Will land lease be the retirement housing model of the future for 80-year-olds?

A new report “Economic and Social Contribution of Manufactured Housing Estates in Australia" shows that a significant number of younger retirees are leaving their homes and moving into land lease communities.

48% of people surveyed are aged 65 to 74 years, and the second most popular age bracket reflects the Retirement Living Census statistic of average age of entry into a retirement village at 75. 38% are aged 75 through to 85+.

With over 100,000 people now living in land lease communities, this means within a few years more than 50%, or 50,000 people, will match retirement village numbers and will require increasing volumes of care services.

The BDO EdconSearch also reveals that in 2021/22 land lease living communities contributed $2.2 billion to Australia's Gross Domestic Product and sustained around 9,900 full-time jobs. 

The Property Council’s Retirement Living Council, which represents 30% of the sector, claims it provides $12.6 billion to GDP and saves the government $3.3 billion by delaying entry into aged care, admission to hospitals and GP visits.

The 2022 Retirement Living Census said the national average for a two-bedroom ILU was $516,000. The BDO EdconSearch report reveals the vast majority of land lease communities charged a house price between $200,00 and $300,000.

 
The SOURCE: The report confirms land lease living as a secure, affordable, and quality housing option with substantial benefits for residents and local communities. Like retirement living it is regulated by State and Territory governments, so the issue is how can the peak bodies get Federal Government to listen.