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If you squat in a vacant property, does the law give you the house for free? Well, sort of

<a href="https://theconversation.com/profiles/cathy-sherry-466">Cathy Sherry</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Nothing excites law students like the idea of a free house. Or alternatively, enrages them. It depends on their politics. As a result, academics condemned to teaching property law find it hard to resist the “<a href="https://classic.austlii.edu.au/au/journals/MelbULawRw/2011/28.html">doctrine of adverse possession</a>”. The fact that a person can change the locks on someone else’s house, wait 12 years, and claim it as their own, makes students light up in a way that the Strata Schemes Management Act never will. The idea of “squatters’ rights” has received a lot of media attention recently amid the grim reality of the Australian housing market. It fuels commentators such as Jordan van den Berg, who <a href="https://www.instagram.com/purplepingers/">critiques bad landlords</a> on social media. Casting back to his days as a law student, <a href="https://www.sbs.com.au/news/the-feed/article/jordan-was-fed-up-with-australias-empty-houses-his-proposal-has-led-to-death-threats/stx6rv6fl">he’s promoting</a> the doctrine of adverse possession as a way of making use of vacant properties. As interesting as the doctrine is, it has little relevance in modern Australia. While it is necessary to limit the time someone has to bring legal proceedings to recover land – typically 12 or 15 years, depending on which state you’re in – most people don’t need that long to notice someone else is living in their house. If a family member is occupying a home that someone else has inherited or a tenant refuses to vacate at the end of a lease, owners tend to bring actions to recover their land pronto. So where did this doctrine come from, and what has it meant in practice? <h2>Free house fetching millions</h2> In unusual circumstances, people can lose track of their own land. Just before the second world war, Henry Downie moved out of his house in the Sydney suburb of Ashbury. Downie died a decade later, but his will was never administered. At the time of his death, a Mrs Grimes rented the house and did so for a further 50 years. Downie’s next of kin did not realise they had inherited the house or that they were Grimes’s landlord. Grimes died in 1998 and Bill Gertos, a property developer, saw the house was vacant. He changed the locks, did some repairs, then leased the house and paid the rates for the next 17 years. He then made an application under <a href="https://classic.austlii.edu.au/au/legis/nsw/consol_act/rpa1900178/s45d.html">NSW property laws</a> to become the registered proprietor. At this point, Downie’s next of kin became aware they may have been entitled to the property and disputed Gertos’s claim. The <a href="https://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/nsw/NSWSC/2018/1629.html">court held</a> Gertos had been “in possession” of the property since the late 1990s. The next of kin had a legal right to eject him, but they had failed to do so within the statutory time limit of 12 years. Gertos had the best claim to the house. He <a href="https://www.domain.com.au/6-malleny-street-ashbury-nsw-2193-2015821514">promptly sold it</a> for A$1.4 million. Outrageous as this may seem, the law encourages caring for land. If you fail to take responsibility for your land, and someone else does, you can lose it. <h2>An old English tradition</h2> Gertos’s jackpot was unusual, and adverse possession has always been more relevant in a country like England. First, for much of English history, many people did not have documentary title (deeds) to their land. People were illiterate, parchment was expensive, and documents could disappear in a puff of smoke in a house fire. The law often had to rely on people’s physical possession of land as proof of ownership. Second, as a result of feudalism, vast swathes of England were owned by the aristocracy. They and their 20th-century successors in title, often local councils, had a habit of forgetting they owned five suburbs in London. In the post second world war housing crisis, thousands of families, and later young people and students, <a href="https://www.bbc.co.uk/sounds/play/b017cfv4">squatted in vacant houses</a> owned by public and private landlords who lacked the means or motivation to maintain them. <h2>A sign of the times</h2> In contrast, in Australia, for most of our settler history, governments of all political persuasions actively prevented the emergence of a landed class. But now, courtesy of tax policies that <a href="https://www.quarterlyessay.com.au/essay/2023/11/the-great-divide">encourage investment</a> in residential real estate, we have a landlord class of Baby Boomer and Gen X investors. That has caused housing market stress as younger people cannot make the natural transition from being renters to homeowners. They are outbid by older, wealthier buyers whose tax benefits from negative gearing increase with every dollar they borrow to buy an investment property. Money flowing into the market then means that landlords’ greatest benefit is capital gain rather than income, and thanks to John Howard, investors pay <a href="https://theconversation.com/stranger-than-fiction-who-labors-capital-gains-tax-changes-will-really-hurt-109657">no tax</a> on half of that gain. Finally, an almost exclusive reliance by government on the <a href="https://australiainstitute.org.au/post/for-more-affordable-housing-we-need-more-public-housing/">private sector</a> to provide new homes – which it will only do if it is making a profit – has left many people in deep housing stress. While squatters in Australia are likely to find themselves swiftly subject to court orders for ejection, van den Berg’s rallying cry indicates just how inequitable the housing market has become. Baby Boomers and Gen X should be on notice – young people want their housing back. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/227556/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/cathy-sherry-466">Cathy Sherry</a>, Professor in Law, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/if-you-squat-in-a-vacant-property-does-the-law-give-you-the-house-for-free-well-sort-of-227556">original article</a>.

Legal

Property tycoon sentenced to death over $27 billion fraud

A Vietnamese billionaire was sentenced to death on Thursday in one of the biggest corruption cases in history, an estimated $27 billion in damages - a figure equivalent to six percent of the country’s 2023 GDP. Truong My Lan, chair of major developer Van Thinh Phat, was found guilty of embezzlement, after looting from one of the country's biggest banks, Saigon Commercial Bank (SCB) for over a decade. “The defendant’s actions... eroded people’s trust in the leadership of the (Communist) Party and state,” the verdict read at the trial in Ho Chi Minh City. After a five-week trial, 85 others were also charged for their involvement in the fraud, with charges ranging from from bribery and abuse of power to appropriation and violations of banking law. Four were given life imprisonment, while others received jail terms ranging between 20 years and three years suspended. Lan's husband was Hong Kong billionaire Eric Chu Nap Kee, was sentenced to nine years in prison. Lan and the others were arrested as part of a national corruption crackdown. Lan was initially believed to have embezzled $12.5 billion, but on Thursday prosecutors have said that the total damages caused by the fraud now amounted to $27 billion. The property tycoon was convicted of taking out $44bn in loans from the bank, according to the BBC, with prosecutors saying that $27 billion of this may never be recovered. The court ordered Lan to to pay almost the entire damages sum in compensation. It is also <a href="https://www.bbc.com/news/world-asia-68778636" target="_blank" rel="noopener">reported</a> that she is one of very few women in Vietnam to be sentenced to death for a white collar crime. “In my desperation, I thought of death,” Lan said in her final remarks to the court, according to state media. “I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of.” Police have identified around 42,000 victims of the scam, and many of them were unhappy with the verdict. One 67-year-old Hanoi resident told the AFP that she had hoped Lan would receive a life sentence so she could fully witness the devastating impact of her actions. “Many people worked hard to deposit money into the bank, but now she’s received the death sentence and that’s it for her,” they said. “She can’t see the suffering of the people.” The resident has so far been unable to retrieve the $120,000 she invested with SCB. Police have said that many of the victims are SCB bondholders, who cannot withdraw their money and have not received interest or principal payments since Lan’s arrest. Authorities have also reportedly seized over 1000 properties belonging to Lan. Image: Twitter

