NSW advocacy update

The Property Council continues to advocate strongly on behalf of its members to make sure concerns about the NSW Government’s compulsory buyback policy are heard and understood by all key stakeholders.

The Government announced earlier this year it is planning to introduce a 6-month buyback in metropolitan areas, and a 12-month buyback in the rest of NSW. At the same time, retirement living operators would be prohibited from charging for general services 42 days after a resident vacates their unit or apartment.

The timeframes for implementation are still unknown, however the NSW Government has indicated that a discussion paper will soon be released.

The buyback proposed in NSW would be by far the strictest imposed across Australia. The Property Council has significant concerns about the impact this proposal will have on operators and on values for continuing residents.  A detailed assessment of these impacts is being developed as part of our ongoing efforts to show government the likely consequences that will arise from the implementation of its policy.

The Property Council has met with the new Minister for Innovation and Better Regulation, The Hon Kevin Anderson MP, to discuss this issue and has now had several meetings with the Department of Fair Trading to discuss the implications of the government’s announcement. The Property Council has also met on a number of occasions with the Retirement Village Residents Association to discuss this matter.

Over the coming weeks we will reach out to the wider NSW industry to seek assistance in pulling together further data to help build the case for demonstrating the impact of the proposed policy on village owners/operators and residents. Anyone who wishes to contribute to the Property Council’s advocacy, or wants to learn more, is encouraged to get in touch with us via email at retirementliving@propertycouncil.com.au.

We will provide further updates on our advocacy in coming weeks.