Interesting new research about the emotional drivers behind property purchases cements the undeniable reality that investors are just like everyone else – sometimes susceptible to thoughts that go against their better judgment. “I reckon another $10,000 will get this bad boy across the line,” the agent smiled, smoothing down his slick suit and nudging his Montblanc pen closer towards me. “Just write the new offer amount there and initial it, and I reckon it’ll be...
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Southbank residents either don’t take showers or many apartments are empty most of the year. A study has found more than 64,000 residential properties in Melbourne are rarely used and almost 12,700 appear unoccupied, with Southbank the top area for vacancies. The findings are based on an analysis of water use commissioned by Prosper Australia, a group seeking tax changes to improve the efficiency of land use. The Speculative Vacancies in Melbourne report, now in its sixth...
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If the past 10-15 years in real estate has taught us anything, it’s that no amount of regulation and legislation can protect consumers from bad advice or crooks hell-bent on ripping them off. The 1990s was the era of the get-rich-quick seminar, when tens of thousands of Australians were duped by two-tier marketeers, seminar gurus and others into paying inflated prices for badly-located real estate or grossly over-priced “mentoring” services. Eventually, the level of consumer...
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Ever wondered why agents underquote? The simple answer is because it works. This may not be a popular view of underquoting and as frustrating as it may be, underquoting is a necessary evil in Melbourne’s auction system. Growth in property prices this year has highlighted the widespread practice of underquoting and the frustration of buyers who miss out when properties sell for much more than the advertised estimate. Ironically, the practice that frustrates buyers is...
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The esteemed Grattan Institute yesterday released its much-awaited reporting on housing policy and the need for major reform. The central recommendations focused on a re-think of investor-focused incentives like negative gearing. BY SHANNON MOLLOY Whenever property markets begin to recover after an extended lull or downturn, a number of pundits reemerge to express their concern about a so-called and looming affordability crisis. House prices are getting too high, they claim. Young people have no chance...
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What must happen before a levy is raised? The Strata Titles Act (WA) says that the strata corporation has to pass (at a General Meeting) the amounts and due dates of levies before they can be charged to owners. If the levy has not been passed at a general meeting, the strata corporation is not permitted to raise any levies past the last date of approval at a general meeting. Levies are only due and...
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Housing policy in Australia is overdue for a major renovation. Government tax and welfare policies, by favouring homeowners and property investors over people who rent, are increasing the divide between Australians who own housing and those who do not. The divide is income-based and it is generational. While home ownership is stable or declining slightly in Australia, there are sharp falls in ownership rates among households with low incomes or aged under 45. This report...
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Neighbours could lose the right of appeal against permits for multistorey apartment towers as part of the state government’s push for more affordable housing in a city hurtling towards 6.5 million people. Planning Minister Matthew Guy will on Wednesday unveil rules making it easier for high-density residential development to be approved under a 40-year metropolitan planning strategy. “Developers behind multistorey residential buildings that meet certain guidelines will not be required to notify residents or be...
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Three men have been charged over a property fraud in Western Australia that saw them allegedly steal over $6 million. The Major Fraud Squad has reported that a 70 year-old York man and a 43 year-old south Perth man have each been arrested for six counts of causing detriment to a person by fraud. Another 45 year-old York man has also been charged with four counts. The charges relate to the sale of six rural...
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It’s a worldwide phenomenon called ”Generation Rent” – and it has landed in Australia. While the term is used internationally to describe the wave of people in their 20s and 30s who will never be able to afford to own homes, a report has found that permanent renting is becoming a way of life for Australians of all ages. Families, older people and young people are all increasingly being locked out of home ownership, says...
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