Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

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The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

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“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

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Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

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Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

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Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

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Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

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Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

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Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

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The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

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Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

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The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

[smartcode_project:default project_id=149670 project_image_fid=360975]

“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

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Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

[smartcode_project:default project_id=136726 project_image_fid=362015]

Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

[smartcode_project_cta:default project_id=136726]

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

Retirement Village

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If the only inevitabilities in life are death and taxes, then the economy and government policy will start to reflect it.
This is particularly evident when the baby boomer generation goes through the significant transition to retirement.
In March 2017, an unprecedented value of building work was approved in construction of aged care facilities, totalling $340 million over the month.
Australia’s population aged 65 and over is an estimated 3.7 million people by the Australian Bureau of Statistics (ABS). Approximately 5 percent are living in retirement communities, or some 184,000 Australians. Based on current projections, Australians aged 65 and over will make up over 20 percent of the population in 10 years’ time.
Despite a rapidly ageing population, the reality of developing aged accommodation – particularly retirement villages – is a harsh one. Like many assets, growth in the residential housing market has crowded out capital for aged accommodation.
According to a 2016 joint survey by the Property Council of Australia and Retirement Living, the national average price of a standard, two bedroom independent living unit increased just over 3 percent between 2015 and 2016. In the same period, CoreLogic data shows the national standard dwelling increased 7.3 percent.
Competition for vacant land, age friendly regulation compliance and investment into green technology to reduce long term service fees are factors that can inflate initial investment. This is amplified by the average tenure in retirement villages, which is approximately 12 years.
However, some areas across the country lend themselves to aged care development. Advantages such as relatively affordable land and mild climates make them popular with retirees. New incentives to downsize introduced in the federal budget may further boost these areas.
CoreLogic data of aged care facilities, independent living units and retirement villages reveals the areas most likely to benefit from the ageing population.
Of the states and territories, the most aged accommodation construction is occurring in New South Wales. The state has 113 projects with construction commenced or imminent over the next five years.
Within New South Wales, the highest frequency regions for construction were The Hills Shire, Newcastle, Wyong and Gosford. Between these regions, there are 26 aged care accommodation projects either approved or commenced, with completion expected by 2023. Newcastle, Wyong and Gosford offer lower land prices along the coast. As for the Hills Shire, while its lack of public transport to the city makes it relatively unattractive for young professionals, the area has a quiet, leafy exclusivity for retirement communities.
The number of aged accommodation developments in each state and territory is generally proportionate to population. The exception is South Australia, where there are 56 developments expected to be completed over the next few years. Of these, 10 are located in Onkaparinga Council, and 6 are located in the Port Adelaide Enfield region. South Australia has a higher proportion of 65’s and over to the total population.
Looking at individual council areas, Brisbane City is by far the most popular spot for aged accommodation projects. In the last 5 years, the region has seen over $725 million in aged care and aged living construction, ranging from upgrades of existing facilities to a $60 million integrated care facility at Carina. By 2020, a further 22 projects in the space are expected to be completed. In the same period, a further 11 are planned for the Moreton Bay Regional area, 9 in the Sunshine coast and 5 in Toowoomba.
A common trend in new developments is the blending of care types in the one precinct, such as the three tiered levels of care in The Village Coorparoo, mean that people are likely to stay on the one site for a longer period of time, or, ‘age in place’. The ageing in place model was also adopted in the recently completed Woodlands Aged Care Facility in the Sunshine Coast.
In the residential care sector, the Aged Care Financing Authority estimates that over the next decade, approximately 76,000 new places will be required, compared with just 35,000 established in the previous decade. In addition, much of the existing stock will require a knockdown and rebuild. The forecast investment required over the next decade is $33 billion. While the initial costs make aged accommodation unappealing for the average investor, the boomer retirement transition could represent a further boom for the construction industry.
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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The areas capitalising on an ageing population: Cameron Kusher

