Australians are fuelling a new economic boom in self care – including a new “wellness real estate” sector.
New research from the Global Wellness Institute, in collaboration with fitness provider Anytime Fitness, found Australia has the fourth largest wellness economy in the Asia Pacific and 10th in the world.
It found the “wellness economy” grew by a massive 10.9 per cent between 2022 and 2023, reaching $194.4 billion.
The country also ranked seventh globally on a per capita basis with spending on wellness of $A7402 a year and is one of the world’s fastest growing wellness economies, with an annual growth rate of 7.5 per cent between 2019 and 2023.
Key growth areas include wellness tourism up 32.9 per cent between 2022 and 2023, thermal and mineral springs up 21.5 per cent, wellness real estate up 13.9 per cent, mental wellness up 10.1 per cent and physical activity up 9.4 per cent.
The institute’s chair and chief executive, Susie Ellis, said the nation had a growing wellness real estate market and a strong fitness tradition, and she hopes the report has shed light on the scale, strength and opportunities of Australia’s wellness sector.
The high per capita number likely came from wellness real estate, which the organisation said was one of the nation’s strongest sectors, bringing in $A39.4 billion in 2023, ranking the country second largest in the APAC and fourth worldwide. Ranked first in the APAC was China. It adds that the nation had “pioneered many wellness communities that support healthy lifestyles, vibrant social connections, and sustainable living in its growing housing markets.”
Wellness real estate is defined by the institute as the world’s fastest-growing sector since it was first quantified in 2018. The measurement is defined by the conception, design, construction, and operation of the built environments centred around human health. According to the institute, the movement is drawn from developers who integrate their best features by focusing new building and design standards on human health, and this has been “spilling over” from commercial real estate space into the residential and hospitality sectors.
But also included in the spending per year are physical activities, healthy eating, personal care and beauty. The institute profiles Australia as “firmly rooted in the culture and practices of its indigenous peoples – from holistic healing traditions to the stewardship of the land and all things in the natural world.”
These findings follow similar findings by the International WELL Building Institute last month, flagging that its WELL certification has surged to cover more than 557.4 million square meters of real estate in the world, with a market penetration in nearly 100,000 locations across 137 countries. It says industries are recognising the positive impacts of “people first places”.
The organisation said that buildings with a certification show stronger performance, including improved physical and mental health, increased productivity, and a 28 per cent improvement in workplace satisfaction.
A survey from 2023 found that 18 per cent are more satisfied with access to sunlight, 11 per cent are more satisfied with thermal comfort, and 10 per cent are more satisfied with both indoor air quality and air movement.
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