ABC Q & A With Economist Yanis Varoufakis on Australia’s Economic Response to Covid-19


How would Yanis Varoufakis rate Australia’s economic response to COVID-19? #QandA


How would you rate Australia’s economic response to the Covid-19 Crisis, and if you were in charge would you have done things differently?


All the boring questions come to me because I have this predicament of being an economist, and a Greek Economist.

Okay, I shall compare the treatment – the response during the Covid-19 period to what happened after 2009 under the Kevin Rudd Government, after the GFC.

Both responses were large. The 2009 response was more effective in a sense that money went directly to families, independently of their circumstances.

So it was a more efficient system.

The support of the Australian economy now – during the Pandemic has been larger, and it had to be larger because the shock was greater, but I very much fear that it has created a large wall of money – which as the Pandemic recedes – and we hope it will soon so that I can come and visit my daughter to begin with – that this wall of money is not going to fuel house prices, yet again, asset prices because this is the great scourge of the Australian political economyHOUSING!

If all this money becomes higher asset prices it will be a monumental waste of all this liquidity that has been created by the Bank of Australia instead of going into investing so that we have good green jobs for experts, for the Arts – for that matter which is not a luxury to be added on to whatever else Australians are doing.

So to cut a long story short, take this liquidity and put it to good use, and do not waste it on real estate!



… Yanis, something that you have noted, and that concerns you, is that Australia is falling behind not only because the model that we have relied on for quite some time, which is our heavy reliance on China you regard that as out-moded that that is finished, and that we need to look elsewhere.

What is the solution to that, Yanis?


Investment! It is not just Australia by the way; not being critical of Australia. It is also the European Union. The two blocks that are suffering, if you want, I consider Australia a small block, and the European Union. The European Union and Australia.

Because the business models of both Europe and Australia have relied upon for prosperity are now defunct, and it is the United States and China that are steaming ahead, coming out of the crisis stronger.

This, of course, is clouded over by the merging Cold War between them, and Australia and the European Union are running a very serious risk of being left behind.

Because the … future are Green Energy, artificial intelligence, robotics, and this is where there is insufficient investment – both in Australia and in the European Union.

And at the same time we have to remember that if Sierra Leone, or you know, some developing country that is simply impoverished are not investing – well you can understand that they don’t have the money to invest.

But both Australia and the European Union – we are swimming in money. We never had so much money as we have today, but we are wasting it, we are not investing it into the things that we need, and I totally concur with the point we just heard about the manner in which Women’s rising discontent has been completely ignored by the Government.

But in the end, imagine we were exploring The Universe – Startrek like – and we chanced upon some alien Civilisation we would look at where they were putting their resources you know judge their collective character.

Where are we putting our resources today? In the large corporations that are already sitting on a huge stash of – into men and into the powerful …

(Interview disrupted due to being out of sync.)


How come some Foreign Student enrolments grew in 2021 as we lost Biggest Market for Coal Barley and Seafood?

UTS began preparing for a worst-case scenario collapse between Australia and China having to assess the prospect of evacuating staff and the loss of $Ms in student fees!

The paper,
 “Distentanglement – UTS China activities worst case scenario”, was prepared by an internal China Working Group.

Stating “the most substantial challenge” would be faced by staff at risk of being detained in China and who would require repatriation.

HOW come International education has not been affected by the China/Australia trade stoush like that of coal, barley and seafood?

IS it because this is about People? 

-Chinese student commencements have increased almost 10 per cent in 2021

.currently online during the Lockdowns …

IS this because these students will gain a Permanent Resident Visa? … Not only can they attend out education institutions, but they can buy our real estate, and bring out family members on other Visas …. e.g. …. Family, Parent, Grandparent, and Guardian! 

It’s a bit like the Trojan Horse, isn’t it?


Worst Case Scenario UTS Contingency Plans if Australia China Relationship collapses

Campsie under Lockdown faced with Density Push!

‘A COVID-19-struck community with severely limited open space has been asked to review a plan to increase the number of homes by more than 70 per cent while enduring the strictest lockdown the city has seen.’

