Retirement village operators

[Beagle]

Any thoughts on this. Family member moved out of the the Heritage life unit she owned 10 months ago. They have not found a new buyer so have not paid her out. I take it there is no limit to how long it could take for her payout. I have not seen the contract but believe there is no reference to a timeframe for settlement.

Tough situation. I suggest you get the affected parties to have a chat with their lawyer. Unless Heritage Life or their management / agent are acting with prejudice you probably have no choice but to be patient.
By acting with prejudice I am referring to the possibility of Heritage Life pushing the salesmanship of new units in the same village harder and not showing prospective incoming residents your family member's unit and / or not pricing the unit reasonably.
Starting point for your lawyers consideration in terms of whether its worth sending them a legal letter rocket is probably consideration of the following
1. How many other units are vacant in the village ?
2. Is the unit in question priced reasonably compared to other units and / or new units in the village ?
3. What marketing efforts is the village making to resell the unit ?
4. Has the unit been refurbished to an attractive standard and if not why not ?
5. Is there any reference to a maximum timeframe in the contract ?

These things can really drag on unfortunately.

[artemis]

Headline in the Herald today in a paywalled article about big bucks being offered for Oz jobs Out of workers: Aussie 'predators' offer big dollars to lure Kiwi labour

Quietly tucked in was this from a recruitment firm - "The company has had an indirect approach from an Australian rest-home group wanting the company to recruit New Zealanders."

Meanwhile New Zealand's borders remain all but closed to workers from most of the world. If there's an exodus from here ...?

[Greekwatchdog]

House prices would double in 5 years if net migration hits pre covid levels. Scary.. https://www.stuff.co.nz/business/ind...research-shows

[Bjauck]

House prices could double if net migration hits pre covid levels. Scary.. https://www.stuff.co.nz/business/ind...research-shows

The ANZ report highlighted the fact that NZ simply does not build enough houses to meet the population growth from immigration. In other words our governments like the quick boost to the economy from immigration without bothering with the difficult decisions to ensure infrastructure can cope with it.

[Blue Skies]

House prices would double in 5 years if net migration hits pre covid levels. Scary.. https://www.stuff.co.nz/business/ind...research-shows

I note it said factors dampening house price increases such as coming higher interest rates & the new loan to income ratio restrictions were not captured by the ANZ modelling!
So what are we expected to make of the modelling forecasts?

Low interest rates have probably been the biggest driver of house price inflation.

[Greekwatchdog]

Much like the Covid forecasts. They were wrong like many others. That being said if/when we allow migrants to start again it will only fuel demand further. Guess it depends on what the interest rates and loan restrictions do...

[Baa_Baa]

I note it said factors dampening house price increases such as coming higher interest rates & the new loan to income ratio restrictions were not captured by the ANZ modelling!
So what are we expected to make of the modelling forecasts?

Low interest rates have probably been the biggest driver of house price inflation.

If one tortures the data enough, it will say anything one wants it to say.

[dobby41]

If one tortures the data enough, it will say anything one wants it to say.

Love it .

[jg8512]

this is welcome ... higher govt contributions for long term care. https://gazette.govt.nz/notice/id/2021-go2606

"The daily GST exclusive contract price for rest home has been increased by $6.40..."
look like a bit over a 4% increase

[Snoopy]

this is welcome ... higher govt contributions for long term care. https://gazette.govt.nz/notice/id/2021-go2606

"The daily GST exclusive contract price for rest home has been increased by $6.40..."
look like a bit over a 4% increase

Here is the maximum allowable weekly rate that Auckland long term care residents are/were liable to pay on a five year basis. This table is post the 1st July 2017 pay equity settlement for Care Workers.

	2021	2020	2019	2018	2017
Auckland: Max Contribution	$1,243.34	$1,193.08	$1,158.29	$1,124.41	$1,062.95
Annual Increment	+4.2%	+3.0%	+3.0%	+5.8%	NM
Care Worker L2 3yrs service Wages 40hr	$920	$860	$840	$800	$630
Annual Increment	+7.0%	+2.4%	+5.0%	+27%	NM

Reference for health worker wages

https://www.health.govt.nz/new-zeala...tion-employees

The cumulative increase in care funding has gone up 17% over four years
The cumulative increase in care worker wages has gone up 46% over four years

That looks like 'care home operators under pressure' to me. The latest funding increment, despite being higher than the preceding two years , has fallen behind wage inflation.

SNOOPY