Village resident survey confirms happy experiences

More than 4,000 retirement village residents have taken part in a survey confirming what operators already know – that residents have a wonderful experience in these communities.

The national survey – conducted by residents’ associations across the country – was launched after reports by the ABC’s 7.30 program, which the groups say, painted an inaccurate picture of the resident experience.

The summary report – which comes ahead of today’s COAG-level meeting of Consumer Affairs Ministers – found:

• More than 90 per cent of respondents understood the difference between buying an independent living unit in a retirement village and purchasing a home in the traditional real estate market.
• Approximately 90 per cent would consider recommending a retirement village to others.
• Almost 85 per cent expressed being satisfied or very satisfied with living in their village.
• Most respondents recalled receiving a disclosure document from sales staff, with only 6.5 per cent indicating they did not receive one.
• Almost 73 per cent reported having a good, or very good, understanding of the information in the document.
• Almost 85 per cent of residents discussed contract conditions, including exit fees, with their families.

Executive Director of the Retirement Living Council, Daniel Gannon, praised the residents’ associations for conducting the survey.

“This is a clear example of residents standing up for the retirement living communities they love and enjoy across the country,” Mr Gannon said.

“It’s no secret that older Australians love living in retirement villages because of the community environment, lifestyle and affordability it provides in an otherwise unaffordable housing market.”

Judy Mayfield, President of the Association of Residents of Queensland Retirement Villages (ARQRV), expressed her frustration and said the ABC reporting implied that residents “didn’t understand what they were signing” and made suggestions that older Australians “are being exploited.”

In response to the ABC’s reporting, Helen Betros, President of Residents of Retirement Villages Victoria (RRVV), said: “Among the associations, there was a feeling that, while some of the issues raised had merit, they didn’t accurately represent the whole picture”.

Ms Betros added: “People were upset by the portrayal of older individuals as frail, elderly … and not savvy.”

Craig Bennett, President of the New South Wales Retirement Village Residents Association (RVRA), commented: “To say that I am disheartened is an understatement. My concern is that the ABC report will paint such a disastrous picture of retirement villages that it will put back several years of all the advances that the RVRA, the main body of operators, and Fair Trading have made in this sector.”

“Survey responses indicate just how passionate these residents are about protecting their turf and it’s unfortunate that so many were upset with the negative reporting on the industry”, Mr Gannon said.

However, Mr Gannon said that half of respondents found contracts difficult to understand, while another 41 per cent did not feel they had a good understanding of capital gains calculations.

“The survey, while glowing about the sector, did highlight the issue of contract complexity. This is something the RLC is passionate about improving,” he said.

“We all want to see contracts that are easy to understand and crystal clear with respect to the responsibilities of those agreeing to the terms. Better contract transparency delivers better outcomes for residents and operators.