Case for uniform retirement village laws

A compendium being launched this week highlights the inconsistencies in retirement village legislation throughout Australasia.

Minter Ellison’s Australian and New Zealand Retirement Villages Legislation Compendium outlines the different regulatory approaches adopted by national, state and territory governments.

Robin Lyons who leads Minter Ellison’s Australasian retirement villages practice said the book’s side-by-side comparison of the legal requirements for various key issues reveals a legislative minefield.

“This is the first time that an owner or operator of a village can quickly identify how each legislative regime deals with a particular issue,” he said.

“For those with national or trans-Tasman retirement living interests, the nuances and differences across states or territories are critical – as infringement of a law or regulation can be costly.”

The number of Australians aged 70 and over is expected to triple over the next 40 years and New Zealand is experiencing similar trends.

On the back of these forecasts, Minter Ellison is predicting unparalleled growth in the retirement village markets in both countries.

“The retirement living sector has evolved into a significant asset class and many industry stakeholders –  retirement village operators, managers, owners, developers, investors and industry specialists – have advocated for national uniformity in the legislative regimes regulating the industry,” said Mr Lyons.