Who Lives in Retirement Villages; are they wealthy enclaves, ghettos or connected communities? Lois C Towart University of Technology, Sydney

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1 Who Lives i Retiremet Villages; are they wealthy eclaves, ghettos or coected Lois C Towart Uiversity of Techology, Sydey Abstract: For Australia seiors livig idepedetly there is a variety of specialised accommodatio, of which the most prevalet is the Deferred Maagemet Fee (DMF) retiremet village regulated uder State legislatio. Previous studies have attempted to quatify the total umber of i Australia, the types of owers/operators ad estimated the umber of residets. To date there has bee little Australia wide aalysis of retiremet village residets to quatify this populatio group ad measure whether they differ from residets i the surroudig locality ad betwee regios. Australia's ageig populatio brigs the requiremet for age-appropriate accommodatio therefore idetifyig how residets are utilisig the existig retiremet village product is of beefit to strategic decisio makers, plaers, property developers ad village operators. This paper correlates idividual with small area 2011 ABS Cesus data to build up a picture of Australia retiremet village residets. Village residets are show to be less likely to eed assistace with core activities tha seiors (aged 65+) i geeral. Residets i retiremet are ot wealthy, the majority are full or part pesioers oly a small proportio are self-fuded retirees. Retiremet village livig ecourages social coectedess, as a higher proportio of residets egage i voluteerig tha seiors overall. There is regioal variatio betwee states, village residets i the ACT are show to be oticeably wealthier whe compared to retiremet village residets i other States. Itroductio Australia seiors are offered a rage of accommodatio optios; for those that are capable of livig idepedetly the choice icludes stayig i their ow home, relocatig (dowsizig) withi the geeral commuity, mobile home parks ad specialised retiremet. Withi Australia the most prevalet type of retiremet village is the DMF model, furthermore there is also a retal model which is focused o affordable seiors accommodatio. To date there is little published iformatio o the demographics of retiremet village residets ad whether they differ from seiors residig i other forms of accommodatio. With regard to specialised seiors accommodatio the literature to date has focused o the umber of seiors ad the aticipated potetials from the umbers of ageig "baby boomers" coupled with the ecessities ad computatios i udertakig demographic-based market research (Suchma & Becker 2001, Brecht 2002). Australia Operators (listed ad ulisted) with reportig requiremets have published some iformatio o curret residets i their. Listed operators report the average age ad legth of stay of that they ow or maage (Stocklad 2013, Stocklad 2012, FKP 2013, FKP 2012). Australia-based social ad health care researchers have studied the health ad well-beig aspects of retiremet village residets icludig the reported health ad satisfactio with aspects of retiremet village livig (Garder 2005); the level of leisure physical activity (Miller & Buys 2007); reasos for movig to a retiremet village (Stimpso ad McCrea 2004); requiremet for assistace aroud the home (Buys 2000); ad fiacial aspects of movig to a retiremet village (Fi et al 2011). I most istaces this research was based o a geographically costraied sample of retiremet village residets (withi the State) or of a idividual village. There has bee little Australia wide aalysis of the demographics of retiremet village residets ad whether they differ from seiors i the surroudig commuity. This paper addresses this gap i research.

