The highly respected economic forecasting company IBISWorld has released its prediction that the retirement village sector will grow faster and bigger than most have previously dared to consider. With 1,750m villages today, they predict Australia will have 2,900 within 10 years, a growth of 66% and 4,300 villages by 2026. What is more they predict the average village size will be closer to 100 ILUs, up from todays average if 75 ILUs.
If they are right, then 10% of all people over 65 will reside in a village and the industry will be supplying about 3.4% of all Australias housing.
Opinion
Retirement villages have Canberra’s attention – now the sector must prove its value
Three years after Daniel Gannon took the reins of the Retirement Living Council (RLC), the sector has achieved something his predecessor Ben Myers was never able to: national recognition in Canberra. This is just the fist step. Retirement villages now need to capitalise on this moment. Here’s how.
