Swimming pools, in-house restaurants, gyms, movie theatres - no, it's not lifestyles of the rich and famous, it's the new face of retirement accommodation in Australia.
For a growing number of retirees, home is a five-star resort with luxury lifestyle amenities such as bowling greens, tennis courts, swimming pools, saunas and even cafes and restaurants.
Retirement Living Online is a highly sophisticated Australia-wide online directory of retirement villages for over 55s.
Ben Hannemann, the owner of the web site, says that there has been an explosion in demand for resort-style living for seniors. Accommodation that is exclusive, sophisticated, stylish and modern. But all that comes with a heft price tag.
"There are a lot of cashed-up baby boomers out there who are looking to lead a lifestyle in retirement that delivers some immediate rewards," Mr Hannemann said.
Exclusive apartments in Sydney's retirement living resorts have sold for $1.8 million. Mid-range Sydney accommodation is priced between $700,000 and $900,000, while resort homes outside the major metropolitan areas often sell for around $350,000 to $500,000.
Mr Hannemann says retirees who are selling a larger family home in the outer suburbs of Sydney can downsize to a new luxury resort property for about the same cost. While resort-style communities are springing up in the major capital cities, there are a growing number of developments on the coast or in desirable country areas, with the most popular spots being the North Coast of New South Wales and the southern Queensland coast.
Currently, the demand for retirement lifestyle resorts is outstripping supply. The population is ageing, retirees are healthier, wealthier and they're living longer resulting in a large increase in demand.
Another resort lifestyle appeal is the lock and leave option. Mr Hannemann says, "There are plenty of people who want to be able to travel around Australia or overseas, do the grey nomad thing. Retirees don't want to have to worry about anything while they travel, they want the village to look after the property for them."
Given the high, ongoing demand for these properties means that strong capital gain is very likely. Previously, retirement villages have offered low-maintenance accommodation in a community setting where the emphasis was on low costs and security. But these new retirement resorts are like living in a luxury hotel, Mr Hannemann says. "Retirees are willing to spend for the now, whereas their parents would have set aside their money for their kids' inheritance."
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