Legal

Better Homes and Gardens star's dream rural property up for grabs

Better Homes and Gardens star Charlie Albone and his wife interior designer Juliet Love, have listed their dream Ourimbah home. The 2.07ha property located on the Central Coast has been listed by McGrath Gosford agents Peter Morris and Nate Waters with a $3m to $3.2m price guidance. The four-bedroom, three-bathroom home sits deep behind a gated entry, which ensures privacy and is surrounded by plenty of greenery with its garden alcoves, a stunning wisteria-covered arbour, fruit trees, and a few garden beds for vegetables. There is also a feature dry-stone wall fire pit built by Scottish stonemason Callum Grey, that's perfect for winter and colder nights. The English cottage-style home comes with a separate self-contained unit that includes a bedroom and kitchenette. The home is every animal lovers' dream with five paddocks that come with animal shelters, plumbed water troughs and a three-stall stable. For those hot summer days, whoever the new owners are can dip into the saltwater pool located on the property. The property is equipped with 100,000-litre tanks and has town water. Albone and his family bought the property in 2012 for $840,000 which means that if it was sold at the price guide then it's almost four times the original price they bought it at. The top acreage sale at Ourimbah currently sits at $3,725,000 for a 13.93ha Dog Trap Rd six-bedroom house, which sold in 2021. Images: news.com.au

Real Estate

Sweet reason for Ray Hadley's big property purchase

2GB broadcaster Ray Hadley has purchased a stunning Central Coast property with his wife, Sophie. The seaside retreat is situated on the Bouddi Peninsula in New South Wales, right on the water’s edge of Pretty Beach, and boasts impressive views across Brisbane Water - views that a balcony accessed by the living, kitchen, and dining space makes the most of. The property has five bedrooms, allowing plenty of space for Hadley and Sophie to host their visiting family members - and most importantly, their grandkids. Hadley, who currently resides in the northwest of Sydney, has four children with five grandchildren from them. And, in happy news for the family, another on the way. He regularly provides his radio listeners with updates on the growing brood, with a focus on the youngest generation - all of them five and under - who mean the entire world to him. As he told 9Honey, “before I had grandkids five years ago, mates would say, 'you won't believe the difference it makes' ... it's basically changed my life. "Five years ago I had none, now I've got five and another one on the way. They basically are my life. "I just adore them, every one of them, and they've all got different personalities, they're all different people.” He went on to share that the youngest is learning to walk and talk, while the others are prepping for school, with his eldest granddaughter even going so far as to ask him not to work, and to instead come along for her first ever school drop-off. “Just the fact that she asked me to do it made me feel 10-foot tall,” he shared. And the new property will give him the chance to spend more time with them, serving as a midway point for sleepovers, after years of the radio host travelling up the M1 from Sydney to be with them. It isn’t the first time Hadley has dipped his toes into the real estate market, either, with the 68 year old having downsized from his acreage after he turned 66, moving for the first time since the mid-1990s. The home isn’t even his first coastal retreat, with Hadley having snapped up a property on the Gold Coast in 2016, and planning to make an upgrade once again at Main Beach. Though for the time being, he may be a little busy settling into his new home, and maybe even treating himself and Sophie to a night out at their friend John Singleton’s nearby eatery. Images: realestate.com.au, Getty

Real Estate

Weekend Sunrise host’s pup-tailored property hits the market

Channel 7 Weekend Sunrise host Matt Doran has put his apartment on the market, in the exclusive eastern Sydney suburb of Bellevue Hill. Doran plans to take advantage of the recovery in the cramped winter property market as he failed to sell the two-bedroom apartment in mid-2021. It has a June 24 auction guide of $1.8 million through BresicWhitney agents Maclay Longhurst and Zakir Abdallaoui. After securing the Tresscourt apartment from Sky News presenter Laura Jayes and her husband, former Seven reporter Alex Hart, for $1.385 million in 2017, Doran commissioned a complete remodel by Sydney designer Dylan Farrell. Doran began his “absolute passion project” with art tailored to the home by artist Vicki Lee. “It’s honestly going to be tough to part with this place,” Doran told The Sell. Doran and his wife, Weekend Today executive producer Kendall Bora are yet to purchase. “I bought it before I met Kendall after I moved back from LA. “The redesign was a big job; the lights and doors and windows custom-made … the centrepiece is a sliding steel door to the loungeroom, which needed 12 people to carry up and install. “We also extended the outdoor space, almost entirely to satisfy the demands of the galaxy’s most spoilt and demanding and glorious Italian greyhound, Murphy.” Per PopTrack, the median unit price in Bellevue Hill is $1.357,500, dipping 9.5 per cent over the past year. It is believed that Murphy will have the final say in their next acquisition. Doran and Bora will hold onto the Sunny Corner Cottage, a retreat accessed by boat and Berowra Waters and where they tied the knot in July 2021. The pair paid $1.75 million in 2021 for the 1905 waterfront property and had designer Tasmin Johnson work on its redesign into a luxury private holiday rental and event space. Image credit: Instagram / Realestate.com.au

Real Estate

Breaking the mould: why rental properties are more likely to be mouldy and what’s needed to stop people getting sick

