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The Impact of Tenure Type on the Desire for Retirement Village Living
Conference paper   Open access   Peer reviewed

The Impact of Tenure Type on the Desire for Retirement Village Living

Lucy Cradduck and A Blake
Proceedings of the 18th Pacific Rim Real Estate Society Conference, pp.1-14
Annual Pacific Rim Real Estate Society Conference, 18th (Adelaide, Australia, 15-Jan-2012–18-Jan-2012)
Pacific Rim Real Estate Society (P R R E S)
2012
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Abstract

Commercial Services retirement village land tenure freehold leasehold license
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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