Mayor Khal Asfour:

‘As Mayor, I am dedicated to building stronger ties between Council and the community; …   I intend to continue to lead the advocacy on important matters, such as sustainable development and infrastructure support, to make our City an even better place to live, work in and enjoy. ‘​

HOW are these fine words reflected in what is proposed for Campsie? 

WHEN Campsie residents are faced with a density increase from 24,500 to almost 40,000 dwellings by 2036

With little increase in public space under a Masterplan that will be put to a planning panel in a week’s time in a blueprint:

-allegedly to make Campsie more environmentally sustainable, affordable and connected to the Cooks River

-Beirut’s 2021 population is now estimated at 2,434,609

Sydney’s 2021 population is now estimated at 4,991,654. In 1950, the population of Sydney was 1,689,935.

Greater Sydney population

In 2019 the Estimated Resident Population for Greater Sydney was 5,312,163.

As with the established pattern of NSW INC residents were only given days’ notice to provide feedback on the draft at the same time as outdoor recreation is heavily policed, and children limited to playing at the front of apartment blocks, and in driveways!

Campsie is already overcrowded with the Council having to resort to the Belmore Sports Ground to account for a third of the open space in the plan!

It is proposed to upgrade existing parks, create small pockets of open space and improve street amenity.

Will the river foreshore escape redevelopment?

Campsie will remain stuck with the overhead high-tension power lines as their removal is not a given.

ICAC previously investigated attempts by Daryl Maguire to increase the height of buildings for a developer friend, and NSW government’s 2017 plan for Campsie was shelved following community backlash.

So under the Cover of Covid, it appears, that NSW INC and the Council are proposing this huge redevelopment knowing full well that the community is too stretched to cope with this!

Canterbury MP Sophie Cotsis said:

“I’ve made representations to the council and the NSW Planning Minister to withdraw this proposal, which will have a significant, adverse impact on residents and their properties.”

Contrary to the council spokeswoman a pattern has been established under the Cover of Covid with the push for high immigration, and increased development already underway!  And to fill the carriages of the Metro

-from Singapore … China … India …

There is a disconnect with Australian home buyers currently faced with a housing shortage, and priced out of their communities!

Since 2012 thousands of alleged sets of engagement and community consultations have proved meaningless for many Sydney communities.  Especially when one hears the buzzwords :  ‘ …. To become a strategic centre, a cultural and lifestyle centre’

Read more!

The Feds berated for shifty foreign investment in Tasmania

The Morrison Government has been berated for shifty foreign investment in Tasmania

View the Media Release from Peter Whish Wilson

The Senate Inquiry Report, ‘The Senate Economics References Committee Greenfields, Cash Cows and the Regulations of Foreign Investment in Australia’

Greenfields, cash cows and the regulation of foreign investment in Australia (

reveals serious flaws in Australia’s foreign investment approval process, and Australia’s corporate transparency and anti-money laundering regime.

Three outstanding overseas investment approvals were analysed:

-the Musselroe Bay Resort development; part of a money laundering scheme

Bellamy’s takeover by Mengniu

Van Diemen’s Land (VDL) Dairy takeover by Moon Lake Investments

Senator Peter Whish Wilson summed up the problems with FIRB approvals:

-at the discretion of the Treasurer

-lack of transparency; allowing a government to extract an arrangement with foreign investors free from public scrutiny to suit its political ends

-the sale of VDL to Moon Lake, a political donor to the Liberal Party over that of a local consortium

Recommendations were made, but we ask why the need for foreign investment when Australia is a wealthy nation? The answer, it would seem, is apparent ….

Chinese Buyers enjoy Bonza Buy of Australia’s Farmlands!

CHINESE Buyers enjoy Bonza Buy of Australia’s Farmlands … we read this report, ‘’China-Australia relations: Chinese buyers defy Beijing-Canberra blues to say ‘Bonza’ to farmland Down Under“, and it raised many questions for us! We hope you will think about what we question, and share with others!

WITH the diminishing availability of Australia’s farmland, and with it increasingly becoming a popular asset class for Chinese, are we missing something here? Why the disconnect?

WHY aren’t Australian investors ensuring the wealth of Our Nation by investing in this very valuable resource with a very large demand for our produce coming from a hungry 1.4 Billion Chinese?