<a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a> Rental properties are more <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8835129/">likely be mouldy</a> than other homes. This is a concern as excessive mould growth is known to <a href="https://www.who.int/publications/i/item/9789289041683">harm human health</a>. Once buildings are infested with mould, the difficult and costly issue of remediation arises. Landlords and tenants are caught in the middle of a tussle over who is responsible for fixing the problem. As one Melbourne renter and research participant told our colleague Maria Gatto, during a study validating mould reporting: <blockquote> The landlord came around [and] walked [into] every room where there’s black mould on the ceiling – like it’s freaking [something out of the TV series] Stranger Things – and she’s like, ‘Oh, a little bit of mould in winter, it’s very normal, it’s fine […] this happens every winter, it’s not a big deal’. </blockquote> Heading into winter, after <a href="https://theconversation.com/la-nina-3-years-in-a-row-a-climate-scientist-on-what-flood-weary-australians-can-expect-this-summer-190542">three consecutive La Niñas</a>, <a href="https://theconversation.com/sudden-mould-outbreak-after-all-this-rain-youre-not-alone-but-you-are-at-risk-177820">conditions are ripe</a> for a mega-mould season. Combining our expertise in health, law, building and construction, we examine the problem of mould in homes and offer guidance for both renters and landlords. <h2>Ideal conditions for growth</h2> Mould is a <a href="https://www.cdc.gov/niosh/topics/indoorenv/whatismold.html">fungal growth</a> that reproduces via tiny airborne particles called spores. When these spores settle on moist, plant-based construction materials such as wood, wallpaper or plasterboard, they can form a new colony. Growth is more likely when homes are cold, humid, lack air flow, or suffer from water damage. Outbreaks have been reported in flooded parts of southeastern Australia. <figure><iframe src="https://www.youtube.com/embed/sD2Ij_QlzwA?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Black mould an invisible threat growing behind walls of flood-affected homes (ABC News)</figcaption></figure> So why is the problem of household mould worse in rentals? <a href="https://www.ahuri.edu.au/research/final-reports/338">Weak regulation of tenancy legislation</a> is just one of many factors. Rental properties tend to be poorly maintained, with <a href="https://www.ahuri.edu.au/research/final-reports/338">structural problems</a> such as leaks. Given this, they can be expensive to heat. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=422&fit=crop&dpr=1 600w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=422&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=422&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=531&fit=crop&dpr=1 754w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=531&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=531&fit=crop&dpr=3 2262w" alt="A chart showing the percentage of homes with structural defects in each category" /></a><figcaption>Rental homes have more structural defects than owner-occupied homes. <a class="source" href="https://www.ahuri.edu.au/research/final-reports/338">Nicola Willand, using data from Moore et. al., (2020), Warm, cool and energy-affordable housing policy solutions for low-income renters, AHURI Final Report, vol. no. 338. Appendix 2</a>, Author provided</figcaption></figure> <h2>How mould makes people sick</h2> The <a href="https://www.who.int/publications/i/item/9789289041683">World Health Organization</a> recognises mould can be harmful. A 2022 Asthma Australia <a href="https://asthma.org.au/what-we-do/advocacy/housing/">report</a> revealed people living in mouldy homes were more likely to have asthma and allergies. A systematic review of peer-reviewed research found <a href="https://erj.ersjournals.com/content/38/4/812">children living in mouldy homes</a> were more likely to experience asthma, wheeze and allergic irritation of the eyes, nose, throat and mouth (allergic rhinitis). Living with mould is a source of stress. People worry about the consequences for their health and there is a growing body of evidence describing the <a href="https://jech.bmj.com/content/50/1/56">negative mental health effects</a> of mouldy, damp homes. <h2>Problems with managing mould in the rental sector</h2> There is a gap between building and residential tenancies legislation. A building deemed to meet the minimum standards of the construction code with respect to mould may not meet the minimum standards for rental. That’s because there’s ambiguity in the <a href="https://ncc.abcb.gov.au/">National Construction Code</a> around “minimum standards of health”. For example the Victorian <a href="https://www.legislation.vic.gov.au/in-force/acts/building-act-1993/136">Building Act 1993</a> contains some provisions for the relevant surveyor to serve a notice on the basis of a health circumstance affecting a user. However, there is no guidance on how to assess the health of the indoor environment, or to deliver a building direction that will address the root cause for mould. This varies by state and territory. Mould remediation can be costly. A <a href="https://www.vba.vic.gov.au/about/research/examining-indoor-mould-and-moisture-damage-in-victorian-residential-buildings">study</a> by Victoria University found half the defects causing mould were water-related. These were more expensive to fix than other problems, by an average of A$7,000. Each winter, <a href="https://tenantsvic.org.au/advice/common-problems/mould-and-damp/">Tenants Victoria</a> deals with a spike in renters seeking legal help to resolve their mould problems. This led to the service launching an annual winter Mould Clinic in 2021. Despite increased legal protections, renters are still struggling to get mould fixed. For these reasons, many renters find the legal process doesn’t offer a solution to their problem, and instead move to a new property, with all its attendant costs and stresses. Others can’t afford to leave, or live in social housing with limited transfer options. <h2>Charting mould in homes across Australia</h2> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=338&fit=crop&dpr=1 600w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=338&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=338&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=424&fit=crop&dpr=1 754w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=424&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=424&fit=crop&dpr=3 2262w" alt="A bar chart comparing the prevalence of mould in homes across Australian states and territories" /></a><figcaption>Mould is more prevalent in rentals compared to owner-occupied dwellings. Mould is most commonly reported in New South Wales. The difference between owners and renters is greatest in the ACT. Australian Housing Conditions Dataset 2022 doi:10.26193/SLCU9J, Author provided</figcaption></figure> <h2>Where does the responsibility lie?</h2> Tenancy legislation varies by state and territory. Renters should familiarise themselves with the regulations in their jurisdiction. In Victoria, <a href="https://www.legislation.vic.gov.au/in-force/acts/residential-tenancies-act-1997/101">residential tenancies legislation</a> has set the criteria that “each room in the rented premises must be free from mould and damp caused by or related to the building structure”. Landlords now must disclose if they have treated mould in the past three years. Similarly, <a href="https://www.rta.qld.gov.au/rental-law-changes">new legislation in Queensland</a> (coming into effect in September) states rental properties should be free from vermin, damp and mould where this is caused by issues with the structural soundness of the property. In New South Wales, the landlord needs to <a href="https://www.fairtrading.nsw.gov.au/housing-and-property/renting/during-a-tenancy/health,-safety-and-security">disclose signs of mould</a> and dampness in the condition report (but not necessarily have fixed it). Mould is not mentioned in the <a href="https://www.legislation.act.gov.au/a/1997-84/">ACT residential tenancies legislation</a>. For the most part, the responsibility for mould in rental properties lies with landlords if the cause is structural –- for example, if a broken or faulty window frame has let rainwater inside. Requests for urgent repairs can be accompanied by an assessment report by an occupational hygienist, environmental health professional or expert from the local council. People with an existing health condition such as asthma can include a doctor’s report. <h2>What next?</h2> To achieve change across all relevant domains of regulation, construction, natural disaster response and government policy, we need a sustainable, broad healthy <a href="https://www.healthyhousing-cre.org">housing agenda in Australia</a>. We also need to consider options for immediate action. As one Victorian renter noted: <blockquote> When we buy a car for the purpose of driving on the roads, we’re required to get a roadworthy certificate to make sure it’s safe, because of the risk to other people […] Ideally it would be great if there was [some] kind of ‘rentworthy’ certificate […] to demonstrate that the property has been inspected, to identify any structural issues that might affect the tenant’s health and wellbeing. And that that be available to tenants […] before they enter into a lease or before (the property is) even able to be advertised. </blockquote> Quotes in this article were collected by Maria Gatto as part of her Masters of Public Health, conducted at the Melbourne School of Population and Global Health in 2022.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/205472/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, Professor of Social Epidemiology and Director of the Centre of Research Excellence in Healthy Housing at the Melbourne School of Population and Global Health, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, Senior Lecturer, School of Property, Construction and Project Management, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a>, Guest lecturer and Practice Lead — Building Sciences, at Restoration Industry Consultants Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/breaking-the-mould-why-rental-properties-are-more-likely-to-be-mouldy-and-whats-needed-to-stop-people-getting-sick-205472">original article</a>.