2 Methodology & Data Veracity Over 2,000 operatioal DMF 1 retiremet have bee idetified ad iformatio has bee compiled. The sources used i this compilatio icluded: iformatio from operators (electroic, physical ad persoal commuicatio); State Govermet iformatio o registered ; third party iformatio providers (govermet ad private); RP Data; Local Govermet Plaig approvals; ad physical ispectio. Idividual were the correlated with Australia Bureau of Statistics (ABS) SA1 2 data for the 2011 Cesus. The Place of Eumeratio data series was utilised; this classifies dwellig locatio icludig retiremet. This data series couts idividuals where they were o the ight of the Cesus (9 August 2011). Iformatio o retiremet was aalysed at the idividual village level plus at the aggregate state level for idetified. I order to esure veracity oly those which could be accurately matched with SA1 data (both populatio ad umber of dwelligs) were icluded i the aalysis. Data for idividual was rejected for the followig reasos. Iability to separate adjacet operated/owed by differet etities Where the ABS data did ot match kow iformatio o the village, icludig both the total populatio ad the umber of dwelligs Where residets i Residetial Aged Care Facilities co-located with retiremet were recorded as retiremet village residets Villages that icluded both DMF uits ad retal (affordable) uits. Small of <10 uits were ot icluded i idividual village aalysis however i selected istaces they were icluded i aggregate aalysis. The majority of comprised Idepedet Livig Uits (ILUs). Where icluded Serviced Apartmets these were separated for selected parts of the aalysis. Larger that straddled more tha oe SA1 area were icorporated ito the aalysis. I the process of compilig this iformatio ad matchig SA1 data with idividual a umber of iaccuracies withi the ABS Cesus data was oted, icludig the followig. Maufactured Home Parks recorded as retiremet (27 parks with 5,600 residets). Residetial Aged Care Facilities recorded as retiremet, particularly low care (28 facilities with 1,000 residets). Residetial estates recorded as retiremet Approximately 30% of all operatioal retiremet idetified were ot recorded as retiremet by the ABS Cesus. A summary of the total umber of used i this aalysis is cotaied i Table 1. Table 1: Total umber of used i this aalysis by state NSW QLD ACT VIC SA TAS WA Australia Operatioal DMF idetified ,005 Villages used i this aalysis ,120 % of total operatioal retiremet 64% 70% 73% 56% 36% 33% 60% 56% The errors ad omissios withi the ABS Cesus data is a area of cocer particularly i States where the data is below 50% veracity. This matter has bee brought to the attetio of the relevat persoel at ABS who respoded that it ultimately comes dow to how Cesus collectors record dwelligs (Best 2013, pers. comm. 11 July 2013). 1 Iformatio o retal (affordable) was compiled separately. 2 ABS data was accessed usig a subscriptio service. Page 2 of 11

3 Furthermore some muicipalities i the more populous States were oted for particularly poor ABS Cesus data retiremet village coverage, these icluded Wollogog i NSW with 10. This is a issue particularly for operators with a regioal focus. Age of Residets The age of residets is recorded at the ABS Cesus; this allows the average age of residets o a village basis to be calculated plus the average age of all village residets. These average ages were calculated for residets aged 55 ad older. Chart 1 comprises a histogram of the average residet age by retiremet village for Australia. 140 Number of Retiremet Villages Average Age of Residets NSW QLD ACT VIC SA TAS WA Chart 1: Histogram of the Average Ages of Retiremet Village Residets Residig i ILUs i Australia, excludig outliers of 2.5 stadard deviatios from the u-weighted mea 3, (=1,023 ). The uweighted average age by village (ILUs oly) for residets was years, the stadard deviatio was 4.33, the yougest village average age observed was 61.6 ad the oldest village average age observed was The village average age was the correlated with other village specific factors icludig the age of the (physical) village; this is summarised i Table 2. Table 2: Correlatios with the average age of residets by village Age of Village Caledar year of first occupacy Mea x~ Stadard Deviatio Correlatio Coefficiet r The average age was calculated based o the age for all idividual residets; this utilises (umerically) small samples therefore the ABS cesus data was dowloaded separately 3 times ad the average of this iformatio was utilised. To mitigate agaist greater emphasis beig give to outliers a cut off of 2.5 stadard deviatios from the u-weighted mea was utilised. 4 Differet iformatio has ot bee verified for all therefore the total umber is less tha the umber of for which ABS data has bee verified. Page 3 of 11

