Valuations are peaking. Demand is surging. But new builds? Still scarce.

For all the talk of improved balance sheets and capital flowing back into the sector, the pipeline of aged care homes is anaemic. Outside a handful of metro projects, very little dirt is being turned.

The reasons are obvious: costs have blown out, lenders remain cautious, and boards are reluctant to greenlight projects when Government signals on funding are mixed at best.

The danger is clear. Without new supply, hospitals remain clogged wit