The new model is an attractive prospect for retiree Sue Archer, who passed up older style retirement villages for Aveo’s Bella Vista Haven.
Archer said she was attracted by the social environment, sense of community and facilities.
“I’m currently living in a two bedroom apartment where all my neighbours are never around because they’re all at work,” Archer said
“I just found I’m really isolated now.”
The apartments are fully accessible with a 24-hour emergency call system.Â
Aveo isn’t the only player in the market, with eight out of 10 new retirement villages now vertical.
The Cambridge in Epping is nearing completion, while the Uniting Belrose is about to begin construction and the Tulich Lifestyle Village at Oran Park is awaiting approval.
Cardinal Freeman at Ashfield is now building and the Cumberland Golf Club Retirement Village in Greystanes starts next year.
Retirement Living Council executive director Daniel Gannon said the current housing market prompted the birth of vertical villages.
“Given the nature of the housing supply markets around the country, some of the only ways for these people to keep living in the communities they’ve loved is to move into more dense residential offerings,” Gannon said.
Retirement properties can be up to 43 per cent cheaper than equivalent apartments, but there are conditions.
Bella Vista Haven is a leasehold model which means residents don’t buy the apartment.
Instead, occupants buy the right to lease it for up to 99 years, which means no stamp duty.
Freehold retirement purchases do attract stamp duty.
There is also a monthly fee to maintain services and facilities.
While contracts vary between developments, there will often be an exit fee and a charge to refurbish the apartment.
“We say to any prospective resident thinking about moving into a retirement village to obtain independent legal and financial advice to make sure that this move is right for your conditions,” Gannon said.
