2024 Colliers-Epic Retirement Housing Survey: "Consumer needs are not being met”

The cashed-up emerging modern ageing demographic (55-80 years) have greater aspirations than previous generations, but they are not being met by the market. 

The 2024 Colliers-Epic Retirement Housing Survey, the second year of a longitudinal study by the real estate management services group, highlights several issues for retirement living operators.  

Aged specific: Those under 75 years desire to age in inner-urban housing, while those 75 plus prefer to age in outer suburban housing.   

Low awareness: the sector is poorly understood by consumers. There is low awareness of accommodation models in the 50s, 60s and 70 aged cohorts.  39% of survey respondents did not know the difference between land lease communities and retirement villages.   

Limited appeal: only 15% of respondents said they would consider moving into a retirement or land lease community in the future, with only 5% saying they would consider retirement village living specifically.  

Low acceptance: 43% of respondents said they would consider neither retirement living or land lease communities.   

“There is a pronounced decision tipping point at 75 years when preferences change drastically. The current Retirement Village and Residential Aged Care models are converging, and consumer needs are not being met,” Ian Sanders (pictured), Head of Colliers Healthcare and Retirement Living, Asia Pacific said.   

The report also states there is limited, or no stock, being developed for a cohort aged 55-75 seeking inner-urban or coastal lifestyle properties, a portion of whom indicated an interest in multi-storey developments. 

“The data shows demand for retirement lifestyle housing in urban areas for early retirees – a type of property that just isn’t being built at the moment in any scale. There appears to be no urban business model that offers the benefits of community, in the same way as land lease or lifestyle communities.”   

“The data also shows there is not sufficient appropriate housing to support people in their passive retirement, when health declines and needs for community living increase, typically in the late 70s and 80s.” 

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