Key findings from the 2019 retirement village sector insight report
This is the first Trans-Tasman survey we have completed and we are delighted to now have insight into some of the similarities and differences between the retirement village sectors in New Zealand and Australia. The survey is part of our support for the retirement village sector. We worked again with the New Zealand Retirement Villages Association, and for the first time, we worked with the Property Council of Australia and invited Australian retirement village operators to participate in the survey, to identify similarities and differences between the two markets. As a result we are now able to share some of the expectations, issues, priorities and views from across the Tasman.
To help put the responses into context, the survey was completed against a backdrop of:
- In New Zealand, there is excellent consumer understanding of the retirement village proposition, including both the financial structures and the benefits for residents.
- A housing market that has been slowing in Australia for some time and now showing some signs of stabilisation; and is now slowing in Auckland, but remains sound in a number of other centres around New Zealand.
- No significant new entrants into the sector in New Zealand.
- A Royal Commission into Australia’s aged care sector.
- An aging population across both New Zealand and Australia.