Purpose – This paper aims to provide an invaluable insight into long-term forecasting of demand for aged care facilities. This will ensure the provision of adequate supply by government bodies, stakeholders and developers in order to meet the anticipated level of demand, without creating an over-supply or an under-supply scenario.
Design/methodology/approach – Using an innovative approach, different data sources were collectively used to forecast separate individual supply and demand levels, which were then examined together in order to measure the difference between the two variables between 2009-2020. A case study approach was used for Victoria, Australia.
Findings – The paper finds that, although there is excess supply between 2009-2010 and 2019-2020, the period between 2010 and 2019 will experience an under-supply period which cannot be easily rectified over the short term. Research limitations/implications – The case study was limited to residential care facilities in Victoria, Australia, although some countries have substantially different age profiles and accommodation supply for older residents. Forecasts are based on information sources from various data suppliers and collectively analysed.
Practical implications – The results are also of direct interest to place managers and planning authorities who are charged with providing medium- and long-term visions and plans for specific locations. This type of research is essential when planning for the eventual aging of the population, where the methodology can be replicated in different areas. Most importantly, this research approach provides a solid basis for decisions regarding the supply of residential aged care facilities as opposed to a simple estimate.
Originality/value – The study adopted a unique approach to analysing the individual supply and demand components for aged care facilities over the long term. This approach is able to accurately determine when there will be an under-supply or over-supply situation and thus provide the opportunity to address the difference before it occurs. This will allow informed decisions about planning aged care facilities in the future to be made as required.
Reproduced with the kind permission of the copyright owner.
Field of Research
120503 Housing Markets, Development, Management 111702 Aged Health Care
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