Review of NSW retirement villages regulations postponedThe Retirement Villages Regulation 2009 (NSW) (Regulation) is currently due to lapse on 1 September 2015.The NSW Fair Trading Commissioner has now confirmed that the Government will postpone the lapse of the Regulation until September 2016 to allow further time for industry consultation regarding its final form.One of the main elements of the Regulation that is often contested is exactly what constitutes ‘capital maintenance’ and ‘capital replacement’ under the Retirement Villages Act 1999 (NSW). Uncertainty regarding these terms in the current regulatory regime was brought into focus in the case of Alloura Waters Retirement Village Residents Committee v Living Choice Australia Pty Ltd.We will keep you updated on the regulation review process as it progresses.
Home Property Australia Review of NSW retirement villages regulations postponed