IT appears we are losing this resource on two fronts from the PRC!  …

With the property sector encouraged, and allowed to devour this precious resource through urban sprawl?

WHEN it is contrary to the interests of not only Our Farmers, but Our Nation and future generations!

WITH the diminishing availability of Our Farmlands, why does the FIRB allow the sell-off to foreign buyers particularly China?

HOW credible are the ‘frosty relations between Canberra and Beijing?” 

WHERE are the so-called restrictions on these foreign investments in our most valuable resources?

.yet China’s investment only fell by more than a third to $827.6M in 2020

HOW is it alleged that Chinese investment in Australian farmlands benefits our Nation? 

When Australia has lost ownership?  Agricultural lands account for 11% of our exports.  How much of that 11% is now owned by the Chinese?

WITHOUT the need for government approval for buying Australia’s property valued less than A$15M, is it any wonder that Chinese investors have the largest holding of 9.2 million hectares?

. also cover investment in vehicles or funds that buy stakes in agricultural lands

WHY not hold onto Australia’s farmlands for our farmers to sell produce to China’s fast-growing Mainland market?

BECAUSE China’s demand for these imported commodities and refined agricultural products will only grow! Currently China accounts for some 18% of Australia’s farming exports!

WHY isn’t the Morrison Government ensuring the viability of our Farming Sector? So that our Farmers are not forced to sell out!

HOW dumb are we?


‘’China-Australia relations: Chinese buyers defy Beijing-Canberra blues to say ‘Bonza’ to farmland Down Under

Australia … we used to have 70% Home Ownership!

AUSTRALIA … we used to have 70% Home Ownership …

WHAT happened to this?

WHAT is needed is HOUSING for AUSTRALIANS … with affordable BUILD-TO-RENT that allows Tenants to BUY!

… Not Foreign Billions and Housing to be marketed to even more foreign buyers with Benefits!

AND what we have learnt from our Commentators …

‘That rent to buy was what the Department of Housing used to do!

Now it’s all about profits, forcing community housing groups to do the same. It’s become a vicious nightmare of CEO’s (many in charities) receiving exorbitant wages, and Rents based on 40% of household income!

This will continue to stifle home ownership. And coupled with elderly home owners having to sell their homes to finance their aged care and then you see the whole mess for our future generations (no inheritance) for those just above the poverty line.’

CAAN: And when was the damage inflicted? It was the late 1990s when the Howard Government … John Howard scapegoated refugees (who were in relatively small numbers) as his government opened the floodgates of the backdoor to migration (with Temporary Visa Holders).

‘John Howard’s Bait-and-Switch:  Is it time for a debate on the mass immigration “Ponzi scheme”?’

Big Australia’

Australia went from a sustainable Permanent Migration system of 70,000 people p.a., to escalate, and prior to the Pandemic there were 2.3 MILLION Visa holders in Australia; of which 1.6 MILLION were Visa workers willing to be exploited (with inferior wages and conditions) lured by the prospect of Permanent Residency.

Who could blame them?

However, this led to high unemployment and underemployment of Australians. Those ‘unAustralian’ employers put about hateful comments like: “Australians won’t work; don’t work”.

Obviously many employers (and companies) have enjoyed the benefits of greater profits from paying such low (below Award) wages; and enjoy TAX BENEFITS contrary to those who pay full tax!

Another very poor Liberal HOWARD Government policy was the introduction of the TAX BENEFITS of NEGATIVE GEARING AND CAPITAL GAINS making HOUSING a financial asset … something you buy and sell and accumulate.

THUS the financialisation of housing that was Shelter!

Our Families locked out not only by Low Wages, and increasingly now Super Inflated Housing Prices due to the competition from those negatively gearing!

INVESTORS are buying up more housing because bank interest rates are too low to leave their money in bank accounts! And the Housing Property Market opened up for them once again with the Chinese withdrawing from their Real Estate Tours. The Chinese are still house shopping here, but have been eclipsed by the Singaporeans (70% Chinese) who have spent $20Bn in the two years to mid 2020!

What is happening with those bags full of Cash?’

Read more!