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The NSW Government has signalled it will ensure there are more transparent fees for retirement village residents through new laws.
They will also seek to ensure that exit entitlements paid more quickly when residents depart their village.
Minister for Better Regulation, Kevin Anderson, said the new reforms will improve access to exit entitlements, create a new mechanism to support residents moving to aged care, and place a 42-day cap on the payment of recurrent charges for general services.
“We promised to make retirement village fees fairer, and these reforms will put residents first, saving them thousands of dollars and giving them access to their exit entitlements sooner when they leave the village,” Mr Anderson said.
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Under the changes, if a unit remains unsold after 6 months in metropolitan areas or 12 months in the regions, residents will be eligible to receive their exit entitlements if the village operator has not taken reasonable steps to facilitate a sale. The reforms respond to several key recommendations of the independent report into NSW Retirement Villages conducted by Kathryn Greiner AO, which found residents could wait years for their unit to be sold by the operator before they received their exit entitlements. “Waiting extended periods of time to receive your exit entitlement can cause a financial and personal burden. That’s why we’re putting in a safety net that will require operators to buy back the unit from the resident if they don’t use their reasonable endeavours to sell it within the appropriate time period.” “We’re also capping recurrent charges, such as office management and gardening fees, at 42 days after a resident moves out.” Mr Anderson said the Government is also making it easier for retirement village residents to transition directly into aged care. “More than 60 percent of residents transition from villages directly into aged care accommodation. However, under the status quo, many can’t afford these costs if their unit does not sell quickly.” “Under the reforms, the operator will need to cover a portion of the estimated exit entitlement directly to the aged care provide, allowing a seamless transfer.” Retirement villages currently accommodate over 66,000 retired people, and this number is expected to double by 2033. New laws to deliver on the reforms will be introduced into the Parliament later this year.
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Retirement village residents to get greater fee transparency

