Hard to believe, but every day, seven days a week, $14 million changes hands as new residents buy into retirement villages across Australia, with the sale of 52 ILUs – every day.
The back of envelope figures are based on two types of ILU; those already built that sell at an average price of $250,000 and new ones coming onto the market that sell at an average price of $400,000 (approximately).
1750 existing villages x 75 ILUs = 131,250 ILUs
they turnover every eight years = 16,400 ILUs each year
number of existing ILUs sold each week: 315
number of existing ILUs sold each day: 45
average value $250K x 45 per day = $11,250,000 sales per day
value of new villages built each year: $1 billion
average price per ILU: $400,000
number of new ILUs sold each year: 2500
number of new ILUs sold each week: 48
number of new ILUs sold each day: 7
seven days a week 52 ILUs are sold to new residents
the combined value of those 52 ILUs is $14 million – every day