A shortage of land and an influx of retirees over the next five years is set to place increasing pressure on the availability of homes in lifestyle resorts in and around Perth, according to retirement industry
leader John Wood.

Figures from the Australian Bureau of Statistics released in May reveal 226,000 Australians intend to retire in the next two years and that number will swell to 710,000 within five years. Australia is already home to 4.2 million retirees.

Mr Wood said Australia’s ageing population was creating unprecedented demand – and the fresh ABS figures indicated that demand would continue to grow.

“In recent years, the retirement living industry has experienced significant growth because retirees are getting much higher prices for their family home, setting much better conditions for investing excess cash and pensioners are also enjoying a better overall financial package from the Federal and State Government,” he explained.

Mr Wood said Providence Lifestyle Resorts, which he is director of, could not build their communities across Perth fast enough.

“At our Piara Waters Lifestyle Resort, stages are selling out before they’re even constructed,” he stated.

“We’ve also noticed more early retirees and empty nesters are choosing to go with better quality options in their retirement and often spending a little more money on high-end homes because they can now afford it, whereas three years ago it was a different story.”

Mr Wood said Providence was working quickly to get three more of its premium gated resorts up and running in Henley Brook, Haynes and Mandurah to meet pent up demand.

“We are fortunate the projects we’re now developing were acquired and approved a few years ago, when the market was really tough and demand was low,” he stated.

“But there’s now a shortage of ready-to-develop land in Perth, and this will cause an extra challenge for retirees looking to buy into a lifestyle community in coming years.”

The ABS said the pension was the main source of income for most Australian retirees and that financial security was the main factor impacting when people retired. More Australians are also retiring with
mortgage debt.

“Perth retirees or potential retirees would do well to act sooner rather than later to downsize their homes while property prices are strong and secure their spot at a resort of their choice while they still can,”
Mr Wood suggested.

“Land lease lifestyle resort homes – with extraordinary facilities, no entry or exit fees and no stamp duty – are becoming one of the few viable options for most retirees, with housing becoming less
affordable and available.

“The great news is that land lease resorts, like those on offer at Providence Lifestyle Resorts, can help retirees free up cash and enjoy a low weekly cost of living, with homes priced on average much lower than median house prices in the same suburb.”

Mr Wood said Providence Resorts also boasted other features that made them more financially attractive.

“At Providence, we’re delivering crucial cost of living savings through lower power bills, lower data and technology bills, lower water bills, and shared high-end wellness facilities,” he said.

“We’re also delivering enhanced personal safety, and promoting personal connections and friendships, active living, and wellness.”

Information in this article is true and correct as of 2 August 2024.