Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Loneliness, Rising Property Values Fuel Regional Retirement Village Growth

Escalating property prices in the regions, coupled with widespread loneliness during the Covid-19 lockdowns, are helping fuel a boom in the retirement village industry in areas like Kerikeri and Central Otago.

Senior Trust Retirement Village Income Generator Limited, a specialist investment fund at the forefront of financing retirement villages throughout New Zealand, said today that regions have suffered from a scarcity of retirement villages due to economic reasons, but this is changing.

Executive Director John Jackson said Australia has recorded a 27 per cent growth in new customers post Covid-19, and it's not too different for New Zealand. "We see record sales, and a large chunk of that growth is now coming from the regions.

"The build cost of a premium retirement village dwelling in Auckland is the same as in the regions, but the gap in property values with places such as Wanaka and Kerikeri is closing, making these regional retirement destinations far more viable ."

Jackson said that the substantial increase in median residential prices in the regions in 2021 have seen retirement village dwellings keep in step with the local market.

Another reason for the growth is that the retirement village industry has built up a high level of trust by keeping residents safe from Covid-19. Loneliness during lockdowns also helped retirees put greater value in community.

"During the lockdown, a lot of retired people were lonely. My father, who is 92, had six children living within a 10-kilometre radius of him during the lockdown, but all we could do was stand at the letterbox and wave. It was also risky for him to do his shopping during that period.

"The loneliness of lockdown has prompted many to recognise the benefits of retirement village living, in a particular community, security and healthcare – and they don't have to go out to the shops if they don't want to."

Jackson said that as a result, the gap between provincial destinations and big-city values is narrowing and opening up increased interest in premium retirement villages in prime locations.

"The big lister retirement villages have enjoyed high levels of sales. Senior Trust supports the growth of seven villages between Kerikeri in the North and Clyde in the South that are responding to growing demand."

© Scoop Media

Business Headlines | Sci-Tech Headlines


Science Media Centre: Understanding DDoS cyber attacks – Expert Reaction

Cyber attacks have hit several New Zealand organisations this month, disrupting their online services. The Distributed Denial of Service (DDoS) attacks were the same kind of cyber attack that affected the NZX around this time last year... More>>

Financial Markets Authority: Spike in investment scam complaints since COVID

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – is warning New Zealanders to be on the lookout for three unique types of scams that have been on the rise since the start of COVID-19. The warning comes as the FMA responds to a rise in complaints about investment scams and fraud lodged with the regulator in the first half of this year... More>>

Statistics: Strong export growth narrows current account deficit to $3B

The seasonally adjusted current account deficit narrowed to $3.0 billion in the June 2021 quarter, Stats NZ said today. The current account deficit was $2.2 billion narrower than the previous quarter due to an increase in value of goods exports (up $1.4 billion) and services exports (up $1.7 billion... More>>

Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>

Energy-from-waste: $350 Million Plant To Deliver Renewable Energy Considered

Investigations have begun into the viability of building an Energy-from-Waste plant that will safely convert 350,000 tonnes of waste, that would otherwise be dumped into South Island landfills annually, into renewable electricity... More>>

Olam: Confirms plans for commissioning of NZ dairy plant

OFI, a global leader in natural and sustainable food ingredient solutions, today confirmed plans to develop a new dairy processing facility at Tokoroa. It is now taking expressions of interest from potential farmer suppliers, employees, contractors, and general trade suppliers... More>>