Australia is facing a massive challenge of housing our ever increasing seniors population who cannot afford to buy in to one-stop-shop retirement living. Recent research and trends indicate a number of alarming statistics facing South East Queensland, including:
• high level of welfare (pension) dependency;
• 5% of over 65s in SEQ with a superannuation balance of $500K and over;
• 75% of all retirees surviving on the pension alone; and
• significant proportion of over 65s as long term renters with no asset to ‘trade’ for buying into retirement facilities.
These statistics are very similar Australia-wide, and suggest that our Seniors may be in deep trouble when it comes to finding suitable affordable accommodation that accommodates ready access to health care services, ageing in place, social cohesion and accessibility to other key services.
This paper looks at the challenges faced, and how industry and government might seek to redress these issues.