More and more retiring baby boomers are abandoning the lawn mower in the suburbs in favour of an apartment close to coffee shops, public transport, cinemas and community amenities, according to Chris Johnson, CEO of Urban Taskforce Australia, an organisation which represents property developers and financiers.
With the changes in the demographics, the percentage of over 55s will climb from 10% ninety years ago, to 40% by the end of the century. Many of these people will be considering their housing options.
The changing preferences of seniors will have a real impact on the housing market. The traditional residential aged care facilities will still be necessary but a new market is emerging of older people downsizing from large houses to apartments, often located in the same suburb, but closer to facilities.