The impact of tenure type on the desire for retirement village living

Cradduck, Lucy & Blake, Andrea (2012) The impact of tenure type on the desire for retirement village living. In 18th Annual Conference of the Pacific Rim Real Estate Society, 15-18 January 2012, Adelaide.

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In 2005 17.3% of Australians were aged 60 years and older (Australian Bureau of Statistics). A consequence of this aging population is the increased use of self-contained independent living units (SCILU) in Retirement Villages by older Australians. The retirement village sector has thus become a significant sector within the residential property market. In seeking to determine the impact of tenure type on the desirability of RV living this paper first profiles a typical SCILU in Australia, before explaining and examining the various tenure types offered by the market. This paper concludes that the multiplicity of offerings of the SCILU product with respect to tenure type, when combined with deferred management fees and participation in capital gains/losses, may be contributing to a lack of clarity in what the SCILU product entails and the security of investment it offers. This perception is supported by litigated disputes and may be damaging the reputation, ongoing viability and desirability of SCILUs.

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ID Code: 48607
Item Type: Conference Paper
Refereed: Yes
Keywords: Retirement Village, Land tenure, freehold, leasehold, license
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2012 Please consult the authors.
Deposited On: 15 Feb 2012 04:58
Last Modified: 19 Jun 2012 21:54

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