Leading retirement village operator RetireAustralia, the company behind The Green Tarragindi, has unveiled bold plans to construct over 1,100 new senior living residences across key sites in Queensland and New South Wales over the next five years.
The plan marks RetireAustralia’s response to rapidly rising demand for senior living communities. After opening 214 new residences across their portfolio last year, the company plans to develop thousands of additional units by 2028.
According to RetireAustralia’s Chief Executive Brett Robinson, the retirement sector has reached a critical juncture as more older Australians seek to live in vibrant retirement villages rather than traditional aged care facilities after the Aged Care Royal Commission exposed alleged systemic failings.
Major projects include The Verge Stage 3 retrofit in Queensland, adding 62 apartments and a 10-suite care hub to open in 2024, alongside new 42-unit Tarragal Glen unveiled in NSW for 2025.
Two concurrent 2025-2026 Queensland launches will establish Arcadia’s 159 premium apartments with a 10-suite clinic, as well as 146 residences and 10-suite facility at Cleveland Manor. A 229-unit Lutwyche and 52-apartment Lane Cove also await openings. A 100-unit Queensland site is currently assessing locations.
According to Dr Robinson, there is a severe shortage within Australia of senior housing that enables older Australians to downsize while retaining independence and care access.
He highlighted that 22 out of RetireAustralia’s 28 communities currently have waiting lists, with an over 93 per cent occupancy rate nationwide. He estimated the country requires between 10,000 to 11,000 new retirement dwellings annually.
However, he emphasised that the 2022 census figures indicate only half this number are being built. He noted that with an ageing population and increasing downsizing demand, there is an urgent need to address the undersupply through expanding retirement village projects.
Moreover, Dr Robinson stated such purpose-built senior communities will play a vital role housing elderly Australians amidst the ongoing national housing crisis.