides) John McNamara

  2. Penetration Rate of Over 65 Age Group • Penetration rate in Australia approx 4% of over 65 age group • Greatest penetration rates are in states with new villages • Larger villages with more communal service offerings attract a greater proportion of 65+

  3. Penetration Rate of Over 65 Age Group

  4. Penetration Rate of over 65 Age Group

  5. Demographics • Old age dependence ratio currently sits at 20% • By 2035 it will climb to 40% • Majority of prospective residents in the market will sell their home in order to purchase • Post 2014 there will be less buyers and more sellers, however this may potentially alleviate land shortage • It is likely that those residents intending to come into a Retirement Village may be still engage by the workforce part time

  6. Demographic Trend Person 22 to 65 Potential Workforce Person <21 years (largely non-workforce)

  7. Price / Availability of Land • Current prices of land in the market have placed significant pressure of return on cost • Scale is required in order to ensure affordable delivery of accommodation and services (150 homes plus preferred). So 10 hectare parcels minimum size in general. • In certain states, large land tracts on urban growth boundaries with rezoning/DA potential are becoming more and more scarce

  8. Obsolete Stock • A lot of villages are now over 20-30 years old • Of the 600 village owners 70% have only one village • Access to capital to undertake refurbishment works is limited in general

  9. Property Fundamentals (source: ABS, Macromonitor) • Supply is not meeting demand

  10. Lifestyle Versus Care • For profit sector generally branding Retirement as a lifestyle choice and wishing to ensure all required services in close proximity, including Aged Care (reinventing way people think about Retirement). • Not for profit sector continuing to concentrate on continuum of care model integrated within the one development. • Diversity of offering is healthy for the industry as choice should see increased penetration of ageing market into Retirement.

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