Selling an investment property is about to become harder.
The number of properties for sale is building as tree changers and sea-changers put suburban houses on the market to fund their lifestyle move.
They’re joined by disappointed owners selling apartments in oversupplied markets like the CBD and Docklands.
There’s also a rise in rental vacancies just as landlords get hit with new rental standards and compliance measures introduced by the Victorian government.
Miriam Sandkuhler , CEO at Property Mavens says this is leading to an increasing number of owners putting properties in poor condition on the market.
“Long held family homes and poorly maintained rental properties often fail some of the new compliance measures and that can be a thorny problem for their new owners.”
“Buyers, particularly investors, need to be very discerning about what’s driving the market and ensuring the property they buy is in tip-top condition.
“Buying with a Building and Pest Inspection in this market is a must.
“Similarly, vendors wanting to ensure a smooth and profitable sale should consider having compliance tests for electrical wiring, gas and other services in hand to clinch a good deal.
Why will buying a property soon become like buying a car ? “Just like people only buy a car with a Road Worthy Certificate, I predict soon investors will demand compliance and building and pest inspection certificates be supplied by vendors before they commit.”
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