Redefining Retirement

For years, the archetype of retirement living in New Zealand was the village - a collection of purpose-built homes, often with age restrictions and bundled services, designed to offer security and social connection in later life. But today’s retirees are rewriting the rulebook, drawn to vibrant, multi-generational neighbourhoods and demanding homes that fit a dynamic, independent lifestyle. 

What Do Retirees Really Want?
The retiree property market in Hamilton is growing and changing, fast.  Retirees have different expectations of retirement with more looking for compact homes in established urban areas.

At the top end of the market, resort-style retirement communities are enticing people to retire earlier than planned, with offerings that rival luxury vacations. At the mid-range and affordable level, however, more retirees are downsizing to  townhouses and apartments in lively neighbourhoods. This is an increasingly viable proposition thanks to modern support systems that once were only available in retirement villages. 

What Does The Future Look Like?
Financial pressures are mounting for older Kiwis with many still servicing mortgages as they enter retirement. By 2040, it’s estimated that a whopping 40% of retirees in New Zealand will be renting rather than owning their homes.  

Townhouses and apartments in urban areas will be increasingly popular options for this cohort, provided they are accessible and close to amenities. Flexible ownership models will also be key as affordability worsens. While cost is key, it’s important to note the growing appeal of townhouses and apartments is also about independence and the vibrancy that comes from living in a multi-age community.  They tick a lot of boxes! 

The Challenge Ahead
What’s clear is that affordability will influence retirees’ property decisions in the decades ahead more than ever before and well-designed townhouses and apartments will play an important role in filling the gap. The groundwork needs to happen now so get in touch today about how you can play a role in the retiree property market of tomorrow.