Businesses in Byron Bay and other coastal towns too have felt the impact of the loss of affordable rental accommodation because they are losing their workers! The fabric of the community is falling apart!

This is due to landlords letting their properties out to short term rentals on AirBnb, and Stayz rather than leasing homes to families and singles for 6 months or more at a lower monthly rate!

Read more!

Banning AirBnb and Shipping in Portable Homes considered as Housing Crisis bites in Coastal Towns’

AND what has been happening as we so eagerly wait for the 11.00 a.m. presser about the failure of our governments to act early to stop the spread of Covid?


The developer sector has been beavering away marketing ‘Build-to-Rent’! It has called on the Big Boys from New York!

So another investment avenue for our local Ingestors too!

‘More Foreign Billions pouring into Build-to-Rent (BTR) … ‘

And …

Countdown Begins for Build-to-Rent’s Breakthrough Year’

We hear often ‘We’re all in this together’… however it would seem this has another meaning … another Commentator reminded us that NSW INC raised more than $1 BILLION in Stamp Duty 2019!

See how this all ties in together!

What of the Housing Crisis Nightmare for Australians and First Home Buyers … next? As the floodgates open again to more Chinese, Singaporeans and Indian Middle Class Visa Holders ready to scoop up!

Is this too what is behind the Liberals saying: ‘Sell your Family Home … Downsize … Go Regional’… To open up more opportunities for redevelopment? For more development of high-rise … duplex … townhouses … terraces … villas and retirement villages? FFS!

About Money Laundering … DownUnder in 2020 … 2021

Crimes Legislation Amendment (Economic Disruption) Bill 2020

Second Reading

2020: Key Points from Senator Kitching:

Labor supports the reforms; has consistently argued that Australia’s AML and counterterrorism financing framework must evolve; money laundering and terrorism financing remain significant global problems

-threaten to undermine Australia’s national security and destroy the integrity of our financial system if left unchecked

-however Australia lags behind our international counterparts; our laws have lagged behind; a target for nefarious actors

-the Report on the Statutory Review of the Anti-Money Laundering and Counter-terrorism Financing Act 2006 called for these changes in March 2016; this legislation fails to implement many of the 2016 recommendations

-unlike other countries the Morrison Government has left the door open for illicit capital to flood into Australia

FATF has expressed concerns about the Morrison Government failure to implement reforms; its report found that Australia is ‘an attractive destination for foreign proceeds of crime, particularly corruption related proceeds flowing into real estate’ *

-with growing risks to Australia from the failure of this government to fully implement either the FATF or statutory review recommendations


IN MAY 2021 a report in the Daily Telegraph, and others since including from Georg Chmiel from Juwai it looks like hot money continues to be awash in our real estate with the gatekeepers exempt from the second tranche of the AML Laws (October 2018)!!

Offshore Chinese swarm Aussie real estate as prices boom’

28 May 2021 — Cashed-up Chinese homebuyers and investors have been swarming back into Australia’s booming real estate market with this year’s inquiries …

Suburbs China property buyers are targeting

Our booming real estate market has fallen back into the crosshairs of cashed-up property buyers in China, especially in some key suburbs not traditionally on their radar.



‘The Morrison government quietly began prioritising visas for ultra-wealthy foreign investors late last year’

‘India-Australia Free Trade talks set to reopen following Tony Abbott’s visit to New Delhi’

With more questions from CAAN:

About Berejiklian’s Direct Link to the Committee for Sydney

Most Sydney Morning Herald Readers are not buying this from ‘The Committee for Sydney Influencer’  former Berejiklian Staffer, Ehssan Veiszadeh.

Commentators have their say about why Lockdowns are necessary!

-And the fundamental misunderstanding of lockdowns continues.

Lockdowns are there so we aren’t leaving people to die after a car accident, or because they need heart surgery, or because your kid falls off their bike.

We only have so many ICU beds, and spaces in morgues. That’s without the crisis in medical staff.

I would have hoped the SMH would know this, at least, which begs the question – why is this article here?