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EXPERT OBSERVER
The COVID-19 pandemic has brought into sharp focus the need for connection to our local community and the health challenges of the retirement village model.
We know that, as we age, most people prefer to stay in their own homes and communities instead of moving to retirement villages. Some have gone so far as to say retirement villages have had their day. However, the reality is not quite that simple.
The challenge is that seniors are not well informed on what they could demand of the market. Planning schemes could also do more to create incentives for the changes we need now.
The challenges are complex and urgent as the global population grows and ages. Yet our housing supply reveals a bad case of the tail wagging the dog. Finely tuned financial models and development processes are driving the housing products available in the market.
What’s needed instead is adaptable housing and neighbourhoods to help people as they move through life’s stages.
<h2>Are the days of the retirement village numbered?</h2>
Many individuals and families struggle to find the right “fit” between the supported living options of retirement villages, independent living lifestyle villages and staying in the (often unsuitable) family home as their needs change.
Such villages offer viable products in the market as an important part of the housing mix. The models have some advantages in that they:
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are thoroughly costed and provide a good return for developers
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offer a range of living options to suit most budgets and level of care needs
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promise security, activities and a sense of community.
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<h2>Seniors are best placed to say what they need</h2>
However, <a href="http://research.usc.edu.au/vital/access/manager/Repository/usc:7983" target="_blank">our research</a> with seniors in south-east Queensland revealed a desire to “age in neighbourhood” and to have neighbourhoods with a mix of ages and building forms.
Planning schemes could drive this now by giving priority to, and providing incentives for, sustainable and accessible housing close to transport and other services.
We worked with more than 42 seniors in south-east Queensland to design a series of housing types. These were based on what they told us were important to them in a home and a neighbourhood.
The table below summarises the key features that they told us make a neighbourhood and a home a good place to live as they age.
<a href="https://images.theconversation.com/files/341377/original/file-20200612-80774-k4gbny.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/341377/original/file-20200612-80774-k4gbny.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
The resulting principles and housing types paint a vivid picture of what older people in a subtropical environment find appealing and supportive as they age.
Many participants preferred an accessible home on one level. Ideally, it should have two bedrooms and a study. This means it can easily be adapted to changing needs.
An essential component for our participants was to take advantage of the mild climate by having both private and shared outdoor spaces. Here they could socialise, relax and enjoy pleasant outlooks from the home. Cutting planning requirements for car parks by 50% could add more shared outdoor space and cut housing and living costs for residents.
Homes should be sustainably designed. This means they capture natural light and prevailing breezes for through ventilation, take into account privacy and noise considerations in higher-density areas, and have solar and rainwater harvesting systems to save resources and money.
Also important was a neighbourhood with a variety of green, clean and safe public open spaces. This includes flat, well-maintained and shaded walkways for exercise and easy access to shops, facilities and public transport.
We then showed how all these housing types could be incorporated into one Brisbane suburb, as the image below illustrates. This would mean seniors could remain in their neighbourhood in more suitable housing, reducing the stress of moving to unfamiliar surroundings.
<h2>How to make it happen</h2>
As with all complex challenges, everyone has a role to play in achieving these goals. However, local government planning reforms can act as a catalyst for the market to change and innovate.
Planning schemes could, for example, reduce application fees for developments that include accessible or universal design within 400-800 metres of key services, facilities and transport.
Carpark allocation could also be uncoupled from housing in locations close to transport and services. This would reduce the cost of housing and encourage greater used of active (cycling, walking, etc) and public transport.
This research clearly signals to local and state government, developers and small-scale property investors how houses, duplexes and mid-rise apartments could be put together in an age-friendly suburb. This transition to mixed-density infill development would support what we call “ageing in neighbourhood”.
Further, this research suggests planning “priority zones” could give the market the incentive to invest in the future-focused neighbourhood development it should be providing to keep people connected to their community.
This article was co-authored by Phil Smith, Associate Director of Deicke Richards at the time of publication of the research report. Phil Smith is Director of Gomango Architects.<img src="https://counter.theconversation.com/content/138729/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/caroline-osborne-90671" target="_blank">Caroline Osborne</a>, Postdoctoral Research Fellow, Office of Community Engagement, <a href="https://theconversation.com/institutions/university-of-the-sunshine-coast-1068" target="_blank">University of the Sunshine Coast</a> and <a href="https://theconversation.com/profiles/claudia-baldwin-248780" target="_blank">Claudia Baldwin</a>, Professor, Urban Design and Town Planning, Co-director, Sustainability Research Centre, <a href="https://theconversation.com/institutions/university-of-the-sunshine-coast-1068" target="_blank">University of the Sunshine Coast</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ageing-in-neighbourhood-what-seniors-want-instead-of-retirement-villages-and-how-to-achieve-it-138729" target="_blank">original article</a>.
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What seniors want instead of retirement villages and how to achieve it

