RIDING THE WAVE OF BOOMERS

Written on the 10 July 2014 by Nick Nichols

RIDING THE WAVE OF BOOMERS ANY notion that south-east Queensland has lost its shine for retirees has been blown out of the water by demographer Bernard Salt.

According to Salt, the region increasingly will become a lure for baby boomers who are driving a new wave of ageing sea changers heading to both the Gold and Sunshine Coasts.

He says developers who adapt to the changing needs of this demographic will be the big winners of the trend, with today’s retirees happier to spend more on lifestyle than their frugal parents.

But, according to Salt, they’re not all retirees with a lot of time on their hands.

He says many older Australians are staying in the workforce or taking a bigger role in the care of their grandchildren, and this means developers have had to readjust the style of housing being offered to this demographic.

“What we are now seeing is the rise of the portfolio stage in the lifecycle; it involves a range of social, family and work commitments,” he says.

“It is clear that the period in life between the mid-50s and 70 is increasingly being commandeered by work and/or by childcare.

“I suspect baby boomers moving into this stage of the lifecycle see this arrangement as a positive contribution to the way they want to live.

“It delivers an increased level of financial independence as well as greater social and familial engagement.”

Salt says while baby-boomers have been drawn to south-east Queensland in droves since the early 2000s, the reasons that are driving them now have changed dramatically.

“Those same boomers a decade or so later will be looking for a different accommodation product,” he says.

“That product is yet to achieve the cultural impact of the seachange shift, but with so many boomers pushing into this stage of the lifestyle, it is surely only a matter of time.

“A range of accommodation options will emerge to meet this market.

“One such need will be self-contained townhouses or lifestyle unit facilities in a coastal location in places like south-east Queensland.”

Salt concedes the Queensland market has suffered in recent years, largely due to a drop in demand for holiday housing.

“However retirement housing or, more correctly, lifestyle housing including manufactured homes is a different segment that fits neatly between the empty-nest and aged-care phases,” he says.

Over-50s property developer Halcyon is one Gold Coast company that has cashed in on the trend in recent years.

The company, which is backed by Gold Coast property veterans Gordon and Archie Douglas, has had solid sales success from five developments under the Halcyon banner since 2003.

The  company has just launched the $60 million Vision by Halcyon at Hope Island (pictured), comprising 88 homes, after achieving pre-sales of $15 million.

Halcyon joint managing director Bevan Geissmann says his company has responded to what he sees as a desire by baby boomers’ to downsize their financial commitments while upsizing their lifestyles.

Lifestyle housing is likely to have a spare bedroom for the grandchildren and more room for children to play outdoors, as well as cutting-edge internet connections for many who work from home. 

Salt says census data revealed that between 2001 and 2011, the proportion of Queenslanders aged 63 in the workforce jumped from 32 per cent to 48 per cent.

He says the trend is affecting the wider segment of the demographic aged between 58 and 68.

“These baby boomers are perhaps shoring up their financial situation in preparation for retirement,” he says.

“I suspect that boomers, unlike their frugal parents raised during the Great Depression, know that they are unable to live modestly in retirement.

“This might be a response to the global financial crisis or it might be a reflection of changes to the nature of work: less physical labour, more intellectual effort.

“The outcome is a rising pool of baby boomers aged in their late 50s and early 60s with greater spending power and perhaps with coastal lifestyle aspirations.”



Author: Nick Nichols

Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter