The demand from cashed-up Baby Boomers to buy a home in a new retirement village is “unprecedented”, says Mark Bindon, CEO of Brisbane-based Oak Tree Group.
“I have circa 200 contracts in the system and 17 projects under development. I need to get more stock built,” he said.
“The level of sales is unprecedented but it’s actually been building steadily for some time, particularly in the last 24 months or so.”
The owner and operator of boutique villages in QLD, NSW, VIC and TAS said it has been steadily and judiciously raising its prices in line with the residential market because the bulk of contracts with residents see the capital gains shared equally.
“It is a win-win for both of us. With the new builds, the costs of construction mean the prices have to go up. From this perspective, it’s been a challenging period,” said Mark.
