Wagga Senior Citzens’ Club member Barry Williams said he hoped the code of conduct would achieve its aim to set up independent complaints resolution.

“Personally, I live in my own home, but if the time came when we wanted to downsize and move into a retirement complex anything that simplified the contract process and set up checks for fair dealing would have to be a good thing in my books,” he said.

“There should also be an independent ombudsman to field any complaints.”

The retirement living sector of the housing market caters to older people who want to downsize their houses and have services like cleaning and gardening taken care of by a body corporate.

A Fairfax Media-Four Corners joint investigation last year found that one for-profit operator in particular, Aveo, had attracted a string of complaints over complex contracts.

Residents or their families and partners said they were being forced to choose between ongoing costs or steep exit fees when their circumstances changed.

John Hunter, a NSW/ACT Australian Aged Pensions Group coordinator from Junee, said a new code of conduct would hopefully help Riverina residents negotiate the contract process.

Mr Hunter said he had been hearing for decades from people who were unable to realise the value of the properties they bought into through retirement villages.

“When selling, they might get $25,000 back after a $250,000 buy in,” he said.

“I would say it’s a very long-term problem; for 30 to 40 years I’ve been hearing about these things.

“I have spoken to people who have bought into these complexes, and when they want to move out, the virtually get nothing or they get less than five per cent of what they should have got.”

Alison Quinn, chief executive of RetireAustralia, the company behind Wagga’s Riverina Gums Retirement Village, said the code of conduct was designed in response to negative attention placed on the industry.

Ms Quinn is also the president of Retirement Living at the Property Council of Australia, one of the two industry groups developing the code.

“The purpose is to maintain high standards in the marketing, the operation as well as dispute management procedures for all operators and residents,” she said.

“The code is being drafted in accordance with ACCC guidelines for a voluntary code of conduct for an industry.

“What that ostensibly means is that the state government, could, if they wish, pick up that code and make it a mandatory requirement and include that in their legislation.”

The new code, which is scheduled to take full effect from January 2020, with copies available at retirement villages or online at www.retirementlivingcode.com.au.

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