Where do most Australians live when they retire?
Australia’s population is ageing mostly due to increased life expectancy and declining fertility rates. According to data from the Australian Institute of Health and Welfare, 2020, those Australians aged 65 and over was estimated at 4.2 million, around 16% of the population.
So how do older people want to live in their later years? A survey by The CareSide found — not surprisingly — that nearly 70% of older Australians want to live in a home they own.
However, not all homes are suitable for people as they age. Large, older style family homes are often difficult to clean and there can be a lot of maintenance too. Floorplans and interior features can often prevent senior people from living independently and safely. Stairs, trip hazards from indoors to out, narrow hallways and doorways and uneven floor surfaces are just a few of the features in older homes that can cause safety issues for people as they age. Renovations to older style homes can be costly, and most retirees aren’t keen to draw on their income-producing assets.
That’s why many Australians choose to move from the family home a new low-maintenance home in a purpose-built senior living community. By doing this, they not only enjoy a wonderful lifestyle with many benefits but can also continue to access the Home Care Packages Program provided by the government.
Senior living options
Senior living options in Australia come in three broad categories: retirement communities for independent, active people over 55, assisted living apartments for those who require some domestic and hospitality support and aged care for people who need 24/7 support and care. When it comes to retirement living, there are so many choices and operators in the marketplace, how do you choose the retirement community with the best fit?
In modern retirement communities, seniors can live in their own purpose-built home (usually a villa or independent living apartment) and enjoy privacy, security and an independent lifestyle in a contemporary village-style setting. This offers numerous benefits including on-site facilities and services, and the opportunity to meet like-minded others.
In the next blog article, we will detail the characteristics, differences, respective advantages, and market status of assisted and independent living apartments, so stay tuned.
Dux Living – a new chapter
We have never slowed our pace in industry exploration. We’ve laid out the future with a forward-looking vision and stepped into more diversified market fields to promote the company’s long-term development.
Our population continues to age, which drives strong demand for retirement living properties in Australian markets. Dux Living has been established for the sole purpose of creating sustainable, boutique retirement living communities. We have acquired a site in Ringwood that supports our vision and philosophy, and it is set to become home to our first landmark retirement living development. Stay tuned for updates!