A new report by real estate firm JLL on the sector across the Tasman Sea has found demand for places is outstripping supply.
A total of 36 new villages were added to the development pipeline last year with 452 villages currently providing homes for 50,800 residents, according to the research.
"The demand has been strong in outstripping supply particularly when you look at developing approximately 1,850 units a year when we look at the demand of slightly above 2000 units," JLL head of research Gavin Read said.
"It's whether the developers can keep up that pace to meet that demand.”
The country needs an extra 61,121 retirement village units within the next 10 years to keep up with the rapidly ageing population. The shortfall is likely to be of the order of 11,608 units, based on the number of builds in the pipeline and historical rate of construction, which has seen an average of 1,854 new units built per year over the past five years.
About two-thirds of the current stock was owned and operated by Ryman Healthcare, Summerset Group, Metlifecare, Bupa, Oceania and Arvida.
The SOURCE: there is no data to show the demand for retirement living in Australia, but villages are full