About Berejiklian’s direct link to Right Wing Think Tank/Lobbyist: The Committee for Sydney

-Wow, you don’t have to be a clairvoyant to see the spin on display here. The LNP want to let the outbreak rip, and they want to open the international border. They want to blame other states and premiers.

-How silly of him to name the media’s rights as privileges.

-This guy cracks me up: journalists find it “hard … to check their privileges,” when they ask the NSW premier hard questions, and he urges the state to open up faster.  Of course, he has no expertise in epidemiology. Maximum privilege. Pot, kettle, black.

-Says it all that this guy, an ex journalist, is promoted to head of strategy and then CEO of a think tank with huge budget and powers. That’s NSW all over.

Can someone please tell me when and why the Committee for Sydney went from being an independent panel that advised government on matters of urban design and planning to being a taxpayer-funded right wing think tank stacked with partners of LNP politicians, cronies and ex-LNP government staffers? Taxpayers shouldn’t be funding biased lobbyists.

-How depressing that mistrust between the government and the public service is considered acceptable. It is reinforced by the implicit criticism by saying that it is only the politicians who are focussing on the ‘right things’.  The public service provides advice; it is the political class that makes the decisions. They are the ones that must be held to account.

-As Bill Bowtell writes in his little tome, ‘Unmasked: the Politics of Pandemics’, pandemics are actually medical crises requiring co-ordinated community action … and then politicians get involved with their agendas muddying the waters. This is what delays, amplifies and extends lockdown; and stops necessary quarantine facilities being built.

-“…Veiszadeh thinks the government just needs to trust the public…” Okay, that idea looks great on paper, but the issue is that it only takes one infected person who decides to game the system, one self-centred ‘freedom’ march, and any progress is totally and utterly undone.

-I totally agree that response-wise it’s all been a day late and a dollar short.
And the LNP… stuck in last year’s thinking… who’d a ever thunk that, eh?

Veiszadeh thinks the Government should just trust the public. That is not a bad approach in normal times, but Delta has shown that the public needs to be explicitly directed, until we get some control back. The risk otherwise , is an overwhelmed hospital system.

-In short, person with enough similar ideologies to the Premier to be in a senior government position, from a right wing think tank wants to open up the State.

Knock me over with a feather.

-Veiszadeh is clearly an ‘open up without thinking of the consequences’ advocate. How can anyone say Gladys just follows NSW Health advice?

If she had she would have locked down earlier and harder, and we may not be at over 1000 cases a day with very little hope of a reduction on the horizon. *

Further, all Veiszadeh seems to focus on is giving ‘freedoms,’ and suggesting retail, gyms and hospitality open without any precautions to guard against super spreading.

-His comments reflect a media advisor with very little if any public policy knowledge. It is politics that has driven Gladys’ response to Delta, and look what a disaster that approach has led to with hospitals in emergency mode and ambulances at a crisis point too.

-Vieszadeh seems to only focus on businesses opening up, it won’t work with cases as high, with vaccination rates not high enough, and no restrictions.

-Frankly how can you have a schools plan that you may not be able to implement due to a high case number, and that you may end up sending teenage kids back to school without vaccination, and little ones with definitely no vaccination.

-I am a parent too and I feel angry and concerned. Online school has been safe and effective.

* I really think the mental health issue and kids is being used by the open-up quickly lobby to push opening up. No real analysis of mental health and kids has been done. Anecdotally most kids I know are very happy.

-I think Veiszadeh has just put things out in this article to give Gladys an opportunity to latch onto them,
and kick some more own goals.

-* I suggest the SMH focus on opinion pieces and input from people like Katherine Bennett, Brendan Crabb, Mary-Louise McClaws, Raina Macintyre and others like them who have a deep knowledge of epidemiology, virology, public health and public policy responses needed to manage a serious virus strain like Delta. We can have a much more informed and useful discussion.*

-The perennial problem where the politicians want to politic for their own advantage but are confronted with a public service that wants to give frank and fearless advice.

-This is one reason why the LNP is reluctant to release any discussion papers – much harder to blame the PS if the voters know the facts.

-“Committee for Sydney, a think tank focused on” … business!

Doherty modelling is very clear. At 70% we can still expect to spend 20% of our time in lockdowns.

