International property group, Jones Lang LaSalle has won a prestigious award for its national retirement village database.
The database took out the 2008 Kemp Strang Property Industry Award at the Australian Property Institute’s NSW Awards Dinner.
The unique tool was established last year to fill a gap in industry information.
“The database was developed in-house because we recognised there was a lack of centralised data and research for investors and operators to assess development projects for seniors housing,” said the CEO of Jones Lang LaSalle in Australia, Christine Bartlett.
“This type of information is crucial for policy makers and industry players in the future provision of housing for this sector, especially in a period where there is a rapidly ageing population and demand for seniors housing,” Ms Bartlett said.
The main finding from the database, which incorporated information from 1,721 villages across the country, was that the retirement village remains a fragmented one.
There are over 600 owners throughout Australia and 71 per cent of them only operate one village.
Despite strong private investment in recent years, it also found that 65 per cent of villages are owned by not-for-profit organisations although more than are run by for-profit companies.
The average-sized village in today’s market has 60 units although that figure is likely to grow if developments in the planning stage now are anything to go by.