Real Estate

Picture perfect property hits the market

Casa Campana, the “most Instagrammable” house in Australia, has returned to the market in search of a new owner. The Nunderi property, located between the Gold Coast and Byron Bay at <a href="https://www.domain.com.au/61-garden-avenue-nunderi-nsw-2484-2018539383">61 Garden Avenue</a>, comes equipped with more than just four walls and a roof - it also boasts a following of almost 20k on social media. And while no price has been listed for the stunning property, offers are likely to settle somewhere in the millions, as it last sold in mid-2022 for $3.3 million. The property has demanded attention for its picture perfect appearance, for savvy social media models to hire as a set, for engaged couples to lock in as the venue for their big day, and for people seeking the ultimate holiday-home-away–from-home. Despite the home’s popularity, it is a “verdant oasis of the utmost tranquillity and privacy”, according to its listing. Inspired by the Mediterranean lifestyle, it features “stylish surroundings, sublime interiors, and stunning backdrop that will be excitingly familiar to some” across 1.31ha. “Quietly unassuming from street level”, the white-on-white home is “set against a backdrop of lush rainforest” with a series of “curved edges, archways, whitewashed timber floors, and expanses of glass” to both draw the eye and “frame the outdoors in a living canvas to behold from every vantage point”. The bright and breezy property has an open floor plan, with living and entertaining areas throughout, with “abundant natural light” to spark the feeling of being part of the “laid-back hinterland lifestyle without compromise”. With four bedrooms, an entertainer’s kitchen and butler’s pantry, and a resort-style master suite with outdoor terrace, as well an entire second-level studio for work and wellness, Casa Campana is prepped for groups and families of all sizes. The fun doesn’t stop indoors, either, with “custom design and jaw-dropping features” in place to amaze outside. From an outdoor pool to an entertaining pavilion with an outdoor kitchen, pizza oven, and abundant seating, visitors can rest assured that they won’t be missing out on any of their home - and holiday - luxuries. And for anyone who might be looking to explore what lies beyond, the property is just 15 minutes from Cabarita Beach, 25 from the Gold Coast’s Coolangatta International Airport, and 40 from Byron Bay. And as the listing states, all of these features come together to create “the opportunity to truly live your best life!” Images: Instagram

Real Estate

“Once-in-a-lifetime”: Tasmanian property named Australian Home of the Year

A “once-in-a-lifetime” home sitting on a cliff edge in Tasmania’s south has been named Australian Home of the Year. On May 20, Lane Group Construction took home the crown at the HIA-CSR Australian Housing Awards for its single-level home in Tinderbox, 19km south of Hobart. The four-bedroom house boasts floor-length windows, a billiards room, a library and an underground wine cellar. HIA judges described the property, designed by architects from Studio Ilk, as a “a once-in-a-lifetime build for Tasmania”. “The cliff-hugging Tinderbox residence is a spectacular single-level, sprawling property anchored to its windswept, bushland location by a series of heavyset stone pavilions,” HIA said. HIA praised the property for its “expertly wrought stonework featured so prominently in the home” and said the indoor/outdoor infinity pool was an “indulgent addition to this entertainer’s domain”. The rural home has been built with bushfire-resistant materials and focuses on sustainability with solar panels and geothermal heating. HIA managing director Graham Wolfe said the Australian Housing Awards recognised the best in the industry. “The HIA-CSR Australian Housing Awards allow us to acknowledge their skill and their commitment to quality in design, material selection and construction,” he said. “HIA Award winners build with exceptional workmanship; demonstrated in projects that push the boundaries in design and innovation." The eco-friendly property also scored the Australian Custom Built Home award. Image credit: HIA

Real Estate

5 negotiation tactics to grab crazy property deals in a slowing market

Rising interest rates have started to put the handbrakes on Australia’s runaway property market, and that’s good news for homebuyers who are now in a far stronger position to negotiate on a property than they have been over the last few years. One of the most apparent advantages for buyers in the current market is the reduced levels of competition. Fewer buyers mean that prices aren’t being driven higher, and if you’re a good negotiator, it’s possible to swoop in and find yourself a bargain. If you’re new to negotiating for property or unsure where to start, here are five tactics that will help you achieve a strong result at the negotiating table. <ol> <li>Know the market</li> </ol> You can’t succeed in a negotiation if you don’t know the value of the asset that you’re trying to buy in the first place. That’s why any good negotiator will always start by doing their research. You need to know the market better than your competition and don’t get caught up in any hype or opinions from a sales agent. Start by finding what comparable properties are selling for in the market. Look for the last three months of sales around your property. The sales should be of similar property types, sizes, ages, and land components. Another good way to get an idea of the price is to speak with local agents in the area. When you have a fair market value, you then know your “walk away price,” and you won’t find yourself getting emotional and overbidding. <ol start="2"> <li>Understand the vendor’s motivations</li> </ol> In any negotiation, there is a saying that whoever needs the deal least will likely be the one that comes out on top. When looking at potential properties to buy, you can be the world’s best negotiator, but if the vendor doesn’t need to sell, they will likely either wait for their price or walk away. Whenever you start looking at a property, try to ascertain as much information about the vendor as possible. That will give you an understanding of how motivated they are to sell, which will then impact how much you initially want to offer. <ol start="3"> <li>Be the strong bidder, not the highest</li> </ol> In a property transaction, price is just one piece of the puzzle. When a vendor weighs up an offer on their property, they are interested in the price, but the terms can also play a big part. For example, if you’re a cash buyer who can settle quickly, that might be far more appealing to a vendor than a higher offer that needs three months to settle. Similarly, a larger deposit could give a vendor more certainty that the transaction will occur. As a buyer, getting your finances in place ahead of time and then tailoring your terms to suit the vendor might give you an edge in a negotiation even if you’re not the highest bidder. Ultimately, the vendor wants their problem solved, and your job is to find out what it is and then make a strong offer that addresses those immediate needs. If you are ever tempted to make an unconditional offer, be sure you’ve done extensive due diligence and can secure finance, as there could be significant costs if you have to back out of the deal. <ol start="4"> <li>Unique offers</li> </ol> A great way to make your offer seem stronger than it might actually be is to come in with an odd-numbered amount. An offer price of $596,200 instead of $590,000 or $600,000 reflects that you’ve taken the time to do your due diligence, making your offer stand out. Another approach is to make a written offer with a deadline. That way, you can speed up the negotiation process, and it might prevent the sales agent from pitting your bid against another buyer to drive up the price. <ol start="5"> <li>Know the property</li> </ol> It’s critical to clearly understand what you’re buying before entering any negotiation. While you might have done your comparable sales analysis and have an excellent overall picture of what similar properties are selling for, you still need to investigate this particular property. Several things can impact the property’s value, which can help you negotiate. For example, if an awkward tenant occupies the property, it will be less appealing to many homebuyers, which you can use to your advantage. There may also be issues with the property, such as problematic zoning, service locations, or even large trees that can alter its value. The most obvious factor to consider is the state of the property and whether it needs renovation or repairs. In the current market, homebuyers are less interested in buying a property that needs work due to the cost of materials and difficulty finding tradespeople. That will give you a strong starting point to negotiate around the price. While getting a great deal is essential, it’s crucial not to compromise on the property’s quality. Quality is more important than a bargain, and a property’s performance will ultimately determine its value. A slowing real estate market presents an opportunity for buyers to negotiate and secure a great property deal. By understanding the local market, paying attention to the vendor’s motivations, and putting forward intelligent offers, you can potentially grab an excellent property deal in a slowing market. Rasti Vaibhav is the author of The Property Wealth Blueprint (RRP $39.95) and Founder of Get RARE Properties, a bespoke independent buyers' agency that has been helping hundreds of clients across Australia secure their financial freedom through property. For more information, visit <a href="https://getrare.com.au">https://getrare.com.au</a> Image credits: Getty Images