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Settlers Lifestyle, which runs a chain of retirement villages across Australia, has fallen into difficulty. It follows a default on its agreements with Investec Australia, which holds mortgages over its assets.
FTI Consulting's Joseph Hansell, Ian Frances and John Park have been appointed receivers and managers over The Settlers Group, which comprises Settlers Company, Settlers Operations and Forum Settlers.
Damien Hodgkinson of DEM Asia Group has been appointed voluntary administrator of The Settlers Group's 687 individual living units across Settlers venues in Queensland, New South Wales and Western Australia.
Settlers Rockhampton (QLD), Settlers Forest Lake (QLD), Settlers Ridge Estate (NSW), Settlers Lakeside (WA) and Settlers Ridgewood Rise (WA) (“the Facilities”) are all under receivership.
"The receivers and managers have taken control of the Settlers Group and intend to conduct the operations of the facilities on a business as usual basis, while a sale campaign for the whole group is conducted on a going concern basis," FTI Consulting advised.
"The receivers and managers intend to work with all stakeholders and Settlers Group service providers to ensure that there is no interruption in the delivery of services to the facilities operated by the Settlers Group or the residents.
"The Receivers and Managers, intend to engage directly with the respective managers at each of the Facilities in order to explain the nature and the expected outcome of the appointment.
"At the same time, the Receivers and Managers will also be available to meet with the residents at each of the facilities in order to explain the nature of the processes that are usually undertaken by a Receiver and Manager as part of a sale.
FTI suggest it is too early to provide an estimate of the amount of time it will take to complete the receivership.
"Timing of this process is ultimately determined by how long it takes to bring the properties to market, conduct an orderly marketing campaign and then to assess and decide upon the final offers that have been submitted.
"Regardless, the receivers and managers will ensure that residents are kept informed during the sale process."
It is understood the receivers will look to sell all five retirement villages after Settlers Lifestyle was unable to fund mandatory buybacks.
There are new mandatory buy-back rules in Queensland, where the group operates two of its five retirement villages.
Hodgkinson noted recent changes to Queensland legislation require retirement village operators to buy back units from residents if they remain unsold for 18 months.
It triggered an insolvency event at Lifestyle’s Rockhampton village. 
Settlers Lifestyle is owned by a Singapore-domiciled offshore investment fund managed by global fund manager Forum Partners headed by Andrew Faulk.
Forum Partners acquired the five retirement communities from listed retirement village operator Ingenia in 2016 for $55 million.
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jrobinson-rf4aSBido9

Settlers Lifestyle retirement villages falls in to administration

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GUEST OBSERVATION
Prime Minister Scott Morrison announced a Royal Commission into Aged Care Quality and Safety on Sunday, responding to concerns about the sector one day before an ABC Four Corners program which was to air them.
Aged care is where the challenges of population ageing are most apparent and where policy choices have direct impact on the lives of Australians.
So, it’s not surprising that the system is under increasing scrutiny. Various reviews have looked at different aspects of aged care since 2011 when major reforms were first ushered in, including into quality, public financing, workforce, and the overall progress of reforms.
The outcomes all point to similar conclusions. Responding to the needs of older, often vulnerable, Australians is an extremely complex business. But it is also one in which making money is tough. The danger is that a combination of cost pressures, profit incentives, and inadequate oversight encourage or force providers to cut corners.
How providers make money
Most funding for aged care comes from government. Direct government expenditure on the overall system was about A$17 billion in 2016-17, with A$12 billion going to residential care.
The users of residential care topped this up with A$4.5 billion of their own money, via regulated fees that are capped for users who pass a generous means test.
But costs of care are high. Providers spend more than A$11 billion on staff, yet those staff aren’t highly paid. This is in part because they are mainly females, who face an unremitting gender pay gap.
The pause that hurt
The Aged Care Financing Authority reports that profits are climbing over the long term but are precarious year-to-year.
The residential industry saw profits fall by 4% to 5% in 2016-17, partly because of a pause and then a scaling back of the indexation of government funding.
Although one quarter of residential care providers made losses in 2016-17, two thirds continued to record profits.
Bigger centres
The tighter funding was justified as a measure to drive efficiency, but it provided further impetus to the longer term trend of big providers to merging with or taking over the small ones. While the number of care places has climbed 8% in four years, the number of providers has shrunk 13%.
One reason why unprofitable providers remain in the market is because they are, by definition, not-for-profit. So the system relies heavily on good will. While still dominant, they have lost share to private, for-profit providers, some of which have the advantage of economies of scale or capital ownership structures that allow them to pay less tax.
While some of those listed on the Australian Securities Exchange saw drops in their share prices in recent years, the sharp declines when the Royal Commission was announced may reflect investor concern about the risk of greater scrutiny of the relationship between their profits and quality of care.
Uncertain quality
It will be open to the Royal Commission to examine how these trends are affecting the quality of care.
The government influences the quality of care in other ways that might attract the interest of the Royal Commission. It sets standards and helps design the incentives that discipline the market.
The standards cover indicators including management, the health and personal care of residents, resident lifestyle, and resident safety. They have been enforced by initial accreditation, subsequent re-accreditation, self-reporting, the examination of complaints and (until recently) pre-announced visits.
In 2017 the government announced a move to unannounced visits after evidence suggesting that some were “staged” in order to present the centre “in the best possible light”.
In July 2018 the government began charging for unannounced visits, raising what it expects to be A$10 million a year.
It’s hard to switch
Consumers can themselves apply market pressure on poor performers, and it is increasingly possible through a move to so-called consumer directed care, where care recipients or their carers are given a budget and the ability to decide how to spend it. If one provider turns out to deliver poor services, they can switch and spend their money elsewhere.
But the transaction cost of switching can be high. The process isn’t easy for users experiencing cognitive decline and there’s not always another centre or service to switch to.
Next steps
The Royal Commission will expose much. For providers, it will be an opportunity to examine their operations to ensure that efficiencies and profits don’t come at the cost of quality. For government, it will be a chance to examine how its funding mechanism, regulations, enforcement and market design are working out in practice.<img src="https://counter.theconversation.com/content/103339/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Rafal Chomik, Senior Research Fellow, ARC Centre of Excellence in Population Ageing Research (CEPAR), UNSW
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/its-hard-to-make-money-in-aged-care-and-thats-part-of-the-problem-103339" target="_blank">original article</a>.
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It’s hard to make money in aged care, and that’s part of the problem: Rafal Chomik

