By NICOLE VALICEK
DEMAND for retirement property in Hobsons Bay is set to increase, according to The Village Williamstown general manager Peter Mills.
Research released by Macquarie last week revealed that Australia’s baby boomers comprise 25 per cent of Australia’s population.
According to the research they hold 56 per cent of the country’s assets and 59 per cent of the population’s net worth.
Meanwhile Williamstown has a higher number of baby boomers (16.2 per cent) than the average for Victoria (15.6 per cent) and Australia (15.9 per cent).
According to Mr Mills, who has worked in the retirement living sector for more than 20 years, the new generation of baby boomers want to live a different retired life to their parents.
“There have been numerous changes in the years that I’ve been involved in the industry, one of the most common things is younger retirees looking for this type of accommodation,” he said.
He said demands for independence, health and wellbeing and security is driving the growth for property in the retirement village sector.
“They like to be able to have the time to travel and do things they like to do without the burden of looking after a big house and big garden,” he said.
“They want to still have the facilities to enjoy a home life and have the freedom to leave their property anytime, knowing its secure.”
Mr Mills said there were only two retirement villages in Hobsons Bay and as the need increases there will be a problem with supply and demand.
“The demand is increasing rapidly,” he said.
Retirees Ken and Pam Read, both in their seventies, moved into the village recently.
The couple said they did not intend to move into a retirement village for another 15 years but decided to make the move because it suited their active lifestyle, which includes extensive travel.
“More and more of our friends that are of the same age group are looking at downsizing from what they’re currently in,” Ken said.
“I think there’s going to be some sort of exodus from large houses into something more manageable.”
