Only 350 retirement village units were approved across the Tasman Sea in the second quarter of 2024, according to interest.co.nz, which represents a fall of 31% on two years ago. 

At the same time the average build cost per retirement village unit soared to a record NZ$551,909 in Q2, the first time it has been above NZ$500,000, and a staggering 73% increase compared to Q2 2022. 

The average size of the new units consented in Q2 increased to 133msq, almost back up to the record high of 137sqm in Q1 2022.  

Ryman Healthcare Chairman Dean Hamilton (pictured) said at its AGM in Christchurch, New Zealand, on 30 July, Health New Zealand (Te Whatu Ora) had provided only a 3.2% increase in funding for the aged care sector for the current year. 

“We question what measure of sustainability, let alone incentive for growth, does that provide the broader sector, which has some 37,000 care beds – two-thirds of which are in private or charitable hands,” Dean said. 

He called for the Government to examine funding the aged care sector. 

“If it’s not fixed, aged care will inevitably become a broader healthcare issue. Instead of paying $250/night to aged care providers, Te Whatu Ora will be paying $1400 a night for a public hospital bed and blocking those beds from the general public,” he warned. 

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