Retirement Village Legislation
The Retirement Villages Act regulates the operation of many aspects of retirement villages in South Australia.
The Retirement Villages Act defines a retirement village scheme as a residential complex that is established (predominantly), for retired persons and their spouses under which:
- residences are occupied under a lease or licence; or
- the right of occupation is conferred by ownership of shares; or
- residences are purchased from the administering authority, subject to a right or option of repurchase; or
- residences are purchased by prospective residents on conditions restricting their subsequent disposal.
The Department for Health and Ageing through the Office for the Ageing (OFTA) is responsible for the administration of the Retirement Villages Act.
From 2013 to 2017 the State Government worked with village operators, property developers and SARVRA to improve the previous Act, and to strike the right balance between the needs of residents and operators. The Retirement Villages Act 2016 completed the Parliamentary process in November 2016 and the Retirement Village Regulations 2017 were also developed and published. The new legislation commenced from 1 January 2018.
SARVRA had input to all phases of the development of the new Act and Regulations, and overall is very pleased with the additional protections for residents of retirement villages that are incorporated in the new Act.
Key provisions incorporated in the new Act include:
- the introduction of a standard disclosure statement to improve transparency and clarity of residence contracts
- the introduction of the mandatory repayment of an exit entitlement to a resident within 18 months of a resident vacating their residence or providing notice to vacate, if it is not relicensed prior to this time
- an increase in transparency of village funds including breaking down management fees, providing details of expected consultation with residents regarding the village budget and requirements to meet with residents’ committees about finances.
Download a fact sheet providing more details about the changes to the Act.