4 This relatioship of village age with average age of village residets idicates that the earlier the date of first occupacy the older average age of village residets. This reiforces idustry opiio that the older the village the older the residets ; the idustry ratioale for this is, that after completio residets will age i place ad i tur these older residets will attract a similar demographic. The aalysis at the idividual village level gives equal weight to smaller as to larger (up to 863 ILUs); therefore the average age across all village residets i ILUs oly by state ad across Australia was calculated, this is cotaied i Table 3. Table 3: Aggregate average ages for retiremet village residets (ILUs oly) by State State NSW VIC QLD SA WA TAS ACT Australia Average Age 29,246 17,324 20,085 11,115 13,495 1,128 1,217 93,610 The average age for all Australia retiremet village residets (ILUs oly) was 78.7; the variatio betwee idividual states was small with the differece betwee maximum ad miimum of 2.7 years. This appears to idicate that there is little differece i age profile of retiremet village residets betwee States, otwithstadig that the two smallest States had the oldest village residets. Whe residets i Serviced Apartmets were icluded i the aalysis the average age across all Australia icreased to 79.0 years ( = 103,136). While the average ages also icreased for each State there was o differece i the relative positios. A differece i average age was oted for differet operator types, with residets i ot for profit havig a average age of 80.2 years ( = 37,897) ad residets i for profit havig a average age of 78.3 years ( = 56,073). The idividual village ad aggregate average ages are i keepig with the reported metrics. Listed operator FKP Property Group (FKP) reported for their 76 owed ad maaged average ages of residets of betwee 82.4 years (FY11) 82.8 years (HY13) (FKP Property Group 2012 & 2013). Of these icluded Serviced Apartmets which have show a tedecy towards a older demographic. Stocklad reported average ages across their established of 80.7 years (FY11) ad 80.8 (FY12) (Stocklad 2012 & 2013). This did ot iclude residets i their 26 uder developmet which give the relatioship betwee village age ad residet age could be expected to reduce the average age. Need for Assistace ABS cesus data records whether idividuals eed assistace i oe or more of the three core activity areas of self-care, mobility ad commuicatio due to disability, chroic health coditio or old age. This does ot automatically mea that residets who state that they eed assistace are receivig formal assistace (CACP, HACC). This data was aalysed both at the idividual village level ad at the aggregate State ad Australia level. A sigle village had the highest proportio of residets eedig assistace with core activities (eedig assistace) with 77% of all residets (outer suburba Wester Australia, co-located with residetial aged care). I cotrast 255 (across all States) had 0% residets eedig assistace. The uweighted proportio of village residets eedig assistace average (all uits) was 16%, the stadard deviatio was 12.6%, this idicates sigificat variability i this metric. The relatioship betwee the percetage of residets eedig assistace at the village level was aalysed with regard to other village specific factors; this cotaied i Table 4. Page 4 of 11

