Serviced apartments stand out at Ryman
- Resales strengthen: Net resale contracts rose 7% on stronger serviced apartment demand
- Aged care stable: Occupancy held at 96.1% across mature care centres
- Higher RADs: Average incoming Australian RAD exceeded A$750,000
- Build program: Ryman remains on track to deliver up to 168 new units and beds this year
Growing demand for assisted living has driven a 7% lift in Ryman Healthcare’s net resale contracts.
Ryman Healthcare recorded 325 retirement living occupation right agreement (ORA) sales during the first quarter of FY27, comprising 265 resales and 60 new sales.
The increase in net resale contracts was driven by strong demand for serviced apartments from external customers, even as overall resale volumes remained in line with the same period last year amid subdued housing market conditions.
“Resales have held up despite the external impacts of global events on housing market conditions,” Chief Executive Officer Naomi James said.
“Serviced apartments remain a standout, supported by our targeted sales strategies and growing demand for assisted living.”
The New Zealand-based operator, which has nine retirement villages in Victoria, also reduced its unsold new sales stock by 65 units during the quarter to 414 units as it continues to focus on improving cash generation.
Ryman said it remains on track to deliver between 157 and 168 retirement living units and aged care beds during FY27 across Patrick Hogan Village in Cambridge and Richard Hadlee Village in Christchurch.
The developments will include 60 aged care beds, 71 serviced apartments and up to 37 independent living units, with all deliveries expected in the second half of the financial year.
Care demand remains strong
The company also reported continued strong demand for its aged care offering, with occupancy across its mature care centres remaining steady at 96.1%.
In Australia, the average incoming Refundable Accommodation Deposit (RAD) exceeded AUD$750,000 during the quarter, continuing the growth reported in its FY26 results.
Earlier this year, Ryman revealed its Australian aged care operations generated earnings of AUD$26,721 per bed compared with AUD$12,339 in New Zealand, thanks to the stronger funding environment available under Australia’s aged care system.
Naomi said demand for care continued to strengthen.
“Demand for our aged care and assisted living offering is strong and growing, supported by the quality of our offering, accelerating demographic trends and increasing market scarcity,” she said.
“While subdued housing market conditions have impacted independent living sales, we continue to see positive results in the current market through offering greater product choice and pricing options across independent living, assisted living and aged care.”
Resale target unchanged
Ryman said it remains focused on increasing retirement living resale volumes to match resident turnover by the end of the financial year.
