Retirement village reforms "a good start"

The proposed state government reforms are based on the outcomes of the statewide inquiry into the sector led by Kathryn Greiner.

The government has supported the findings and 17 recommendations in the Greiner Review Report, that aim to improve the legislative framework for retirement villages and the operational practices of both the industry and the regulator.

The move has been cautiously welcomed by retirement village advocates, including the Retirement Village Residents Association, whose president Tom Gait said the recommendations were a “good start” but that this was a “process of evolution, not revolution”.

“It will be fascinating to see the process of recommendations being converted into clear and enforceable rules,” Mr Gait said.

He said one of the major disappointments of the report was the subject of dispute resolution.

“The RVRA has championed long and hard for the appointment of an ombudsman with enforceable powers for the sector. Say what you like, NSW Civil and Administrative Tribunal doesn’t work.”

Mr Gait added the big “sleeper issue” was the recommendation that operators would be required to buy back a retirement village unit within a maximum time frame of a resident leaving the village.

“This should not be a surprise to operators,” he said. “A six-month buy-back period should become the norm, not the 18-month period legislated in Queensland and South Australia.”

He described the decision to appoint a dedicated Retirement Village Ambassador to advocate on behalf of residents and report back on key issues as “intriguing”.

The package of reforms includes:

There are about 55,000 residents in NSW retirement villages, with that number set to rise to 325,000 by 2025.