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GUEST OBSERVATION
It is no secret people are living longer, thanks to advances in medical technology. Futurist Ray Kurzweil predicts we are approaching a point of breaking even – where for every year lived, science can extend lifespans by at least that much. And more than 80% of Kurzweil’s predictions have so far proved correct.
But length of life and quality of life are not the same thing. For good quality of life as one ages, there must be optimal retirement options. The default is to stay in one’s current home for as long as possible, or downsize. Some will settle into the quiet life of a retirement village on the urban fringes.
But a growing number of retirees who are leading a more active retirement, perhaps still working part-time, want to live closer to the bright lights of the city. It is here that the next generation of retirement living is becoming established in cities around Australia, New Zealand, Europe and the US.
Driving the trend are well-heeled baby boomers (those born between 1946 and 1964) who have been using technology at home and work for years. For some, technology has been integral to their lives. And it seems it might be integral to the future of retirement living.
Vertical retirement communities
The chair of the NSW inquiry into retirement villages, Kathryn Greiner, recently recommended integrating designated seniors’ apartments in medium or high-rise residential developments where people of all ages live. Experts have said such retirement communities are the “way of the future”.
But the future is already here, as greater numbers of vertical retirement communities in high-rise apartment buildings are being built in inner-urban areas around Australia. They offer high levels of luxury with ready access to the kinds of amenities inner-city dwellers have grown accustomed to.
High-rise retirement villages would typically be equipped with various smart technologies that connect with the larger technological infrastructure of the city.
Similar to luxury hotel suites, residents would have a spectrum of in-house services and entertainment options presented via internet-connected smart TVs. Multimedia suites would be there for augmented or virtual reality experiences – travel and education being among them. In-house cinemas would host movie nights.
Health care
The way we’re heading, technology-enabled, proactive health management will likely be built into the infrastructure of these retirement villages. It will allow people to stay healthy and live independently at an advanced age, forestalling the time when a move to aged care becomes necessary.
The health-maintenance technology available today means retirees hardly need to leave home for a checkup. Telehealth gives on-demand access to doctors via the internet. Visiting nurses have their role in looking after the elderly at home.
Then there are the dozens of smartphone apps that monitor vital signs, some of which send timely warnings before something becomes a problem.
And while high-rise living may not offer the same access to the outdoors for walking and exercise, technology has other options.
“Exergames” – video games that enable physical activity – are a segment of the computer game industry known to be beneficial to people of all ages, including the elderly. Exergames lend themselves well to vertical communities by not needing much space. They are played either alone or with friends in self-contained virtual environments.
Apart from the physical benefits of exercise, exergames have also been shown to improve mental alertness, balance and coordination, all of which contributes to fewer injuries common to the elderly, such as fractured hips from falling.
Good help is not hard to find now with assistive technologies like Google’s Duplex. These personal assistants fit right into the high-tech home and allow people, wherever they live, to stay independent for longer.
The assistant can keep your diary, make appointments over the phone, buy flowers and have them delivered, turn on the lights, call a taxi and more. Autonomy aids like this could delay the transition to aged care.
A win-win
High-rise apartments are a thorny issue in suburban neighbourhoods, regardless of who is living in them. There are already some objections to high-rise aged-care facilities. But these mainly come from existing low-rise residents who are not happy to have any high-rise buildings in their neighbourhood.
Some are concerned that high-rise communities will lead to social isolation. Traffic congestion is also a concern.
When managed well in an architectural and town planning sense, vertical communities offer high-quality living while occupying a smaller urban footprint than a hundred detached dwellings. They can help reverse the urban sprawl of Australian cities, which are among the largest and least densely settled in the world. We love our big suburban houses, but they do consume vast tracts of countryside.
<img src="https://counter.theconversation.com/content/96916/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">People want to live out their days in the freedom of their own home, not in an institution, no matter how benevolent. And it’s in the national interest to relieve pressure on the public health system. Emerging health-optimising technology and vertical communities can enable this. It’s a win-win.
David Tuffley, Senior Lecturer in Applied Ethics and Socio-Technical Studies, School of ICT., Griffith University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/vertical-retirement-villages-are-on-the-rise-and-theyre-high-tech-too-96916" target="_blank">original article</a>.
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Vertical retirement villages are on the rise, and they're high-tech too

