With the rate of home ownership going down across Australia, the demand for social housing has never been higher – and retirement village operators are filling the gap, with a retirement village planned for the western Sydney suburb of Richmond the latest to promise to include social housing units.
The $70 million village being planned by the Richmond Club would include 120 to 140 independent living units. Plans for the development are still being finalised, but Club CEO Kimberley Talbot says she hopes a percentage of the units will be dedicated to affordable housing.
They are not the only village operator to cater for residents who can’t afford to buy into a village.
The Old Colonists’ Association of Victoria will spend nearly $27 million on new independent living units at two of its retirement villages in Melbourne – which it says is designed to cut their waiting list of 583 people – that’s around six years.
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