Real Estate

Property from a galaxy far, far away heads to the market

The time has come for dreams to be realised, particularly if you’re someone with a passion for outer space - or more specifically, a galaxy far, far, away - and want to live among the stars while keeping your feet planted firmly on the ground. Approved plans for a Star Wars light cruiser-inspired property are heading to the auction block, with a Melbourne-based IT specialist launching his 131 Pipers Creek Road campaign on May 4 - better known as ‘Star Wars Day’. With a price guide of $1.05m-$1.15m, the 2.42ha block in Kyneston is perfect for any buyer with enough passion to carry out Shyam Avatapalli’s galactic-level plans. As Avatapalli explained, his intention was to either build the home and sell it, or just to sell it along with the appropriate permits. “It’s inspired by one of the space ships from one of the older films and The Mandalorian TV series, called a Star Wars light cruiser,” he told Herald Sun. “I’ve always been a Star Wars fan and always like to think outside of the box when designing or building something.” It isn’t the first unique approach to property planning that Avatapalli has taken, with his own home in Donvale boasting a kitchen that also draws heavy inspiration from Star Wars. The potential Kyneston home’s location was selected for its otherworldly and treeless landscape, with Avatapalli even securing a permit for “a low cost culvert crossing” over the block’s creek, along with those for the property itself. The five-bedroom home was designed in collaboration with an architect, and would feature Colorbond steel as well as a hallway resembling one aboard a fictional spacecraft, and three water tanks that may draw Boeing 747 jet engine’s to mind, as they were inspired by the real-life planes. As for where the hallway’s ‘middle cylinder’ might come from, Avatarpalli intends to put the buyer in contact with an art dealer who could help them to get their hands on a jet engine “built by Rolls Royce in the 1970s”. According to Avatarpalli, it would even be from a “real British Airways flight”. As Ray White’s Brendan Milner said, “the sky was the limit” for the property’s next proud owner, as well as noting that they were likely to be someone searching for “a bit of a wow factor, one-off property, with eccentric taste that goes with the design … “Because it’s a spaceship anyone with an otherworldly fascination would definitely have an interest.” Images: realestate.com.au

Real Estate

The most perfectly pink property to hit the market

Who ever said there was such thing as too much pink? Not this homeowner, who has listed their perfectly pastel property for sale in Canberra. After passing at auction, the charming two-bedroom home in the suburb of <a href="https://www.domain.com.au/10-euroka-street-narrabundah-act-2604-2018451630?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">Narrabundah</a> is expected to sell for more than $1 million in a private sale. The home, which looks like it has been blessed by Barbie herself, boasts various shades of pink everywhere you look. Everything and the kitchen sink is pink in this house, including the cabinetry, windows, wall paint and tiles all boasting varying shades of blush. After entering through a hot pink door on the pastel pink house, prospective buyers are met with a state of the art kitchen, which has fairy floss pink cabinets in contrast with glossy black appliances. The bathroom a pink-lover's fantasy, showcasing a baby pink basin crafted from onyx from Afghanistan, atop an antique-style set of drawers, encased in banks of lipstick pink subway tiles. The house, which truly embraces the latest "Barbiecore" trend, also has a series of stained-glass windows and bright pink feature walls throughout. While the "proud aesthetic" of this house may not be to everyone's taste, there is sure to be a fuchsia-fanatic who would be tickled pink to call this pastel palace home. Image credits: Domain

Real Estate

So close! Sam Armytage’s huge property payday ... ALMOST

Former Sunrise presenter Sam Armytage’s marriage to Richard Lavender has come at a significant personal financial cost. Three months after the couple got engaged and four months before their wedding, Armytage had sold her Burrawang weekender, Pear Tree Cottage, for $3.1m in August 2020. The former Sunrise presenter sold the stunning property to move in with Lavender into his farm at Berrima. The Pear Tree Cottage has been onsold to Max Johnston, the former chairman of Austcann, for a stunning $6m. This is a record price for acreage in the Southern Highlands village, and was sold by Vendor Patsy Peacock, a talent recruitment veteran. The Pear Tree Cottage, is a stunning five-bedroom, four-bathroom homestead with wraparound verandas, and an outdoor fireplace, that was built in 2001. The land size for the property is 20,239 m². Armytage had purchased the property in 2017 for $2.2m. Armytage had also sold her Bondi home to live with Lavender on his rural property, but she still has a city bolthole at Rushcutters Bay and a Hyams Beach retreat. Images: Realestate.com.au, Instagram

Real Estate

"Soul destroying" queue to inspect rental property goes viral

Footage of an "insane" line to view a Sydney rental property has gone viral, highlighting the reality of the ultra-competitive rental market. The video was shared to TikTok by Irish expat Ciara O’Loughlin, who has been struggling to find a permanent home since she moved from her hometown of Dublin to Sydney at the beginning of January. Ciara had viewed many apartments in her search before heading to a humble unit in Randwick, which had scores of people lining up around the street to get a peek inside. She decided to film the “insane” queue and post it online, where it racked up over 120,000 views in just a few hours. Ciara explained that the mammoth line was not unusual, with each of the 12 properties she viewed in the same week having similar amounts of prospective tenants eager to view the apartments. “I’d say the longest queue was easily between 100 and 150 people,’ she told <a href="https://www.dailymail.co.uk/news/article-11612859/Sydney-rental-market-crisis-Hundreds-line-unit-inspections-Randwick-Coogee-Zetland.html">Daily Mail Australia.</a> “But I actually wasn’t waiting too long at all, I’d say the longest wait was 20 minutes as people were literally in and out in two minutes.” “What I’ve heard is people are offering over the asking rent to secure a place so it’s very competitive.” People were shocked by the footage, with many stating the rental market was similar “everywhere”, not just the trendier inner city suburbs. “Had the same experience in Western Sydney,” one person said. “Not quite as many people, but way more than you’d expect.” “What a soul destroying process” wrote another. “This is why they can charge whatever they want.” “Been to loads in the inner west this week,” one added. “It feels like you’re lining up for a concert.” Image credits: TikTok

Real Estate

Coastal property prices and climate risks are both soaring. We must pull our heads out of the sand

