The Australian is reporting that aged care construction hit a $340M peak in March.
CoreLogic’s head of commercial research Eliza Owen says that with many areas across the country lending themselves to aged care developments – plus added incentives from the Fed Govt for downsizing seniors – aged care could prove attractive to investors and the construction industry.
She also notes that many existing aged care facilities will require a knockdown and rebuild.
So which areas are leading the way?
NSW has 113 aged care projects due to for completion during the next five years, with the Hills Shire, Newcastle, Wyong and Gosford leading the way with 26.
SA can expect 56 new developments in the next few years, with 10 in the Onkaparinga Council region and six are in the Port Adelaide Enfield area.
Brisbane is not far behind with 22 projects to be complete by 2020, with another 11 planned for the Moreton Bay regional area, nine for the Sunshine Coast and five for Toowoomba.
The beds will be filled too. The Aged Care Financing Authority predicts that around 76,000 new aged care beds will be needed in the next ten years – over double the 35,000 created in the last decade.