A report produced by PRDnationwide Research is shining a spotlight on the pressure of Australia’s ageing population and a growing desire for affordable housing options.
According to the Australian Bureau of Statistics (ABS), during 2016 there were 3.7 million Australians aged over 65 years, representing 15% of the population. This is a significant increase from the 1976 ABS figure of 1.3 million people aged over 65 years, representing only 9% of the population.
Aged care and retirement villages are the two more common accommodation choices, whilst the newly conceived Manufactured Home Estates (MHEs) are less recognised. MHEs are a house like structure that are traditionally designed to be moved, not permanently attached to land.
However, in recent years there has been a move towards more luxurious and permanent structures. MHEs are found in purpose-built parks, made up of manufactured homes exclusively, and are often targeted to the over-50s age group. These homes are managed/owned by a park owner. A resident can purchase the house structure but not the land.
MHEs originally offered a more affordable alternative with remarkable investment benefits in a highly demand driven market. However, recent trends show that these developments are becoming more luxurious with the introduction of recreation facilities around the MHE, as well as more luxurious fit-outs within the MHE itself.
PRDnationwide Research has compiled a report, utilising data from Queensland where these types of housing options are becoming increasingly popular.