Australians’ <a href="https://www.nfsa.gov.au/collection/curated/australians-beach">well-documented</a> affinity with the sun, surf and sand continues to fuel <a href="https://www.smh.com.au/property/news/stunning-holiday-hotspots-where-house-prices-have-doubled-in-five-years-20221109-p5bwuk.html">coastal property market growth</a>. This growth defies rising interest rates and growing evidence of the <a href="https://www.theguardian.com/australia-news/2020/jul/23/against-the-tide-storm-battered-wamberal-residents-cling-to-beachfront-homes">impacts of climate change</a> on people living in vulnerable coastal locations. People in these areas are finding it harder to insure their properties against these risks. Insurers view the Australian market as sensitive to climate risks, as climate change impacts can trigger large insurance payouts. They are <a href="https://www.theguardian.com/australia-news/2022/nov/12/australians-facing-prohibitive-insurance-premiums-after-climate-related-disasters">pricing their products accordingly</a>. Clearly, there is a vast disconnect between the coastal property market and climate change impacts such as increasingly severe storms, tidal surges, coastal erosion and flooding. There is no shortage of <a href="https://www.smh.com.au/business/banking-and-finance/32-billion-of-cba-mortgages-exposed-to-extreme-weather-risks-climate-analysis-finds-20220819-p5bb5p.html">reports</a>, <a href="https://www.climatecouncil.org.au/resources/australian-homes-uninsurable-2030-climate-risk-map/">studies</a> and <a href="https://www.abc.net.au/news/2022-11-18/gold-coast-council-additional-88-000-properties-at-flood-risk/101664596">analyses</a> confirming the climate risks we are already living with. Yet another alarming <a href="https://www.csiro.au/en/research/environmental-impacts/climate-change/State-of-the-Climate">State of the Climate</a> report was released last week. We keep talking about reaching global net-zero emissions. But this “<a href="https://www.youtube.com/watch?v=ZwD1kG4PI0w">blah blah blah</a>” masks the fact that climate impacts are already with us. Even if we make deeper, faster cuts to emissions, as we must, our world is now warmer. Australians will <a href="https://www.science.org.au/supporting-science/science-policy-and-analysis/reports-and-publications/risks-australia-three-degrees-c-warmer-world">feel the effects of that warming</a>. We ultimately cannot afford the price of business as usual, as embodied by so many coastal developments. <figure><iframe src="https://www.youtube.com/embed/ZwD1kG4PI0w?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Greta Thunberg denounces the ‘blah, blah, blah’ from world leaders in response to the climate emergency.</figcaption></figure> Risks are worrying banks and insurers In Australia, the disasters and the environmental collapse we are experiencing will get worse. While a range of businesses see this as opening up <a href="https://www.accc.gov.au/media-release/accc-internet-sweeps-target-greenwashing-fake-online-reviews">new market and product frontiers</a>, the fact is climate change is creating a fundamentally uncertain, unstable and difficult world. Banks have a <a href="https://law-store.wolterskluwer.com/s/product/banking-on-climate-change-how-finance-actors-regulatory-regimes/01t0f00000J3aMk">central role</a> in addressing climate risks. They are <a href="https://theconversation.com/how-can-your-bank-help-reduce-climate-change-risks-to-your-home-60049">exposed to climate risk</a> through residential lending on properties that are vulnerable to climate impacts and now <a href="https://www.theguardian.com/australia-news/2022/nov/26/australias-unraveling-climate-risk-leaving-more-homes-uninsurable-against-flooding-expert-warns">face insurance pressures</a>. One in 25 Australian homes are <a href="https://www.climatecouncil.org.au/resources/australian-homes-uninsurable-2030-climate-risk-map/">projected to be uninsurable by 2030</a>. The Australian government risks bearing the large costs of supporting the underinsured or uninsured – otherwise known as <a href="https://www.pc.gov.au/inquiries/completed/disaster-funding/report">being “the insurer of last resort”</a>. This costly legacy shows why planning decisions made now must take account of climate change impacts, and <a href="https://link.springer.com/article/10.1007/s40641-020-00161-z">not just in the wake of disasters</a>. The rapidly escalating impacts and risks across sectors demand that we undertake mitigation and adaptation at the same time, urgently and on a large scale. This means reducing emissions to negative levels – not just reaching net zero and transitioning our energy sector, but also actively removing greenhouse gases from the atmosphere. We must also respond to climate change risks already locked into the system. We have to make substantial changes in how we think about, treat, price and act on these risks. <blockquote class="twitter-tweet"> Australia’s ‘unraveling’ climate risk leaving more homes uninsurable against flooding, expert warns <a href="https://t.co/cLj1SKei72">https://t.co/cLj1SKei72</a> — Guardian Australia (@GuardianAus) <a href="https://twitter.com/GuardianAus/status/1596294943529893888?ref_src=twsrc%5Etfw">November 26, 2022</a></blockquote> As the climate shifts, so must our coastal dream The consequences of a warming climate, including reaching and crossing tipping points in the Earth’s weather systems, are <a href="https://www.science.org/doi/10.1126/science.abn7950#core-collateral-purchase-access">occurring sooner than anticipated</a>. The required behavioural, institutional and structural changes are vast and challenging. People are often attached to places based on <a href="https://rgs-ibg.onlinelibrary.wiley.com/doi/abs/10.1111/tran.12368">historical knowledge</a> of them. These lived experiences, while important, inform a worldview based on an understanding of our environment before the <a href="https://link.springer.com/chapter/10.1007/978-981-19-2428-6_2">rapid onset</a> of climate change. This can skew our climate risk responses, but compounding climate impacts are outpacing our ability to adapt as we might have in the past. Institutional signalling, such as <a href="https://www.smh.com.au/business/the-economy/property-values-are-at-risk-in-climate-change-hot-spots-rba-warns-20210917-p58skt.html">warnings by the Reserve Bank</a>, support greater public awareness of climate impacts and risks. When buying a property, people need to consider these factors more seriously than, say, having an extra bathroom. Obligatory disclosure of regional climate change impacts could inform buyers’ decision-making. The data and models used would have to be clear on the validity and limitations of their scenarios. <blockquote class="twitter-tweet"> A great presentation from <a href="https://twitter.com/Tayanah?ref_src=twsrc%5Etfw">@Tayanah</a> at the <a href="https://twitter.com/hashtag/C2C2021?src=hash&ref_src=twsrc%5Etfw">#C2C2021</a> about the legal status of property rights in Australia enabling (or otherwise...) managed retreat as a <a href="https://twitter.com/hashtag/climateadaptation?src=hash&ref_src=twsrc%5Etfw">#climateadaptation</a> solution. Once again we find the climate projections are ahead of our legal preced…<a href="https://t.co/XgDVV5O0Gj">https://t.co/XgDVV5O0Gj</a> — Anthony Boxshall (@ScienceN2Action) <a href="https://twitter.com/ScienceN2Action/status/1420173588217303044?ref_src=twsrc%5Etfw">July 28, 2021</a></blockquote> Nature-based and equitable solutions In recent years there has been an increasing focus on nature-based solutions. This approach uses natural systems and tools for tackling societal issues such as the enormous and complex risks posed by climate change. Indeed, many Indigenous peoples, communities and ways of knowing <a href="https://www.facetsjournal.com/doi/full/10.1139/facets-2019-0058">have long recognised</a> the fundamental role of nature in making good and safe lives possible for people. Nature-based solutions provide a suite of valuable tools for remedying issues we’re already facing on coasts. <a href="https://www.sciencedirect.com/science/article/abs/pii/S0964569121000399">For example</a>, in many contexts, building hard seawalls is often a temporary solution, which instils a false sense of security. Planting soft barriers such as mangroves and dense, deep-rooting vegetation can provide a more enduring solution. It also restores fish habitat, purifies water and eases floods. Acknowledging the well-being of people and nature as interconnected has important implications for decisions about relocating people from high-risk areas. Effective planned retreat strategies must not only get people out of harm’s way, but account for where they will move and how precious ecosystems will be protected as demand for land supply shifts. Nature-based solutions must be built into retreat policies too. As the Australian Academy of Science’s <a href="https://www.science.org.au/news-and-events/events/launch-national-strategy-just-adaptation">Strategy for Just Adaptation</a> explains, effective adaptation also embeds equity and justice in the process. <a href="https://link.springer.com/article/10.1007/s10584-019-02535-1">Research</a> on historic retreat strategies has shown that a failure to properly consider and respect people’s choices, resources and histories can further entrench inequities. Giving people moving to a new home as much choice as possible helps them work through an emotional and <a href="https://www.sciencedirect.com/science/article/abs/pii/S0964569116301119">highly political process</a>. We all need to find the courage to have difficult conversations, to seek information to make prudent choices, and to do all we can to respond to the growing climate risks that confront us. As climate activist Greta Thunburg <a href="https://www.youtube.com/watch?v=ZwD1kG4PI0w">says</a>: <blockquote> “Hope is not passive. Hope is not blah blah blah. Hope is telling the truth. Hope is taking action. And hope always comes from the people.” </blockquote> Acting on this kind of hope can put us on an altogether different and more positive path.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/195357/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> Writen by Tayanah O'Donnell and Eleanor Robson. Republished with permission from <a href="https://theconversation.com/coastal-property-prices-and-climate-risks-are-both-soaring-we-must-pull-our-heads-out-of-the-sand-195357" target="_blank" rel="noopener">The Conversation</a>. Image: Getty Images

