Exploitation of Older Australians with Dementia
Concerns have been raised about the exploitation of older Australians, particularly those living with dementia, after a Sydney real estate agent took advantage of a vulnerable client.
A real estate agent, Rachelle Norah, was suspended for 12 months and fined $11,000 for purchasing a home from an 82-year-old man with Alzheimer's disease and alcohol problems at a significantly undervalued price.
The agent bought the home for $500,000, $600,000 less than the market value, just one month after the neighboring house sold for $1.1 million.
The NSW Civil and Administrative Tribunal upheld the decision, ruling that the agent had engaged in misconduct and taken advantage of the man for her own personal financial benefit.
The agent had argued that she had done the right thing, but the tribunal's decision highlights the need for greater protection for older Australians, particularly those living with dementia.
Author's summary: Exploitation of older Australians with dementia is a growing concern.
- Suspension: 12 months
- Fine: $11,000
- Undervalued price: $500,000
- Market value: $1.1 million