Canberra's ageing population will face a dire housing shortage unless the ACT government acts swiftly to make more land available for retirement villages, new report has found.
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The ACT rated poorly across five key indicators - awareness, accessibility, adaptability and attitude - that measured the effectiveness of each jurisdiction's retirement living policies, research commissioned by the Property Council of Australia revealed.
The Property Council's ACT executive director Catherine Carter said the territory would not meet demand for retirement living at the current rate of development of retirement living accommodation.
About one in 10 Canberrans was aged 65 and older and that figure was expected to double by 2025.
"A shortfall in retirement living options will prevent people from 'downsizing', will place pressure on the ACT budget and ultimately mean higher aged care costs."
The RPS Australia report, released today, said retirement villages held many social and economic benefits for communities.
Despite that, researchers found the industry faced numerous barriers when it came to land use planning policy, particularly due to competition from mainstream residential developers.
The report said land use policy was the single most important lever that governments had to provide rapid support for the development of more retirement villages.
It recommended policy incentives, setting retirement living housing targets, fast-tracked approvals and clearing the path for retirement living developments to be allowed in all residential zones.
Ms Carter said more retirement living developments in established suburbs would allow older Canberrans the opportunity to age in their own community.
That was a perk Jim and Neredah Crane recognised when they downsized from their four-bedroom Wanniassa home of 31 years to Goodwin Village at Monash about four years ago.
"We could have stayed in our house another five years but we were able to choose to move out when it was still in good condition," Mrs Crane said.
She believed some seniors could feel isolated if they didn't have the option to move from their homes and said she wouldn't have wanted to be an imposition on her children if she stayed living in a large house she couldn't look after properly.
"There is a care mechanism within a retirement village, whereas if you're forced to stay in a larger home it could become a burden because you're in an environment that is beyond you emotionally and physically."
The pair also reaped the social benefits of moving to the independent living quarters within their long-time Tuggeranong community.
"We looked in Queensland but then we realised that moving into retirement village like this isn't about bricks and mortar, it's about your networks. Networks are very important."
Ms Carter urged the territory government to adjust its land release program to accommodate retirement villages, some of which were earmarked for future development.
"This may also mean providing incentives to industry for the development of residential land for the purpose of retirement living.
"Land values in existing suburbs often prohibit the use of these sites for affordable retirement living and aged accommodation."