Real Estate

Glimmer of hope for national property values

Australia’s housing market could rise by up to a whopping 9% in the coming year. Sydney will lead the recovery and NSW will experience the largest gain of 12% in its property sphere – as long as the Reverse Bank of Australia doesn’t hike interest rates past 4% and then start to reduce them in the second half of 2023. New research from Christopher’s Housing Boom and Bust report for 2023 came up with four different scenarios to forecast what could happen in the new year. If interest rates don’t surpass 4%, then real estate across the country could on average enjoy a 3-7% lift. If the rates do start to go down, Australia’s property market could be 9% higher than it is right now. However, properties could decline in value by a huge 6%, which is a worst-case scenario, were interest rates and inflation both to continue to rise. The report said that if interest rates do eventually stagnate, then the property market will undergo a rapid recovery. This would be because “of the rise in overseas arrivals, the return to the office, the existing shortage of rental accommodation, the new stamp duty/land tax changes and the expected ongoing strength of the Sydney economy”. Australians have so far been hit with six consecutive months of interest rate rises after more than two years of the rate being at a historic 0.1%. Image: Getty

Real Estate

Australia’s ‘most isolated’ property could be yours

A parcel of land in Tasmania is up for grabs, but unlike other vacant lots on the market right now, this one offers seclusion and undisturbed ocean views. The 100-acre lot is located on the western side of King Island, Bungaree, overlooking the Southern Ocean. According to <a href="https://www.domain.com.au/253-buttons-road-bungaree-tas-7256-2017573996?gclid=Cj0KCQiAg_KbBhDLARIsANx7wAw9ka8CM9bZOC-j1ZlJxaoSebxdZwvNNYs1NYPIUosFh-7dIBZZF5waAr97EALw_wcB?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">the listing</a>, made through Circa Heritage and Lifestyle Property Specialists, the block serves as the perfect opportunity “to create an oasis” fit for nature lovers, environmentalists or “anyone in search of seclusion and privacy”. Along with its proximity to the ocean, the property includes a heart-shaped dam and creek that runs into the ocean. There are no other properties in sight either, so if its new owner builds their dream home they will just have the birds, fish, and kangaroos to keep them company. “It is said there is 'something special' about the water quality on this acreage with it's heart shaped dam and permanent creek running to the ocean where thousands of crayfish were released by the Tasmanian Government and where the locals say the crayfish from these waters gown three years faster than anywhere else in the Southern Hemisphere!” the listing says. “Add to this abalone fishing at your fingertips, an enormous array of fish and bird species passing through throughout the year from the Northern Hemisphere, a private sandy swimming and surfing beach, a well-protected bay for launching your own boat safely and easily and even a cray fishing licence available and you have what can only be described as a nature lover's paradise.” The property has potential for cattle, sheep and goats, while abalone and cray fishing are on its doorstep. While it is isolated and private, the property’s future owner can still socialise, with the island offering golf courses, cafes and restaurants at its heart and Melbourne at just a 45-minute flight away. “'253 Buttons Road' offers the opportunity to create a stunning and secluded family home, holiday retreat, boutique tourism venture or off-grid, eco-friendly haven in a pristine and unspoiled location,” the listing reads. Images: Circa Heritage and Lifestyle Property Specialists

Real Estate

You’ll go ‘Round the Twist’ for these two properties

Fans of the cult TV series Round the Twist rejoice! You could own one of two properties within spitting distance of the iconic lighthouse featured on the show. Two residential properties in the shadow of the Split Point lighthouse have hit the market, promising views of the lighthouse among plenty of other perks. The two vacant lots are on the “front row” of the coastline on the Great Ocean Road in the seaside town of Aireys Inlet, Victoria, with the listings explaining that they are the best remaining spots left in the hamlet. <img src="https://oversixtydev.blob.core.windows.net/media/2022/11/Round-The-Twist-_-S1E4-_-The-Cabbage-Patch-Fib-0-10-screenshot.png" alt="" width="600" height="480" /> The Split Point lighthouse put Aireys Inlet on the map thanks to its appearance on the cult kids comedy series ‘Round the Twist’. Image: YouTube <a href="https://www.domain.com.au/lot-a-reserve-road-aireys-inlet-vic-3231-2018071764?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">Lot A</a>, with a price guide of $3.5-$3.8 million, is a 3722-square-metre vacant lot that offers its new owners to opportunity to build a home with the “world famous lighthouse as your neighbour on one side and a breathtaking view along the breaking surf” on the other. <a href="https://www.domain.com.au/lot-b-reserve-road-aireys-inlet-vic-3231-2018071760?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">Lot B</a>, which is under offer as of publication, has a price guide between $2.2-$2.4 million and is a slightly smaller block at 3237 square metres. According to the listing, it is situated in between the lighthouse and the Great Otway National Park and located at the end of a long driveway. <img src="https://oversixtydev.blob.core.windows.net/media/2022/11/round-the-twist-houses.jpg" alt="" width="1280" height="720" /> Both properties are just a stone throw away from the iconic Split Point Lighthouse. Image: Great Ocean Properties Both lots are a short walk away from the village cafe, with the larger towns of Lorne and Anglesea a 20-minute and 15-minute drive away respectively. Split Point Lighthouse was built in 1891 and made Airey’s Inlet a major landmark after its exterior was used in the Paul Jennings TV series between 1990 and 2001. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CXiLc4gvC4F/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CXiLc4gvC4F/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Splitpoint Lighthouse Tours (@splitpoint_lighthouse_tours)</a> </div> </blockquote> While the interior of the lighthouse wasn’t used for filming the show, tourists can still enjoy a climb of the iconic lighthouse for a small fee. Image: @splitpoint_lighthouse_tours (Instagram)

