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 82-year-old man with Alzheimer's disease.
The agent, Rachelle Norah, purchased a home from the man at a significantly undervalued price, despite holding power of attorney over him. The home was bought for $500,000, which is $600,000 under market value, just one month after the house next door sold for $1.1 million.
The tribunal ruled that the agent engaged in misconduct and took advantage of the man for her own personal financial benefit.
As a result, Norah was suspended for 12 months and fined $11,000. She attempted to overturn the decision at the NSW Civil and Administrative Tribunal, but it was upheld.
- The agent had a decade of experience in real estate.
- The home was purchased in April 2023 for $600,000, which is still significantly undervalued.
Author's summary: Dementia increases older people's risk of exploitation, as seen in this case of a Sydney real estate agent.