Very interesting article in The Lancet, a peer-reviewed journal from the UK.

Comparison of 37 wealthy nations, 5 of which went for effectively an elimination strategy. The elimination strategy wins on 3 measures:

1) fewer deaths (as you would expect);
2) stronger economies; and
3) more personal freedoms – yes, *more* personal freedoms, because restrictions don’t drag on and on and on

Oh, another right wing think tank!

-These “think tanks” are half the problem. It’s just another name for a group of lobbyists.

As far as bureaucracy goes, it barely exists these days. Everything is expensively outsourced to others with vested interests make the decisions. *

The whole system is broken.

-Just the ‘old money’ before people business mantra. When enough people are vaccinated we can come out of lockdown. Whose fault is it that so few are vaccinated? Look no further than the PM. Stop blaming the public.

-Look at the directors and chairman of the think tank he works for.  PwC, the operators of Sydney metro and a NSW government official and other business interests. Of course he would promote their ideas!

-The Committee for Sydney is a right wing, big business backed, political lobby group. Take everything it publishes through the lens of their self-interest, pushing wealth over health.  Happy for others to suffer the”reality” of opening up, safely ensconsed in their mansions .

-“We are funded by a group of Sydney’s leading corporations, government departments and cultural institutions.” This includes the NSW state government and many publicly funded institutions along with corporate members whose interests they represent from Airbnb to Woolworths.



Brookfield Australia

Charter Hall

DEXUS Property Group

John Holland Group (Chinese state-owned)


Lendlease Development


PAYCE Consolidated



-Everyone is free to have their own opinion on what matters most during this terrible time, I believe death and illness should be avoided at all costs, but I can’t ring the Premier to try and influence her actions.

Think tank is a polite way of saying lobbyists.

Ehssan is a direct link to the Premier.

Check out who is on the board of the Committee for Sydney.

Gladys’ and Morrison’s decisions are being driven by the coming elections.
Imagine if they only wanted to get the country and people back to whatever normal might be, rather than checking every idea against its effect on a future vote. No hovering, no flip flopping, no Labor versus Liberal ideas, no blame games.

Just the best ideas and policies being utilised.

-Yes let’s open with no kiddies vaccinated, not all NIDS and aged care workers vaccinated, few indigenous communities protected, a disproportionate number of lower income and migrants not vaccinated … it will be all fun and games in the name of freedom.

Not freedom but it is transparently in the self-interest of corporate profits and politics.

About the readiness of Our Health System in dealing with Covid-19 and the Delta variant

-Interesting to contrast this bloke’s attitude with observations of senior ICU nurse Michelle Rosentreter (

-Readiness of Australia’s health system?

Exhibit A:

Exhibit B:

-I expect Gladys to have more strategists, marketers, psychologists and such on staff than there would be doctors in regional hospitals. Maybe someone could look into that!?

READ From former Berejiklian Strategist:  Ehssan Veiszadeh

What happened while we’ve been distracted by incessant Covid Media?

Despite the Delta variant wreaking havoc, the majority of our key workforce of 16 to 39 year olds, and our children have not been vaccinated …

Qantas has now revealed it has had a seat at the table with Sc.mmo, and is calibrating for reopening international borders not only to benefit Qantas, but because the property titans want the return of international migration, tourists, students and Visa workers … many seeking Permanent Residency …

… also at the Table, Housing Industry Association economist, Angela LilliCRAP (we didn’t make this up!)  said population growth was pivotal for housing and the construction consortia.  


-Qantarse has revealed its mapping for reopening our borders

-the property industry awaits full return of migration, tourists, students and workers

-in the next 18 months flights to and from Singapore, Japan, the U.S., the U.K., Canada, Fiji and possibly NZ from mid December and to Hong Kong in February

-in April Bali, Jakarta, Manila, Bangkok, Phuket, Ho Chi Minh City and Johannesburg

-the HIA economist Angela Lillicrap said population growth was key to the home building industry

population growth was said to be stagnant at 0.5% with an increase of 136,300 in 2020 … not 70,000 but 136,300  (ABS)


Qantas Reveals Roadmap for Return of Migration

How come during the Lockdowns Housing is even more expensive?

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