Retirement Village Amendment Update
The Property Council has presented to the Parliamentary Health, Communities, Disability Services and Domestic and Family Violence Prevention Committee, addressing proposed changes to the Retirement Villages Act through the Health and Other Legislation Amendment Bill 2018 (HOLA Bill).
Under the proposed new amendments, retirement village operators will be required to purchase freehold units from residents, if the unit has not sold within 18 months.
This amendment follows changes introduced to the Retirement Villages Act in 2017, which mandate the compulsory ‘buy back’ of units in leasehold villages.
The Property Council has previously raised concerns
about the implications of the proposed amendment on freehold property and will continue to advocate on behalf of retirement village operators.
A transcript of the Parliamentary Hearing is available here.
The Committee report, tabled in Parliament on Thursday, is available here.