Review of South Australian Retirement Villages Act 2016

Summary: Review of South Australian Retirement Villages Act 2016 National Seniors Australia welcomes the opportunity to make a submission to the review of the South Australian Retirement Villages Act 2016. The legislation governing retirement villages should protect consumer rights, provide quality information, and ensure sustainability. Recommendations include authorizing certain fees, reducing sale periods, and requiring clear advertising. A new Act is needed to address deficiencies and protect current residents adequately. Issues like consumer confidence, age characteristics, lack of informed advice, and complex fees are undermining the RV market. Marketing bias, management fees, exit/deferred management fees, and challenges in moving out are key concerns. Potential buyers often do not fully understand contractual arrangements, leading to unequal power relations at the point of purchase.