Nursing Homes Valuation Essay

307 WordsAug 9, 20122 Pages
The previous market for nursing homes, essentially involves the market for the housing of the elderly. The number of nursing homes has become increasingly apparent in Australia resulting from the aging population, baby boomer generation; the subject nursing home studied represents a general nursing home facility where by it houses persons above the age of 65 as defined by (Linacre 2005 p.168) “aged Australians are people aged 65 years and over”. Further statistics emphasised by the Australian Bureau of Statistics suggests how “one in four Australians aged 65 years and over by (year) 2056”. Thus the previous and future market of nursing home land use is imperative to accurate valuation practices. The increasing nature of Australia’s population with “an overall total population increase of one person every 1 minute and 12 seconds” (Statistics 2009) due to “sustained low fertility, combined with increasing life expectancy” (Statistics 2008). Forecasted statistics suggests vast amounts of changes within the nursing home market as health demands from aging Australians continue to escalate. Nursing homes are subject to large influences of government policy in assisting the elderly from social security payments, in addition to certain standards that meet government requirements for appropriate funding. Controls placed by state and commonwealth governments involve legislation such as the National health act 1953, which specifies what a nursing home encompasses/constitutes. Similarly the Nursing homes assistance act 1974 – specifies “the number of beds determined in relation to the nursing home” – “there will not be less than the number of beds specified in the certificate”. Laws which govern the amount of beds in each facility, the combination of types and levels of nursing homes in one facility, whereby the general, geriatric and specialised categories of nursing

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