Retirement living in Sydney is undergoing a significant transformation, shifting from traditional sprawling communities to modern high-rise developments designed to enhance the lifestyle of residents. These new vertical retirement villages offer contemporary amenities in prime locations, making them appealing choices for retirees like Sue Archer, who opted for Aveo’s Bella Vista Haven over older-style options.
Archer appreciates the vibrant social environment and strong sense of community that these modern facilities foster. “Living in a two-bedroom apartment where my neighbours are often absent for work made me feel isolated,” she shared, expressing her desire for a more connected living situation. The apartments in these new developments are fully accessible and equipped with a 24-hour emergency call system, ensuring residents feel secure and supported.
The trend towards vertical living is not exclusive to Aveo; approximately 80% of new retirement villages in Sydney are now being built in high-rise formats. Notable projects include The Cambridge in Epping, which is nearing completion, and the upcoming Uniting Belrose development. Additional projects like the Tulich Lifestyle Village and Cardinal Freeman at Ashfield are also in various stages of planning and construction.
This shift is largely influenced by changes in the housing market, as noted by Daniel Gannon, executive director of the Retirement Living Council. He emphasised that urban density provides a viable option for retirees looking to remain in their beloved communities, amidst dwindling housing supply. In many cases, retirement properties are priced up to 43% lower than comparable apartments, although various conditions apply.
For example, Bella Vista Haven employs a leasehold model, allowing residents to secure their apartment through a 99-year lease instead of purchasing the property outright. This agreement eliminates the need for stamp duty, a significant financial advantage. Conversely, freehold retirement apartments do incur stamp duty. Residents should also anticipate ongoing monthly fees to cover facility maintenance, and while contracts differ across developments, they can include exit fees and refurbishment charges at the end of residency.
Gannon advises potential residents to seek independent legal and financial counsel to ensure this transition aligns with their personal circumstances. This proactive approach aids in navigating the complexities that can come with moving to retirement living, ensuring that this lifestyle choice is indeed the right fit for their needs.
As Sydney’s retirement living landscape continues to evolve, these vertical villages stand as a testament to how modern design and community-focused living can offer a refreshing alternative for seniors seeking both comfort and connection.