Wednesday, 16 March 2022

Capital Gains - Retirement Village Units Perform Poorly

More evidence retirees get better financial results by staying in the family home and seeking a home care package than moving into a retirement village unit.

An article at The Weekly Source shows that retirement villages have taken  the last 5 years to reach a 22% increase in value whereas the family home has done that in just the last year.

Note - Industry data shows only 37% of new retirement village occupancy contracts offer an incoming resident a share of any increase in the value of the unit.

The full article can be read here - https://www.theweeklysource.com.au/in-five-years-village-home-prices-increased-by-22-vs-22-in-one-year-for-residential-prices-is-this-a-shame-on-village-marketers/ 

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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


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