5 Table 4: Correlatios with the proportio of village residets eedig assistace Seiors i the muicipality aged 65 ad older eedig assistace Mea x~ Stadard Deviatio Correlatio Coefficiet 19% 3.5% ,120 Average age of village residets (all uits) ,106 There is o discerible relatioship betwee the proportio of village residets eedig assistace ad that of seiors i the muicipality. There was a slightly stroger (but still weak) relatioship betwee the average age of village residets ad the eed for assistace. The proportio of retiremet village residets eedig assistace was calculated at the State level, also the proportio of seiors aged 65 ad over livig i the muicipalities of these aalysed retiremet (263 muicipalities) was compiled at the aggregate level ad is cotaied i Table 5. Across all Australia retiremet village residets 17.1% eed assistace; New South Wales, Victoria, South Australia ad Wester Australia all have lower proportios tha this. At the muicipal level 19.2% of seiors eed assistace; however Queeslad, the ACT ad Wester Australia have proportios lower tha this. r Table 5: Proportio of retiremet village residets ad seiors i the muicipalities of those retiremet eedig assistace with core activities by State Has eed for assistace Retiremet Village Does ot have eed for assistace (residets) Has eed for assistace Muicipal 65 ad older Does ot have eed for assistace (seiors) NSW 16.8% 83.2% 28, % 80.3% 862,313 QLD 19.4% 80.6% 23, % 82.4% 519,581 ACT 20.8% 79.2% 1, % 83.4% 35,274 VIC 16.5% 83.5% 20, % 79.5% 625,426 SA 14.8% 85.2% 9, % 80.1% 215,250 TAS 23.2% 76.8% 1, % 79.8% 43,842 WA 15.4% 84.6% 12, % 83.1% 214,706 Australia 17.1% 82.9% 97, % 80.8% 2,516,392 O average proportioally fewer Australia village residets eed assistace tha seiors overall; however i QLD, ACT ad TAS this was reversed ad agai the smaller states ACT ad TAS showed the greatest variatio (1.4 ad 2.2 stadard deviatios respectively from the weighted mea). This is relevat i that ay survey based o smaller geographical areas may eed to clarify the extet of local differeces. This lower requiremet for assistace appears to be cotradicted by oe survey of retiremet village residets where respodets stated that the ability to receive healthcare/assistace was a importat factor i choosig to relocate to a village. "Health reasos" or "required more assistace" were oted as the most importat for 23% of respodets ad importat for 35% of respodets i a survey of village residets udertake i 2001 (Stimpso ad McCrea 2004). While the wordig of the questio is differet ad likely to result i a differet respose, there appears to be a perceived "isurace" cotext i the choice to move to a village with the perceptio that assistace, if eeded, may be more readily accessed. While retiremet village residets overall reported a lower eed for assistace, this does ot automatically equal that they have better health outcomes. Retiremet village residets self-reported health was lower ad eed for assistace was greater whe compared to commuity-based seiors i a survey of village residets ad commuity-based seiors located i south-east Queeslad (Miller & Page 5 of 11

6 Buys 2007). Three states, QLD, ACT ad TAS, had a greater proportio of retiremet village residets reportig a eed for assistace tha seiors overall (Table 5). Overall retiremet village residets have a lesser eed for assistace with core activities. Further research is required to determie ot oly the reasos for this but also the regioal variatios observed, particularly the smaller states. Providig Upaid Assistace The ABS cesus records whether retiremet village residets provided upaid care, help or assistace to family members or others; this icludes recipiets of Carer Allowace/Paymet but excludes work doe through voluteerig. This was calculated at the village level ad similar to the proportio of residets eedig assistace there was a wide rage i this variable. A sigle village had the highest proportio of residets providig upaid assistace with 56% of all residets (ier metropolita, ot for profit operator). I cotrast 250 (across all States) had 0% residets providig upaid assistace. The uweighted average of the proportio of village residets providig upaid assistace (all uits) was 12%; the stadard deviatio was 8.6%. Agai this shows a otable level of variability i this metric. The relatioship betwee the proportio of residets eedig assistace at the village level was aalysed with regard to other village specific factors; this cotaied i Table 6. Table 6: Correlatios with the proportio of village residets providig upaid assistace Mea x~ Stadard Deviatio Correlatio Coefficiet Retiremet village residets eedig assistace 16% 12.6% ,120 Seiors i the muicipality aged 65 ad older providig upaid assistace 12% 0.9% ,120 There is virtually o relatioship betwee the proportio of village residets eedig assistace ad those providig assistace. This could lead to the assumptio that village residets are accessig paid assistace, however more research is eeded. There is also a egligible relatioship betwee retiremet village residets ad seiors overall i the muicipality providig upaid assistace. This could idicate that village specific factors have a greater impact tha those of the geeral commuity. Agai the aggregate total for all village residets was calculated to State level, this is summarised i Table 7. r Page 6 of 11

