Before signing on the dotted line buyers should make sure the property owner has obtained all the required building permits for works that have been completed. The new owner becomes responsible for any illegal works, this could mean costly rectification. If the vendor has undertaken works on the property as an owner builder that were…
Once Victoria was able to gain the upper hand over the corona virus the property market reciprocated in kind by bouncing back to the heady heights of early 2020. This is not great news for first home buyers however it is a testament to the resilience of the Melbourne property market and the Victorian economy…
Before purchasing a brand new property, buyers should always research what materials, products, fixtures and fittings have been used during construction. It is not enough to rely on the building drawings or even the specification document. A case in point is the cladding fiasco that has cast a shadow over the Victorian building industry. After…
Unlike the share market, the Melbourne property market does not have a history of volatility. However the last 12 months has been an exception. Throughout its history the Melbourne property market has shown slow but consistent positive capital growth. Investment grade properties i.e. properties in blue chip locations with scarce and unique features have lead…
The buyer advocacy profession is desperately in need of a regulatory framework. It is up to the Real Estate Institute of Victoria and the Estate Agents Council to initiate change.If past performance is anything to go by, positive initiatives are unlikely to occur. The service of buyer advocacy started in Australia about 25 years ago.…
Donations to political parties by property developers should be banned. Successive Victorian governments have caved in to the powerful and affluent interests of those property developers that have lined their pockets through donations. I have always considered Melbourne one of the great cities of the world: sophisticated and consisting predominately of a combination of low-rise…
The Victorian property market has experienced low levels of overall house and unit transactions over the last 12 months. As at December 2019 there were approximately 108,148 transactions compared to 131,622 during the same period in 2017. This low level of supply has further segmented the Melbourne market i.e. properties that are situated in quality…
There are several different types of building reports available to property buyers. It is important that buyers commission the report that best fits the type of property they are considering. The most common report requested by residential buyers is the pre-purchase building and pest inspection report. This report is useful when buying an established class…
Preventative home maintenance will save property owners many thousands of dollars. Spending a little on a regular basis is more cost effective than making substantial outlays due to having to replace entire building components because of neglect. Not only will regular maintenance save money it will result in a safer home environment. Every home owner should keep…
The following are examples of capital growth performance of properties I have selected for clients. All properties are situated in inner Melbourne suburbs; Date of Purchase Buying Price Date Sold Selling Price Time Held Gross Profit Property 1 12-5-2006 $347,000 22-3-2014 $565,000 7 years 10 months $218,000 Property 2 9-3-2007 $435,000 14-11-2009 $593,000 2 years…