WITH recent price increases having pushed home ownership beyond the reach of EVEN more AUSTRALIANS, what will make agents desist from jacking up house prices?
Mr Lawless from CoreLogic ‘expects price growth to slow even further once lockdowns end and more people list their homes for sale.’
“You wouldn’t expect housing values to continue rising at this pace for such an extended period of time.”
And many reckon the price hikes are due to ‘cheap money and high household savings’. But is that it entirely?
It’s got nothing to do with the role those whose job it is to sell at the highest price? And … in a time now where many other businesses are going to the wall and thousands of workers have been stood down!
IT’S about ‘Buyer Beware’ … Caveat Emptor
TIPS WHEN BUYING A HOUSE … and why if you see the following you should offer less! Much less!
We recommend you have two private inspections (at least) if you are keen on a property.
This is a guide only to help you decide whether to proceed. And if so, immediately organise for a Building and Pest Report from an accredited Inspector, before handing over a ‘Holding Deposit’ which you will lose if you do not proceed!
Have a wander around the outside and look for:
–mould growing on walls; moss on concrete slabs
.there will likely be a need for expensive drainage with surface and/or ag drains
.that will cost more if concrete paths or sandstone have to be cut to install drains
-concrete and paving, garden beds up close to the edge of the concrete slab that should be exposed (hides termite entry)
-have a look at the foundations; are they in good condition? Is there moisture? Are termite trails visible?
-some newly named ‘wealthy suburbs’ of Sydney have ground water penetrating the sandstone on which foundations are built! Oh, Mongrieff Dr!
.this may very well impact whole streets of homes built on hillsides
.and water may penetrate lower ground rooms!
-look for the meter box to see if there is a notice about a termite inspection and/or treatment; note the date
.some bushland fringe suburbs of Sydney north of Wahroongah, and the Northern Beaches are more prone to termites, and by the time of settlement 6 weeks later termites may have destroyed roof timbers! Costing $100s of thousands to restore at the buyer’s expense!
Is the house located below the level of the street?
-there could be water issues
Is there a creek at the rear and near to the property?
-if the agent says the owners have not had a flood, do your due diligence!
Inside the house
Is the house musty?
-look for mould growth it may be more than about the house being shut up!
.look into the wardrobes including the top shelves and walls to the ceiling, and other cupboards
Look for deep and or long cracks that may indicate movement, settlement
Uneven floor surfaces; movement in the floor
Or have tiles uplifted e.g. in the laundry that may indicate ‘concrete cancer’ due to the application of magnesite when
the concrete was levelled!
Is there a sewer blockage?
Does the toilet fill up and very slowly empty?
.the sewer and stormwater may need complete replacement!
How good is the water pressure at the kitchen sink?
IF you like the property despite some of these issues organise for a Building and Pest Report that will cost $550 – $650 for both the inspection and report.
But a lot less than having to do these restorations after paying too much!
RELATED ARTICLE concerning the House Price Hikes!
READ MORE! Lockdowns push house prices even higher as new listings fall