The future of retirement living and aged care in Australia looks bright according to recent research by Deloitte, which indicates that baby boomers will have excess retirement funds on a scale never before seen in Australia.
This extra money will be necessary to fund their aspirational retirement goals; according to current lifestyle trends, baby boomers have very ambitious expectations of their retirement years as compared with previous generations. Think luxury, resort style retirement – this will be one of the key drivers for moving baby boomers out of their family homes and into retirement housing.
A similar boom in aged care is also expected given the high percentage of elderly Australians – in 2013 one in every 26 Australians was over 80 years of age and by 2030 this is likely to increase to one every 18. Despite these figures, the Deloitte report predicts the changes will be a slow burn, with the peak years for baby boomers entering nursing homes not starting until the late 2020s and continuing throughout the 2030s.
This presents a key opportunity for retirement living and aged care providers to reposition themselves within the marketplace and lure the baby boomers out of their comfort zone. The transition to this kind of accommodation should not be seen as a downgrade, but rather a move to a more luxury offering, with resort style benefits. This involves thinking outside the current product box and redesigning what retirement looks like.
Schiavello understands the importance of quality products and market position. We are a strategic partner of choice to some of the world’s largest and most well-respected organisations (LinkedIn, Facebook, BHP, NAB) and have provided consultative and construction services to elevate their spaces to a standard that truly resonates with their brand.
We’ve also delivered world-class property developments, including Abode, Prima Tower and the recently announced joint venture QVT. Our clients can draw on 50 years of industry experience, an in-house research and development team, over 100,000sqm of manufacturing facilities and a global network of expertise to realise their vision – that’s the Schiavello advantage.
When considering your next retirement or aged care project make sure you speak to Schiavello to ensure you differentiate yourself and lead the market in developing quality accommodation solutions that excel today and set a benchmark for the future.
Written by James Hillman Schiavello Account Director