Operators hit pause on VIC village sales ahead of new laws
Victoria reforms disrupt sales as deadline looms
- Late release: Regulations issued 10 days before start
- Sales pause: Operators halt transactions awaiting clarity
- Uncertainty: Residents and investors left in limbo
- Time pressure: Compressed rollout complicates implementation
Changes to the requirements for retirement village operators in Victoria are due to come into effect on 1 May 2026.
Last Wednesday (15 April), with just 10 business days to go, the State Government’s consumer affairs department published the Retirement Village Regulations 2026 to support the reforms.
The uncertainty around the delayed regulations has hit both operators and residents hard.
“As it currently stands, sales cannot proceed, leaving would-be residents stranded in limbo and unclear about what comes next,” Derek McMillan, Managing Director at Centennial Living, told The Weekly SOURCE.
“Many residents are already stressed and overwhelmed trying to coordinate a major life move with the sale of their home.
“Outgoing residents are being hit too, because delays to the next sale can leave them without the savings they might urgently need for the next move, care or living costs.”
Brett Rice, Bolton Clarke’s Chief Operating Officer Retirement Living, said the operator also had to pause sales while waiting for more information about contract requirements, “causing extra uncertainty for incoming residents looking to make informed decisions and plan their move.”
“With the final regulations only made public yesterday in advance of the reforms taking effect on 1 May it’s put huge pressure on operators, residents and older people looking to enter retirement villages,” Brett said.
“Existing residents are looking for clarity around what the reforms will mean for them.”
Natalie Moore, Aveo’s Head of Sales and Marketing, said because the retirement village operator offers “a range of contract options that are more favourable than those mandated by these reforms, Aveo has not been required to change its market offering as a result of the legislative changes.”
“As with any major regulatory change, the compressed implementation timeframe adds complexity across the sector and there remains uncertainty due to a lack of meaningful transitional provisions,” she said.
“We are working closely with regulators as final details are confirmed, and the Aveo team in Victoria is focused on ensuring residents and prospective residents continue to receive clear information and individual support, and a smooth experience during this transition, particularly for those moving into or out of an Aveo community.”
RLC criticises legislative uncertainty
The Retirement Living Council’s Executive Director Daniel Gannon claimed former Consumer Affairs Minister Nick Staikos attempted to bully him after he urged the Minister to delay implementation of the Act at a Property Council Retirement Village Outlook event in Melbourne on 24 February.
Daniel spoke out again earlier this month after the Minister was promoted into Cabinet as the Government prepared for the State election in November. Staikos was the sixth consumer affairs minister in six years in Victoria.
“With regulations still unresolved and guidance incomplete, uncertainty is flowing through to the ground, creating operational challenges for villages, hesitation for investors and builders, and uncertainty for prospective residents,” Daniel said.
“If capital goes where it’s welcome, it’s hard to point to Victoria as a premium destination given the uncertainty it is creating.”
The Property Council announced on Friday (17 April) that Russell Kennedy Principal Donna Rayner and Senior Associate Jessica Kennedy will give a webinar to members on the Victorian retirement village reforms on Monday, 27 April from 11am.