7 Table 7: Proportio of retiremet village residets providig upaid assistace by State Provides upaid assistace No upaid assistace provided Retiremet Village NSW 13.0% 87.0% 25,520 residets Retiremet Village QLD 13.4% 86.6% 21,120 residets Retiremet Village ACT 14.6% 85.4% 1,243 residets Retiremet Village VIC 12.7% 87.3% 18,437 residets Retiremet Village SA 12.3% 87.7% 8,973 residets Retiremet Village TAS 13.6% 86.4% 1,045 residets Retiremet Village WA 12.1% 87.9% 11,108 residets Retiremet Village Australia 12.9% 87.1% 87,446 residets Muicipal 65 ad older Australia 12.5% 87.5% 2,316,968 seiors Agai there is a otable differece betwee village residets i the ACT ad those elsewhere i Australia (2.3 stadard deviatios from the weighted mea) the reaso for this differece requires further research. More residets ad seiors eed assistace tha provide assistace; this may idicate the shortfall is beig supplied by professioal service providers. Are Village Residets Wealthier? The ABS Cesus records the total persoal weekly icome that a idividual usually receives. This was cross refereced with the Australia old age pesio as at the Cesus date (9 August 2011). Retiremet village residets were the divided ito three groups depedig o whether a perso residet was receivig all or part of the age pesio or was a self fuded retiree, Table 8 cotais a descriptio of these three groups plus icome levels. Table 8: Classificatio of retiremet village residets by level of icome ad descriptio Classificatio Weekly Icome Aual Icome Pesioer $1-399 $1-$20,799 Part Pesioer $400-$799 $20,800- $41,599 Descriptio Self Fuded $ ,600+ Self Fuded retiree A idividual (either sigle or as part of a couple) o full govermet age pesio A idividual (either sigle or as part of a couple) partially o a govermet age pesio plus additioal icome These icome levels were obtaied for 1,069 ad of these 60 comprised residets who were 100% pesioers. At the other ed of the spectrum a village i Elizabeth Bay (NSW) comprised 84% self fuded retirees. There were three other where self fuded retirees comprised over 70% of residets; these were located i Hughes (ACT), Greewich (NSW) ad Hawthor East (VIC). The uweighted average of the percetage of village residets that are full pesioers was 57%; the stadard deviatio was 18.7%. This metric was the aalysed with regard to seiors i the muicipality; this is cotaied i Table 9. Page 7 of 11

8 Table 9: Correlatio with the proportio of retiremet village residets that are full pesioers Seiors i the muicipality aged 65 ad over that are full pesioers Mea x~ Stadard Deviatio Correlatio Coefficiet 56% 10.3% ,069 r There is a strog correlatio with the icome levels of residets i retiremet with those i the surroudig commuity; this would idicate that reflect the earby catchmet area. The uweighted average of the percetage of village residets that are self-fuded retirees was 9%; the stadard deviatio was 12.5%, which idicates variability i this statistic. This metric was the aalysed with regard to seiors i the muicipality; this is cotaied i Table 10. Table 10: Correlatio with the proportio of retiremet village residets that are self-fuded retirees Seiors i the muicipality aged 65 ad over that are self-fuded retirees Mea x~ Stadard Deviatio Correlatio Coefficiet 13% 7.4% ,069 r This is a margially stroger relatioship tha that for full pesioers ad agai would idicate that icome levels of retiremet village residets reflect those of the surroudig catchmet area. This is importat for developers of retiremet particularly i lower socio-ecoomic locatios aticipatig pricig more i lie with wealthier localities. Aggregate figures for all retiremet village residets were compiled o a State basis, these are summarised i Chart % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% NSW QLD ACT VIC SA WA TAS Australia Pesioer Part Pesioer Self Fuded Chart 2: Icome levels of retiremet village residets by State; = 92,868 Retiremet village residets are ot wealthy; across Australia, ad i the majority of States, more tha 50% of village residets are pesioers. Furthermore approximately oe third comprise part pesioers. Page 8 of 11

