Australia's population is ageing, and while this opens up all sorts of opportunities in terms of productivity, it also creates problems. One of them is ensuring the current supply of housing is sufficient enough to keep up with demand, which is likely to be the
concern of those in property sector roles.
Recent research has highlighted the need for change throughout the Australian housing landscape. The 2015 PricewaterhouseCoopers (PwC)/Property Council Retirement Census showed that retirement villages could be the answer to addressing gaps in supply, potentially creating property manager jobs in the process.
The need for change
Data from the Australian Bureau of Statistics (ABS) highlights that issues surrounding the ageing population are likely to become more prominent over the coming decades. Between 1994 and 2014, the proportion of people over the age of 65 increased from 11.8 per cent to 14.8 per cent. Meanwhile, the number of over-85s almost doubled from 1 per cent to 1.9 per cent over the same period.
The Productivity Commission believes that the Australian population could reach 38 million by 2060, which is considerably higher than the 15 million residents recorded in 2012. Private and public investment will need to pick up pace if the needs of these people are going to be met both now and well into the future.
Retirement and the property sector
The Property Council of Australia estimates that there are in excess of 2,300 retirement villages across the country. These are particularly attractive options as more Australians choose to downsize and to move into accommodation where property management and other day-to-day tasks are carried out on their behalf.
The census suggested that the average stay in retirement villages currently stands at around seven years, with the average age of residents being 81 years. In general, the monthly service fee - which covers the salary for property managers, among other factors - registers at about $434 per week.
Retirement villages could be the answer to addressing gaps in supply
"It is vital for the sector to thrive - to deliver good quality housing and services to ageing Australians, a demographic that is growing in numbers and sophistication," noted PwC Real Estate Advisory Director Tony Massaro.
"This census aims to help governments, investors, regulators and customers make better decisions while working to grow the sector."
As significant changes start to unfold in the Australian property market, it's essential that your company has the right staff on board. Whether you're taking on property managers or carrying out other types of real estate recruitment, be sure to speak to the team at Design & Construct.