Real Estate

"I can buy a property here for about a third of the price": New retirement offer set to entice Aussies

Retirees and travellers with their sights set on holiday hotspots like Thailand or Indonesia could see their dreams come true with the introduction of an enticing offer. The Thai government has announced a new 10-year-visa to encourage Aussie retirees to relocate in a bid to rebuild the local economy - an offer that is particularly appealing during the current cost-of-living crisis. Indonesia has introduced a similar program called the Second Home Visa, which offers foreigners a five- or 10-year permit to move in and comes into effect next month. For retiree David Astley, the lower property prices in comparison to Australia were a major appeal. "I decided to move to Thailand because I can buy a property here for about a third of the price," he said. Now, Mr Astley has a three-bedroom house which he says cost him just $270,000. "I pay less than $2 (here) for a flat white ... I pay about $4 for lunch," he said. As for those hoping to move to Indonesia, Australians will need proof of at least two billion rupiahs, or around $AU 200,000, as well as a passport that is valid for at least 36 months and a resume, per <a href="https://www.traveller.com.au/balis-second-home-visa-announced-but-theres-a-huge-200k-catch-h27gbk" target="_blank" rel="noopener">Traveller</a>. Ross Taylor, the founder of the Indonesian Institute, said the government is welcoming “foreigners with open arms”. "We're getting more and more inquiries of people wanting to come, not just to retire but to come here and set up a business and have a lifestyle," Liam Hayes, also of the Indonesia Institute, said. The announcement comes after Indonesian tourism officials announced a separate scheme to attract digital nomads to work in-country for up to six months on a visa that previously prevented them from doing so. Image: Getty Images

Retirement Life

"I have to protect my property": Neighbours at war go viral

In Sydney's western suburbs, a war has broken out between two neighbours over something neither of them can control: the rain. Valentina lives in Edensor Park, and is sick of her neighbour Connie's rainwater flooding her property. Connie's house sits higher than her neighbour's, meaning as Australia endures yet another year of heavy rain, Valentina's property has been "flooded" from all sides. Valentina said, "She is sending her water onto ours and flooding our property." Connie, however, insists, "It is surface water from the sky, not stormwater and I can't control it." During every downpour, the neighbours have been filming each other and their properties to get to the bottom of the issue, which has resulted in Valentina opting to build a retaining wall. However, when tradies arrives at the house to begin construction, all hell broke loose. <div class="embed" style="font-size: 16px; box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; outline: none !important;"><iframe class="embedly-embed" style="box-sizing: inherit; margin: 0px; padding: 0px; border-width: 0px; vertical-align: baseline; width: 619px; max-width: 100%; outline: none !important;" title="tiktok embed" src="https://cdn.embedly.com/widgets/media.html?src=https%3A%2F%2Fwww.tiktok.com%2Fembed%2Fv2%2F7154780121252105473&display_name=tiktok&url=https%3A%2F%2Fwww.tiktok.com%2F%40tinnnkerrr%2Fvideo%2F7154780121252105473%3Fis_copy_url%3D1%26is_from_webapp%3Dv1%26q%3Dtinnnkerrr%26t%3D1667254770444&image=https%3A%2F%2Fp16-sign-sg.tiktokcdn.com%2Fobj%2Ftos-alisg-p-0037%2F4857bc7856be4b3ca3649e65d365a66a_1665852081%3Fx-expires%3D1667275200%26x-signature%3DKt58vf2CjTbrAe%252BhhlapesHYRI8%253D&key=5b465a7e134d4f09b4e6901220de11f0&type=text%2Fhtml&schema=tiktok" width="340" height="700" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe></div> <div>"She thinks our house is supposed to collect all of her rainwater," Valentina said.</div> So during construction of "the great wall" of Edensor Park, the iPhone videos were running hot. On one side, Connie and her husband are trying to stop the construction, on the other Valentina and her parents are shouting to stop. "The council policy says the water flow must not be obstructed by kerbing, fencing, retaining walls," Connie said. The stoush was posted online and has generated more than seven million views, with neither neighbour backing down. "I won't give up, the police can arrest me," Connie said. "But I have to protect my land." Image credits: A Current Affair

Real Estate

“No it’s not haunted”: Property listing tackles local myths

Old homes are often believed to be haunted, and the listing for a historic NSW home has taken this into account to reassure superstitious buyers. The advertising for the five-bedroom property in Smithtown, on the Macleay River, takes the time to debunk local rumours that it’s haunted. “The land was first selected in 1868, the building came in 1902 and has since served as a home, a General Store, Cash Emporium, Fish and Chip shop, Boarding House and some think a haunted house because it was all boarded up for years – but no, it’s not haunted it’s amazing, oh to sit on those big wrap-around verandahs for dinner and drinks would be amazing,” <a href="https://www.kellyflanaganrealestate.com.au/listings/residential_sale-3360870-smithtown/" target="_blank" rel="noopener">the listing reads</a>. “This majestic, big, hardwood building could become once again a glistening jewel.” The listing also claims that if you don’t know the building, located “round the bend for the pub”, you’re not a local, describing it as one of the icons of the Lower Macleay Valley. Despite its age, the home seems to be in great shape thanks to work done to renew the structure 20 years ago. “The magic big building just needs the make-up and fit-out however you want it to look like – or don’t do much and love it like the previous owner has done for 30 or so past years,” the listing suggests. The two-storey home also boasts several verandahs from which you can enjoy stunning river views, as well as flexible zoning options that allow it to be transformed into more than a home. With a listed price between $550-$600,000 and the assurance it’s ghoul-free, this is a home that’s sure to become someone’s favourite haunt. Images: Kelly Flanagan Real Estate

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Our Partners

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Shop

Catalogues

Newspaper

Contests

Entertainment

Travel

Health

Lifestyle

Finance

Property

Compare

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Information

Keep up to date

Search

If you squat in a vacant property, does the law give you the house for free? Well, sort of

Property tycoon sentenced to death over $27 billion fraud

Better Homes and Gardens star's dream rural property up for grabs

Sweet reason for Ray Hadley's big property purchase

Weekend Sunrise host’s pup-tailored property hits the market

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Picture perfect property hits the market

“Once-in-a-lifetime”: Tasmanian property named Australian Home of the Year

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“No it’s not haunted”: Property listing tackles local myths

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