On behalf of the New South Wales Division of the Property Council and the Retirement Living Council, we welcome the opportunity to provide feedback on the draft Retirement Villages Regulation 2025.
New South Wales is experiencing a dramatic demographic shift, propelled by an ageing population. Over the next 15 years, the number of people aged over 75 in NSW is expected to increase by a staggering 74.1 per cent, from 673,085 to 1,171,623.
These changes will have far-reaching implications for the state’s socio-economic outlook, including increased demand for healthcare, social services and aged care services. The value proposition of age-friendly retirement communities will become increasingly relevant and critical, as will the need for an adaptive and robust regulatory framework to guide them.
We note the significant reform agenda that has been undertaken by the government since the 2017 Greiner Inquiry into the retirement villages sector, and we appreciate the collaborative approach to regulation and reform that NSW Fair Trading have taken to date.
We believe this continued collaborative approach to reform can result in a regulatory framework that both enhances protections for residents, while ensuring the long-term viability of the retirement living sector that provides safe, secure and age-friendly housing for older Australians.
