How one operator achieved 53 retirement village sales in 23 months
Two years ago, the retirement village in Sydney’s northwest had 27 vacant independent living units.
Today, Calvary Health Care Ryde Retirement Village has hit 100% occupancy for the first time, completing 53 sales over the past 23 months. Its co-located residential aged care home is also operating at full occupancy.
How it got there
Calvary didn’t change its Deferred Management Fee (DMF) model, or reduce prices.
Average sale prices actually increased from $891,000 in FY24 to $969,000 this financial year, while the village retained its existing 30% DMF over five years.
Mark Eagleston, Head of Customer Performance – Retirement Living and Aged Care, believes the result challenges the view that buyers are turning away from traditional retirement village contracts.
“There is still a strong and genuine appetite for the Deferred Management Fee product,” Mark said.
“The key is pricing that is proportional to the median house price in the catchment area. When stock is priced correctly relative to the local market, it moves.”
Mark said the operator invested in its product. Refurbished homes were upgraded with contemporary fixtures and finishes to better match buyer expectations, while retaining the larger floorplans often found in established villages.
Calvary shifted focus from selling to educating
Its Transition to Retirement seminars, featuring residents alongside lawyers, real estate agents and downsizing specialists, proved so popular they have since been rolled out across the organisation nationally.
Mark believes the biggest driver has been delivering a better resident experience consistent with Calvary’s mission of Being for Others.
“We’ve strengthened our belief that operations and sales go hand in hand. If you’re operating a genuinely customer-centric village, sales will take care of themselves,” he said.