9 The aggregate figures at a State level for both retiremet village residets ad commuity-based seiors are cotaied i Table 11. Table 11: Icome levels of retiremet village residets ad seiors i the surroudig commuity of those retiremet by State Retiremet Village Residets Seiors aged 65 ad over i retiremet village muicipalities Pesioer Part Self Pesioer Part Self Pesioer Fuded Pesioer Fuded NSW 52% 35% 13.3% 26, % 29.1% 12.7% 836,779 QLD 57% 34% 9.3% 22, % 30.6% 11.1% 451,708 ACT 29% 36% 35.4% 1, % 33.2% 28.7% 7,631 VIC 54% 34% 12.3% 19, % 29.8% 11.8% 610,168 SA 60% 32% 7.6% 9, % 30.4% 10.9% 192,863 WA 55% 34% 11.8% 11, % 30.5% 13.4% 162,117 TAS 48% 39% 13.4% 1, % 30.7% 10.6% 96,461 Australia 54% 34% 11.7% 92, % 29.9% 12.0% 2,357,727 Retirees i the ACT, both village residets ad overall, are otably wealthier tha aywhere else i Australia. Aecdotal reasos for this iclude the greater prevalece of former public servats who are eligible for attractive superauatio packages; further research is clearly eeded. This has implicatios i that surveys based o this locatio may ot be directly applicable to other parts of Australia. Village residets i QLD ad SA were somewhat poorer tha other parts of Australia, with smaller proportios of self-fuded retirees ad greater proportios of full pesioers; this was ot evidet i commuity-based seiors i these States. Overall there are more full pesioers livig i the commuity tha i retiremet, if retal retiremet (which comprise social/affordable housig) were icluded i the retiremet village sample this situatio may reverse. The fiacial aspects of retiremet ad accommodatio choices are of sigificat importace to all seiors. Icreases i costs coupled with a limited ability to chage icome levels are a area of cocer particularly for retiremet village residets o both the full ad part pesio (Fi et al 2010). Social Coectivity Much of the promotio of retiremet emphasises the ability of residets to be coected with the village ad the surroudig commuity; the degree of this is of a residets choosig. This social coectivity ca be measured by the types of activities that retiremet village residets egage i, icludig voluteerig. The ABS cesus records data o volutary work for a orgaisatio or group. This iformatio was compiled for village residets ad 85 had o residets that egaged i voluteerig; at the other extreme there were 35 where more tha 50% of the residets egaged i voluteerig. The uweighted average of the proportio of village residets that egage i voluteerig was 24%; the stadard deviatio was 12.7%. The proportio of seiors who egage i voluteerig was calculated at the aggregate level o a State basis alog with seiors aged 65 ad over i muicipalities cotaiig retiremet. This is cotaied i Table 12. Page 9 of 11

10 Table 12: Proportio of retiremet village residets ad seiors that egage i voluteerig Egage i voluteerig Do ot egage i voluteerig Retiremet Village NSW 25.6% 74.4% 26,150 residets Retiremet Village QLD 21.6% 78.4% 21,557 residets Retiremet Village ACT 26.4% 73.6% 1,288 residets Retiremet Village VIC 24.5% 75.5% 18,870 residets Retiremet Village SA 27.2% 72.8% 9,167 residets Retiremet Village WA 24.5% 75.5% 11,370 residets Retiremet Village TAS 24.6% 75.4% 1,070 residets Retiremet Village Australia 24.4% 75.6% 89,472 residets Muicipal 65 ad older Australia 19.4% 80.6% 2,355,459 seiors The proportio of retiremet village residets that egage i voluteerig is greater tha for seiors i the surroudig commuity; this applies across all States. Whether this coectivity is betwee village residets or with the outside commuity has ot bee determied. There have bee some studies ito the relatioship betwee voluteerig ad health outcomes (Oyx & Warburto 2003, McDoald 1996) however little relatioship at the village level was oted betwee the proportio of voluteers ad proportio of residets eedig assistace. The relatioship may well be at the idividual rather tha the group level. Coclusio ad Further