Changes to Victorian residential building legislation

Posted on July 12, 2016 by | 0 Comments
The Building Legislation Amendment (Consumer Protection) Act 2016(the Act) which was passed by the Victorian Government on 19 April 2016 imposes sweeping reforms in respect to a number of significant areas affecting residential construction in Victoria. By reason of a Proclamation published in the Victoria Government Gazette No. S 194 dated 21 June 2016, certain sections of the Act are to commence and ‘become live’ on 4 July this year. While the purpose of the...

Continue Reading »

Misleading Conduct By A Real Estate Agent

Posted on July 12, 2016 by | 0 Comments
A couple who spent nearly $1 million on a Hawthorne property are suing the real estate agents and vendor, claiming that the property was advertised falsely and alleging misleading conduct by the real estate agent. Malcolm and Samantha Stevenson have taken agency Bekdon Richards and vendor Tony Burchill to court, claiming losses and damages of over $178,000 after purchasing a two bedroom Victorian-style home in February 2014. In a statement of claim lodged last month...

Continue Reading »

Watch Out If Selling Property Worth $2 Million Or More!

Posted on July 12, 2016 by | 0 Comments
Vendors selling their multimillion-dollar homes this weekend could face a nasty shock at settlement time – the loss of hundreds of thousands of dollars because of poor legal advice. This is because many may be unaware of new 10 per cent withholding tax rule, which came into force on July 1, and which applies to all property worth $2 million or more, including residential property. To avoid being hit by the stiff penalty, all vendors selling at this price point must...

Continue Reading »

“Has Anyone Been Murdered In This House?”

Posted on July 12, 2016 by | 0 Comments
It’s hard to get a good price for a home with a bad history. Overseas, they are called ‘Stigma Homes’, where something terrible has happened in the past, usually a murder. Stigma homes – or ‘Murder Homes’ as they seem to be called in Australia – can be hard to sell – as at least one irate home-owner in Melbourne is discovering. Every time likely buyers punch the address of Judy’s home into a search...

Continue Reading »

SELLERS – BEWARE THE HOG AGENTS THE MYTH OF CHOOSING A “BIG AGENCY”

Posted on July 12, 2016 by | 0 Comments
“You can’t sell a secret.” This is a line given by thousands of agents to thousands of home-sellers in order to persuade sellers to splash out more and more money advertising their homes. The theory goes that the more places you advertise your home, the more buyers you reach. Of course, anyone who knows anything about basic marketing knows that such reasoning is nonsense because most buyers look in several places during their search for...

Continue Reading »

The tax implications of subdividing your backyard

Posted on April 16, 2015 by | 2 Comments
Subdividing your PPOR (principal place of residence) is a strategy we often get asked about. If you’re thinking about going down this path, there’s a lot to consider before making your decision. By Pat Mannix and Rebecca Mackie There are many different strategies with different outcomes, depending on whether you’re planning to sell the part with the house, or the vacant land, or build and move in, build and rent out or build and sell...

Continue Reading »

EXPOSED: How Banks Manipulate Property Values

Posted on April 1, 2015 by | 1 Comment
by Brian White I’ve been involved in the property industry for 25 years (as a mortgage broker, real estate agent and investor). In recent times,flawed valuations have become a significant source of complaint, with manyagents advising that valuers are routinely undervaluing property and causing contracts to fall over. Buyers also accuse builders and developers of overpricing property, resulting in low valuations and contracts being terminated. While these scenarios do occur,the hidden culprit is often the type of...

Continue Reading »

Size Matters When It Comes To Defaulting On A Home Loan

Posted on December 12, 2014 by | 1 Comment
An article by Clancy Yeates Bad housing loans will increase one day, and bankers say that many of the loans that will go bad are probably being written now, when interest rates are so low. Australian borrowers are a fortunate bunch. Unlike households overseas, they’ve managed to avoid the wave of painful mortgage defaults that have brought other economies to their knees. Indeed, local banks say the share of people falling behind on their mortgage...

Continue Reading »

When A Successful Auction Bidder Renegs On Signing

Posted on December 7, 2014 by | 0 Comments
by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate From time to time some consumer advocates suggest to successful auction bidders, who might have a sudden change of mind, that they should refuse to sign anything and walk away. This is dangerous advice because in most parts of Australia auctioneers may lawfully sign a sale contract on behalf of a reluctant buyer (and hesitant vendor). (See “Winning Auction Bidders Beware“). Even if no signed post-auction contract, a...

Continue Reading »

Christmas Comes Early For Queensland Real Estate Agents

Posted on November 26, 2014 by | 4 Comments
An article by Tim O’Dwyer, Solicitor and Consumer Advocate On Monday 1st December POA, the Property Occupations Act 2014 (and POA Regulation 2014) come into effect in Queensland, and replace the much-amended-and-maligned Property Agents and Motor Dealers Act 2000 (PAMDA). While real estate consumers (in particular residential sellers and buyers) will find little to rejoice over and less protection of their interests than before (despite one of POA’s expressed objects being “the protection for consumers...

Continue Reading »