Downsizing Baby Boomers prefer lifestyle villages

By Michael Mata

Downsizing Baby Boomers prefer lifestyle villages

With many Baby Boomers expecting to enjoy long and healthy retirements, retirement communities have had to revamp their offerings to cater to changing needs.

According to demographer and columnist Bernard Salt, Baby Boomers looking for a better “work-lifestyle fusion” are flocking to “lifestyle villages,” as opposed to “retirement villages”.

A great example is Aspire by Stockland in Sydney’s Marsden Park. Currently under construction, the community aims to provide a “new kind of living for the over 55s”.

Residents can own their own free-standing homes, while remaining part of an active community.

“Surrounded by like-minded people, you will enjoy the security of a gated community as well as the convenience of being ideally located close to proposed shops, medical centres and transport at Marsden Park,” Stockland said.

Amenities include a gym, pavilion, heated pool, and outdoor area.

Aspire also does away with the typical contractual arrangements in retirement communities. Rather than the typical retirement village contracts, which see residents pay entry fees of between 65-70% of the property price, followed by an exit fee upon departure, Aspire allows residents to own 100% of the property. Upon departure, residents can sell their property without any exit fees.

While many lifestyle villages are springing up around Australia, there aren’t enough housing options for senior Australians. According to the Property Council of Australia, the country’s retirement villages are 93% full, despite the fact that the senior population is on track to grow by 5 million within the next four decades.

“There must be more housing options for senior Australians, especially in our biggest cities where demand is at its highest, so people can live independently for longer,” said Ben Myers, executive director at the Property Council of Australia.   

 Also read: Affluent downsizers are juggling life in the country and city