Research The differeces betwee retiremet village residets ad seiors i the surroudig commuity are subtle. Village residets are less likely to eed assistace with core activities tha seiors overall i their surroudig muicipality; whether this ca be attributed to the quality of village life or attractig a specific type of residet is a subject of further research. While studies have show that the residets ad seiors have a perceptio of a greater ability to access care withi a retiremet village settig their actual requiremet is ot correspodigly greater. There may be a perceived "isurace" factor i residets decisio to locate to a village which is ot backed up with a real requiremet. Retiremet village residets are ot wealthy; the majority are either fully or partially reliat o the age pesio. Notwithstadig some wealthy eclaves, few retiremet village residets are self-fuded retirees. While retiremet comprise age segregated estates it is difficult to classify them as ghettos as seiors overall are less wealthy with a slightly higher proportio of full pesioers i compariso to village residets. The wealth of village residets has implicatios for village operators as it ca be aticipated that the majority of residets will be i some way reliat o age pesio ad will be sesitive to costs that icrease at greater rates tha this. The wealth of village residets has a positive correlatio with the wealth of seiors livig i the muicipality. Retiremet village residets are more coected i that they are more likely to egage i voluteerig tha seiors i the surroudig commuity, however the data does ot specify whether this coectio is withi the retiremet village or with the geeral commuity. Further research is required to clarify whether greater level of voluteerig stems from the move to the retiremet village or whether retiremet village livig ecourages a particular residet type. Retiremet village residets (ad seiors) i the ACT are oticeably differet tha other parts of Australia i that they are sigificatly wealthier. This has implicatios i that ay study of residets/seiors i this State may ot be directly pertiet to other parts of Australia. Page 10 of 11

11 This aalysis is based o ABS cesus data; therefore it carries the implicit assumptio that respodets to the cesus are truthful i completig the cesus forms. Refereces Australia Bureau of Statistics Cesus (ABS), 2011, Cesus of Populatio ad Housig 2011, ABS, Caberra Brecht, S. B., 2002, Aalyzig Seiors' Housig Markets, Urba Lad Istitute Buys, L. R., 2000, Care ad support assistace provided i retiremet : Expectatios vs reality, Australasia joural o ageig, 19(3), Fi, J., Mukhtar, V. Y., Keedy, D. J., Kedig, H., Bohle, P., & Rawligs-Way, O., 2011, Fiacial Plaig for Retiremet Village Livig: A Qualitative Exploratio, Joural of Housig For the Elderly, 25(2), FKP Property Group, 2012, Full Year Results Presetatio (ASX Submissio), FKP Property Group, Brisbae FKP Property Group, 2013, Half-Year Results 26 February 2013 (ASX Submissio), FKP Property Group, Brisbae Garder, I. L., Browig, C., & Kedig, H., 2005, Accommodatio optios i later life: retiremet village or commuity livig?, Australasia Joural o Ageig, 24(4), McDoald, J., 1996, Commuity participatio i a Australia retiremet village, Australasia Joural o Ageig, 15(4), Miller, E., & Buys, L., 2007, Predictig Older Australias' Leisure Time Physical Activity: Impact of Residece, Retiremet Village versus Commuity, o Walkig, Swimmig, Dacig ad Law Bowlig, Activities, Adaptatio & Agig, 31(3), Miller, E., & Buys, L., 2007, Predictig Older Australias' Leisure Time Physical Activity: Impact of Residece, Retiremet Village versus Commuity, o Walkig, Swimmig, Dacig ad Law Bowlig, Activities, Adaptatio & Agig, 31(3), Oyx, J., & Warburto, J., 2003, Voluteerig ad health amog older people: A review, Australasia Joural o Ageig, 22(2), Stimso, R. J., & McCrea, R., 2004, A push-pull framework for modellig the relocatio of retirees to a retiremet village: The Australia experiece, Eviromet ad Plaig A, 36(8), Stocklad, 2012, FY12 Results Pack (ASX Submissio), Stocklad, Sydey Stocklad, 2013, 1H13 Results Aexure (ASX Submissio), Stocklad, Sydey Suchma, D. R., & Becker, W. E., 2001, Developig active adult retiremet commuities, ULI-Urba Lad Istitute Page 11 of 11

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