This week the WA Legislative Council approved the introduction of three month limits to recurrent charges (weekly fees) after a resident leaves a village for all new contracts and six months for existing contracts. This is the most aggressive impost on operators nationally; in NSW its nine months for instance. So an operator with ten vacant ILUs at $100 per week will be paying $1,000 per week subsidy to village operations. Historically other states follow new consumer affairs initiatives such as this. The legislation still has to pass the WA Lower House, expected by Christmas.
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...