Future of retirement living
Read some recent statistics
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02 November 2021
Stories
| Retirement Living
The decision to move into a retirement village should never be made lightly – after all, there’s a lot to consider, and a few logistical challenges involved. But it’s also a decision that can’t be put off for long. It’s becoming increasingly clear that people interested in moving to a retirement village don’t have as much time to decide as they might have imagined.
Recent statistics show there’s going to be a shortage of retirement living apartments in the near future. In fact, a recent industry survey found only 3,200 retirement living apartments are scheduled to be built in Australia over the next few years. In NSW and ACT, retirement villages are already at 90% occupancy, which is concerning when you consider how many of the Baby Boomer generation are at, or beyond, retirement age. Since future supply is unlikely to meet future demand, if you’re interested in moving to a retirement village, waiting too long could mean missing out. Don’t forget, too, that we’re all living longer, which means people are staying in their apartments for longer – another reason apartments will be harder to come by.
Another factor to consider is what will happen if your care needs change in the future. When Yarra Rossa was designed, we drew on research showing people loved having the security of aged care facilities being close by but didn’t necessarily want that in their eyeline. With two BaptistCare aged care homes just minutes away, offering priority access to Yarra Rossa residents, this village meets that desire. An underground tunnel will connect Yarra Rossa to a BaptistCare aged care home, which means couples who may be separated by one person’s care requirements can still be close to each other. And if both people need to move, BaptistCare ensures a smooth transition. This means you can stay in the area you know and love, no matter what happens down the track.
All of this means that timing is everything. It’s better to make the decision to move to a retirement village while you still have choices available to you – especially if the luxury apartments at Yarra Rossa appeal to you. If you delay too long, you might find your choices are limited. You could also be missing out on all the fun and friendships that come from a retirement community. As BaptistCare resident John Lamont advises: “Make the move while you’re still young enough to enjoy it!” I couldn’t agree more.