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<img src="https://counter.theconversation.edu.au/content/80059/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
While you may think signing a retirement village contract is similar to buying a house or apartment, it isn’t.
Retirement village contracts resemble insurance contracts more than purchase agreements, only they aren’t regulated like insurance products. 
The lack of regulation increases the risk for retirees. They face considerable delays in receiving their payments when they leave, costs due to the delay, and the potential loss of all payment from companies that don’t need to meet the financial standards of an insurance company.
Most retirement village contracts provide the consumer with a combination of the right to reside in the retirement village (until death, incapacity for independent living, or voluntarily relocation) and an “exit payment” upon leaving. As both the amount and timing of this payment depends on the resident’s death or ill health, the payment is a de facto insurance payout.
This makes the retirement village contract a combination of the right to reside and a de facto insurance policy. But the insurance policy comes from companies that wouldn’t normally be allowed to sell insurance.
Retirement villages are mostly small private companies or not-for-profit organisations. This means they aren’t required to publish their annual financial statements, hold reserves, or have reinsurance arrangements like an insurance company. The consumer can’t be confident that the retirement village is financially healthy and able to pay out the exit fee, due to the absence of information about their accounts and financial condition. 
<h2>Fees and more fees</h2>
There is a great variation in the structure of the fees that retirement villages charge – entry fees, ongoing fees and a so-called “<a href="https://www.fairtrading.nsw.gov.au/Factsheet_print/Tenants_and_home_owners/Retirement_villages/Leaving_a_village/_Departure_fees.pdf">deferred management fee</a>”, which is an amount taken out of the money refunded to departing residents.
These fees <a href="https://www.retirementliving.org.au/industry/services/census/">can be substantial</a> – the entry fee alone is often comparable with the cost of buying an apartment. Although the amount varies by location, one operator told a <a href="https://www.propertyobserver.com.au/https://www.parliament.vic.gov.au/lsic/article/2972">Victorian parliamentary inquiry</a> the entry fee was equivalent to 80% of the cost of a house nearby.
A retirement village contract might have an entry fee of A$1 million, a deferred management fee of 6% of the entry fee per year of residence, and a maintenance fee of A$500 per month. 
For a contract with a A$1 million entry fee, after five or more years of residence, the deferred management fee is A$300,000, so the exit payment is A$700,000. But the deferred management fee can vary greatly. It may be 10% per year for three years, or 3% for 10 years etc.
The exit payment can also include some share of the resale value of the apartment. But the retirement village needs to be able to pay out this exit payment.
<h2>The need for proper regulation</h2>
The assets held by retirement villages are almost all invested in real estate. This is risky, as they aren’t diversified and their assets can’t be easily turned into cash. 
When a retirement village has to pay a departing resident their exit payment it may take a long time to sell their apartment, which could involve a loss on resale. This can also lead to delays in receiving exit payments.
After signing their retirement village contract, residents are also in a weaker bargaining position than a traditional tenant in a normal pay-as-you-go rental arrangement. This is because residents have already paid their rent in advance for the rest of their life, and it usually costs a lot of money to get out of these contracts. 
In some retirement village contracts the resident may be forced to spend a lot of money on renovations – such as for a new bathroom and kitchen – so that the apartment can be sold and they can get the exit payment. 
This issue is compounded by the complexity of the contracts, which can be hard <a href="https://www.propertyobserver.com.au/https://www.parliament.vic.gov.au/lsic/article/2972">for both consumers and financial advisers</a> to understand.
This creates substantial risk for consumers, and the lack of a requirement to publish financial statements and related information makes it very difficult to assess the financial soundness of a retirement village operator.
If retirement village contracts are in fact insurance agreements, then they should be regulated differently – by the Australian Prudential Regulatory Authority and not by state governments, as is now the case.
If retirement villages were properly regulated then consumers would be better protected from failure of operators and better protected from delays and capital losses when they get their exit payment.
Timothy Kyng is Senior Lecturer, Department of Applied Finance and Actuarial Studies, Macquarie University and author for The Conversation. He can be <a href="https://theconversation.com/profiles/timothy-kyng-386308" target="_blank">contacted here</a>.
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jchancellor-FAypfDUnLy

