The state government commissioned a review into the Victorian property industry. All stakeholders were invited to participate by making recommendations as to ways of making the property industry better and fairer for everyone. I provided a submission, below are my 12 recommendations. 1. The regulators of the real estate industry in Victoria are Consumer Affairs…
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…
The Melbourne property market has continued where it left off towards the end of 2021. In the first half of 2022 prices have either stabilised or in some cases reduced after the upward trajectory that occurred during the covid period of 2020 and 2021. Currently, properties situated in blue chip locations in quality streetscapes with…
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…
Hello and welcome to the six monthly edition of Peter Rogozik Property Consulting newsletter. The aim of my newsletters is to give property consumers an inside look at the real estate industry, the good, the bad and the ugly. Too often consumers are being manipulated by the spruik of vested interests. There is no better…
After several years of subdued activity the Melbourne property market has experienced price increases this year. The upward movement in price became evident last February as auctions began. It was inevitable that prices would rise as historically the Melbourne property market rarely remains stagnant for more than two years. Early auction results in 2020 indicated…
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…
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…
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…
Blue chip residential investment real estate has all the attributes of what a quality asset should have. The primary attribute is that it must double in value within a relatively short period of time.This overrides all other important ingredients.The optimum residential property selection will double in value approximately every ten years. Secondly, a quality investment…