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Housing report: Retirement village building props up apartment consents through 2009
Alex Tarrant presents a housing report in association with ASB. Today Statistics New Zealand released building consent figures showing the uptrend in residential dwelling consents continued in October from the lows earlier in the year.
The residential consents are dominated by general housing consents which are showing a clear trend upwards. However, apartment consents are still bumping along their lows and are being propped up by consents for retirement village apartments.
Back in June, Government Statistician Geoff Bascand said over a third of apartment consents in the first five months of 2009 were for 'assisted living apartments' associated with retirement villages. This shot to over 60% in June, and 90% in September before falling away to 75% in October.
15 Comments
Good to see the baby
Good to see the baby boomers doing their bit to keep the housing market and economy ticking along with consents for retirement village apartments
Would investing in retirement villages
Would investing in retirement villages be a good investment?
Yes , Rob . Listed
Yes , Rob . Listed company Ryman Healthcare , has performed well for shareholders . Pity that the Hanover investors hadn't thought of investing with people who know what they're doing , and who care about clients and shareholders alike . Go Ryman !
yep retirement villages are a
yep retirement villages are a growth industry for sure.
Just think of all those suburban houses that will be vacated in the next 10 years. That will help address the supply / demand balance and help prevent another major housing boom.
Good to see a significant increase in building consents for houses too - that will help address supply / demand too
No surprise that apartments have dropped away - there is no finance and too much planning risk
Retirement villages are a growth
Retirement villages are a growth industry for sure. Yeap, makes sense "“ put the BB generation into "Bubble camps", milk and really care for them - huge business. Another great investment opportunity.
I disagree on the retirement
I disagree on the retirement villages as a good investment. My guess is that within 20 years they'll become unpopular with the target market who are by the day becoming more ornery and less inclined to conform (so less likely to live by someone else's rule book) and less cashed up as their incomes from passive investments dwindle. Lots of writing coming out in the US and UK on ''growing old disgracefully". The baby boomers will reinvent retirement but it will take 10 or 20 years for it to really become apparent here.
I think within 10 to
I think within 10 to 20 years we (and most countries) will have legalised voluntary euthanasia and with that the demand for retirement villages will diminish.
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Surely with housing consents showing
Surely with housing consents showing a clear trend upwards, housing supply would increase leading to lower home prices?
ruru : You may be
ruru : You may be correct . But a little lateral thinking , empty retirement villages could help with a housing shortage / accomodation for students / rooms for deranged bloggers . Warm and dry , better than some have now ................Wonder if they'll give me gummy bears..........Hmmmmmm , yummy gummy .
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