Hey big spenders: look who is peeling off those $100 notes 

The retirement living sector rightly boasts about its affordability – the average two-bedroom unit in a village is $516,000 and there are many operators who charge less.

However, increasingly there are apartments being priced over $1 million and at Palm Lake Group’s flagship development, Pake Lake Resorts Pelican Waters on Queensland’s Sunshine Coast, the apartments are from $1.5 million to $4.5 million. In Brisbane, Not For Profit Ozcare’s Rendu Towers’ “Sky Homes” are fetching more than $2.5 million.

The $10 million price rumoured to be paid in 2016 for the penthouse at Mark Moran Vaucluse, in Sydney’s Eastern Suburbs, is the highest known figure paid.

“The penthouse figure at Vaucluse hasn’t been superseded as it is still owned by the same purchaser from 2016 (we have other figures close to that however with apartments regularly exceeding the $5 million mark),” Co-CEO Mark Moran told The SOURCE.

The latest household spending data broken by age demographic on a per person basis from the Commonwealth Bank shows that it is those aged 65 or over who are the big spenders in Australia.

The 18 to 49 and 25 to 54 age demographics have historically been seen by advertisers as the most sought after due to their high levels of consumption, but in recent years it has been the 55 and over age demographics are undisputedly the heavyweights in consumption growth.

There are more people spending money aged over 65 than any other age bracket.

However, the CBA data doesn’t account for inflation, which means all age demographics have seen their spending decline in real terms over the last 12 months.

Everyone is hurting but clearly the over 65s less than others.