Premier Annastacia Palaszczuk’s recent call for an urgent review of Queensland’s Retirement Village laws has been welcomed by QUT experts as a significant step but they urged the government to proceed with caution.
“It’s been too long in coming but Queensland is finally taking a significant step to make processes easier for current and future residents,” said property economist Dr Andrea Blake who, along with senior law lecturer Dr Lucy Cradduck has been advocating for a simplified Retirement Village contract since 2012.
The researchers also noted the government’s desire to review the process for the sale of existing units.
“However any legislative proposal to change the status quo must involve careful consideration of issues for 350-plus villages and their residents and operators to safeguard the sustainability of this industry into the future. Any review therefore must be undertaken thoroughly,” said Dr Cradduck.
“While the Premier’s proposal to extend the existing cooling off period to 21 days also will be beneficial, as the Government’s own media release states, prospective residents should obtain both legal and financial advice before signing any contract.”