The latest PwC Australia/Property Council Retirement Census revealed that the national average price of a two-bedroom ILU in a retirement village is about 67% of the average median house price.
However, that is not the case in Deniliquin in NSW’s Riverina, 285km north of Melbourne, where Edward River Council has agreed to build a 32-unit village for Over 65s.
The delayed construction of Stage 1 of Edward River Village, six units, is likely to start this month with the asking price for two-bedroom 167msq units starting from $475,000 with a weekly fee of $130. Council is proposing to refund 65% of the entry fee when residents leave.
There are 21 two-bedroom or more homes for sale in Deniliquin below $475,000, reported Shepparton News. A larger two-bedroom house is for sale at $165,000, a three-bedroom, two-bathroom house for $460,000, a four-bedroom, two bathroom house for $430,000 and a low maintenance two-bedroom unit for $140,000.
Mayor Peta Betts used her casting vote to approve the $4.43 million cost of Stage 1 in August last year and council secured a $1 million grant.
Edward River Council general manager Phil Stone said interest in the village had been strong.
“We have had thousands of clicks on the website, and we are quietly optimistic about getting six (contracts) in fairly soon,” he said.
It is hoped the first unit can be built by November with the six be finished in 12 months’ time.
