Expect to see occupancy rates up, unit prices to have risen and revenue at record levels when the new Property Council Retirement Census is released in June. However, there are dark clouds on the horizon with Retirement Village Acts facing amendments in QLD, SA, VIC and WA with the subject of exit entitlements and extra safeguards for residents front and centre.
Daniel Gannon, the Retirement Living Council Executive Director, is travelling the country to try and represent its members and Paul Murphy, Principal Advisor – Retirement Living and Seniors Housing, Aged & Community Care Providers Association, is representing ACCPA. In today’s The Weekly SOURCE, we publish the latest from Russell Kennedy Lawyers on the proposed changes to the Victoria Retirement Villages Act.
“The Bill significantly re-writes the Retirement Villages Act 1986 (Vic) and makes many fundamental changes across all stages of the resident’s journey through a village,” lawyers Rosemary Southgate and Donna Rayner state.
Retirement village operators need to act as there are likely to be substantial changes unless representation is made and made well. As Daniel told me, if retirement villages become unviable then the capital for development will go elsewhere.
In February, the Retirement Living Council (RLC) said it had 80 members, representing about 771 villages. There are 2436 villages in Australia (IBIS World 2023), so Daniel needs more clout behind him to say he is representing the sector.
For the sector to evolve, it needs representation at the highest level. It helps to have a strong membership.
