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Episode 189 | Q & A – Vic Residential Tenancy Changes and “Legoland” in a Good Location

Folks, today we’re tackling your questions around some tough topics!

Because chances are, you’ve heard about the amendments that’ve recently been passed on Victoria’s Residential Tenancies Act — laws that allow tenants to keep pets and make ‘minor’ modifications to the property, regardless of the landlord’s wishes.

So we’re going to give our take on this, as well as take a deep dive on “Legoland” and whether or not these properties are worth considering if they’re sitting in a good location. Plus a certain Donald Trump gets a mention, as does the interest rate rise we’ve seen from the big banks right here on our home turf!

And why the tough topics now?

Well folks, it’s pretty simple… we’ve sweated out our brand new book, Make Money Simple Again (Get 30% off here), and now that it’s off to the printers… we’re ready to take on some of your other challenges!

 

Before we kick it off, just a shout out that PICA’S holding a limited-seating event on Tuesday 18th September at 6pm — to discuss on the amendments to the Victorian Residential Tenancy Act…

This is an exclusive event (only 60 seats available) with Yvonne Martin and will take place at Madgwicks Lawyers, Level 6, 140 William Street, Melbourne.

Register Here: PICA – Changes to the Residential Tenancies Act

 

And yes,

WE FINALLY FINISHED OUR BOOK, Make Money Simple Again!!!

Get 30% OFF IF YOU JOIN THE WAITLIST
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But back to the tricky Q & A….

 

Question — Chris on Tenancy Changes

I’m disappointed at your quick video overview regarding proposed rental tenancy changes in Victoria. I have no problem with most of the suggested changes but, how can you not be alarmed at tenants being given the right to have pets and make modifications deemed ‘minor’ – whatever that means? We are not just talking about picture hooks here! After investigating further, this may include security measures and air conditioning! Who pays for these? You flippantly dismiss the pet comment with a remark about ’tiles’. Are you serious??? What about carpets and polished floorboards taking a pounding from pets’ claws and their excrement! I will tell you from experience that any sort of steam cleaning and fumigating of carpets etc….even at the tenant’s expense is not the answer. I’ve had to on at least two occasions (where both urine and faecal matter was so prevalent) had no choice, but to change the carpets! Forget the floorboards – too damn expensive to re-sand and polish!  Please tell me that these abovementioned points are also concerns for you?

 

SpeakPipe Question – Emma on Rate Statement showing a Decline

I have a 2 bedroom, 2 bathroom, 1 car spot investment apartment in Maribyrnong. I’ve just noticed on my new rate statement that the Capital Improved Value and the Site Value have decreased. It is a long term investment, should I be worried? Or should I just enjoy the lower rates this year? Thanks!

 

SpeakPipe Question — Lucas about Trump and IO Loans

… As we know, America runs at huge deficits, and Trump’s now starting trade wars with a whole bunch of economic blocks and their interest rates are going up so it’s going to be harder for them to service their debt. Deficits are going to become bigger & in case that backfires, and causes another GFC situation, what impact will Trump have on the Australian housing market? And, also, we’ll probably have another compounding problem with tougher lending criteria and people having less opportunity to roll interest-only with banks. So I’d like to know what you think will happen to the property market if these things happen, which is the worst case scenario. Thank you.

 

Question — Nick on History of Sales

Hi, I am a casual listener of the podcast and a first time buyer looking for a place to live in Melbourne. We have found a townhouse in Thornbury, a property that ticks all the boxes for us and looks like a good price. However, the property is selling for only a fraction over that which it was purchased in 2014 and is amongst about 50 of other similar townhouses — the property next door is also for sale. It is probably the best located/nicest property we can afford that we have found in Melbourne but those seem like red flags from an investment point of view. I thought I might just ask and see if you might be able to point us in the right direction as to how much we should read into previous sale prices and also about what saturation means in the townhouse market? Thank you and keep up the rad podcasts!

 

 

Episode 114 (Part 2) | How One Punch Turned Into A Property Empire – Chat with Brad Teal, Director of Brad Teal Real Estate

Following on from Part One, the second part with Brad Teal focused on Victoria’s new underquoting laws that came into effect on the 1st May 2017. For those new to the real estate industry, underquoting as defined by the Consumer Affairs of Victoria is: Underquoting can occur when a property is advertised at a price that is less than the estimated selling price, the seller’s asking price, or at a price already rejected by the seller. You can learn more about this new regulation here.

So for this part, the three of them discussed:

  • How was this new underquoting law introduced and the logic behind it
  • What changes will the new regulation impose on the real estate industry and will it be introduced to the other states
  • Traits of a good selling agent and the research that a vendor can conduct
  • The different demands on certain property type in different market
  • What does he think about the buy and hold strategy
  • What success mean to him

 

ps: And if you are interested in Ben’s “Did You Know” Facts, click here.

If you like this podcast: “How One Punch Turned Into A Property Empire – Chat with Brad Teal, Director of Brad Teal Real Estate”, don’t forget to rate us on our iTunes channel (The Property Couch Podcast) and our Facebook page. If you have any questions or ideas, feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/

Episode 114 (Part 1) | How One Punch Turned Into A Property Empire – Chat with Brad Teal, Director of Brad Teal Real Estate

The last episode of our Elite Agent Series is with Brad Teal, Director and Founder of Brad Teal Real Estate! Born and raised in Melbourne’s north-west coupled with more than 40 years of experience in the real estate industry, Brad’s understanding of the real estate market, property trends in the area and local facilities and amenities is second to none. And how did he build up his property empire? It all started with a punch in the face! Find out more on today’s podcast.

For the first part of this episode, Bryce, Ben and Brad also chat about:

  • How Melbourne’s north-west has changed over the years and the gentrification that had happened
  • What are considered as investment grade assets and why he’s interested in ‘bullet-proof’ properties
  • Setting the right expectation on rental returns and tips to increase yield
  • Is there any investment potential in one bedroom apartments?
  • New vs old apartments and the impact of high-density development on the suburbs
  • Mistakes buyers make at auction
  • Transparency in the buying process
  • Understanding the auction system

 

If you like this podcast: “How One Punch Turned Into A Property Empire – Chat with Brad Teal, Director of Brad Teal Real Estate”, don’t forget to rate us on our iTunes channel (The Property Couch Podcast) and our Facebook page. If you have any questions or ideas, feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/

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