Australia is set to see huge growth in housing for the elderly, with a report from PwC and the Property Council of Australia stating that the number of Australians living in retirement villages is set to double over the next decade.

There will be 382,000 people living in retirement villages in 10 years' time, the 2015 PwC/Property Council Retirement Census states. Currently, Australia has more than 2300 retirement villages.

The average two-bedroom retirement village unit costs $385,000, or about 70 per cent of the cost of the median house, reports The Australian Financial Review.

The report shows that retirement villages are not simply for the wealthy, and in fact provide affordable housing for pensioners, particularly single women, with an average age of 81. The Federal Government’s last Intergenerational Report found the number of Australians aged 65 and over is projected to more than double by 2054-55.