It was less than 6 months ago, in the depths of winter and during a global pandemic, that many property experts were predicting housing busts with price falls of up to 30%. Now in 2021, many of these experts are predicting housing prices will start to boom.
Is this boom believable and what does it means for retirees considering retirement living?
In our experience, retirement living prices remain steady and generally lag behind the boom and bust cycles of the residential market. The graph demonstrates the recent price rises of late 2020 and 2021 has been making up for the lows in 2018 and 2019. It is only now that we are getting back to the peaks of 2017, three years ago.
For many communities across Australia, retirement living prices have been subdued and throughout 2020 we found many new retirement living prices were revised down or included promotional incentives to encourage sell down.
In our opinion, improving confidence in the housing market across all capital cities and regional areas bodes well for retirement living operators in the latter half of 2021 and 2022.
Backed by the knowledge of our expert team of specialist researchers and award-winning project sales and marketing professionals, Marketability continues to perform and navigate through tricky boom and bust cycles.
Next time you are evaluating the risk of selling retirement living off the plan project, please consider Marketability the experts in the field, working for your brand.
Your project, our people working towards one goal – creating communities with heart.