Why retirement village contracts need to be regulated like insurance

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A retirement estate in Bowral precinct in NSW’s Southern Highlands has sold for an undisclosed sum.
The <a href="https://www.realcommercial.com.au/property-land+development-nsw-burradoo-502380918" target="_blank">510 Mossvale Road, Burradoo</a> site has an area of 3.4 hectare and is located in the  residential land sub-division. 
The Karrara Retirement Estate, currently an over 55’s strata estate, is at the corner of Moss Vale &amp; Links Road, Bowral. 
It has been partially developed, with Stage 1 complete. Stage 2 has commenced. 
The median house price is $950,000, according to selling agency Colliers International.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/06/Bowral1.jpg" alt="">
The village currently comprises two lots, one containing a newly restored heritage home which is the main community facility within the village. 
It has an indoor pool, snooker table and several kitchenettes and community facilities. The second lot comprises nine newly built homes along with 46 additional serviced sites as well as some earthworks for stage 2 which is now ready for construction.
The selling agents were Peter Seeto and Michael Sullivan of Colliers.
 
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jonathanchancellor-7SQnKwU6yx

Bowral retirement estate with development potential sold

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A Central Coast horse stud farm is set to become a home retirees after selling for $12 million through McGrath Terrigal agent Mat Steinwede. 
Bangaloe Stud is a 24ha property between the suburban neighbourhoods of Avoca Beach and Kincumber.
Living Choice bought the sprawling Kincumber acreage from Danny Bourke.
It anticipates making the property at <a href="https://www.realestate.com.au/property/253-avoca-dr-kincumber-nsw-2251">253 Avoca Drive</a> into a unique coast-meets-country retirement village.
Bangaloe Stud owner Danny Bourke took on the property almost three decades ago. 
Living Choice NSW Central Coast general manager, Tim Bentley, told News Ltd that the company planned to include a retirement village and an aged care facility in their development application.
It will be Living Choice’s fourth retirement village on the Coast behind established facilities in Davistown, Woy Woy and across the road in Kincumber.
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