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Advertising a house is ridiculously expensive in Australia – could that be affecting the property market?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Australia has long been one of the <a href="https://www.forbes.com.au/news/investing/sydney-melbourne-adelaide-are-top-10-least-affordable-cities-for-housing/#:%7E:text=Demographia's%20annual%20report%20assesses%20housing,second%20place%2C%20and%20Vancouver%20third.">most expensive</a> places in the world to buy a house. Now, it’s apparently also one of the costliest places to sell one. Recent <a href="https://www.theguardian.com/australia-news/2024/sep/16/the-symbiotic-relationship-that-makes-selling-a-house-in-australia-so-damn-expensive">reporting</a> in the Guardian has raised concerns about the market dominance of Australia’s two main real estate advertising websites, realestate.com.au and Domain. Facing little competition, the largest – realestate.com.au – appears to have <a href="https://www.theguardian.com/australia-news/2024/sep/16/the-symbiotic-relationship-that-makes-selling-a-house-in-australia-so-damn-expensive">significantly increased its fees</a> in recent years, while thwarting disruptive innovations from smaller competitors. Why does that matter? Because when it comes to selling a house, Australia <a href="https://www.theguardian.com/australia-news/2024/sep/16/real-estate-website-fees-australia">stands out</a> globally. In most other countries, any advertising costs are tiny or bundled in with agent fees. Here, along with only <a href="https://www.theguardian.com/australia-news/2024/sep/16/the-symbiotic-relationship-that-makes-selling-a-house-in-australia-so-damn-expensive">Sweden and New Zealand</a>, home sellers pay their own advertising costs in addition to real estate agent fees and commissions. This advertising can be expensive – up to several thousand dollars for a single property listing. But it also seems necessary, with a lack of alternative platforms offering comparable reach. Setting aside the problems of monopolistic pricing behaviour, what are the economics of high and rising real estate advertising fees? Do home sellers get value for the money they spend on advertising? And what might be the impacts of these fees on the Australian housing market? <h2>Is advertising on big platforms worth it?</h2> First, it’s worth asking whether real estate advertising is actually effective and whether bigger platforms are better. To explore these questions, a group of US-based economists <a href="https://www.aeaweb.org/articles?id=10.1257/aer.99.5.1878">studied</a> the outcomes of advertising on a large platform favoured by real estate agents in the United States called the “multiple listing service”, compared with a smaller for-sale-by-owner platform. The study found no differences in eventual home sales prices between the two platforms. But properties on the multiple listing service were more likely to sell and spent less time on the market. However, the size of the advertising platform didn’t explain these benefits. Rather, the different platforms appealed to buyers and sellers with varying patience levels. This variation in willingness to “wait-and-see” affected the time it took to sell. Translated to the Australian context, that raises questions about the value for money of advertising on a larger platform – which here, unlike the US, attracts significant fees. <h2>Housing markets are ‘search markets’</h2> Next, we need to consider how high costs of advertising property might affect the housing market more broadly. Housing markets fall into a category called “search markets” within economics. Sellers seek buyers, and buyers seek sellers offering up properties that meet their required criteria. The economics of search markets have been extensively studied by the likes of <a href="https://www.nobelprize.org/prizes/economic-sciences/2010/summary/">Nobel laureates</a> Peter Diamond, Dale Mortensen and Christopher Pissarides. Their insights highlight the key factors that determine search market outcomes. Sellers consider the costs of listing an item for sale (such as advertising) and the time it takes to find a buyer. Buyers, on the other hand, consider their alternatives to buying (such as renting) and the time it might take to find a suitable seller. The likelihood of a sale – and how long everything will take – depends on the number of potential buyers relative to sellers. The sales price is then negotiated after meetings between the two. This gives us a framework to speculate about how Australia’s high – and increasing – costs of advertising real estate could be affecting the broader housing market on both sides of this equation. <h2>Costs can affect both supply and demand</h2> On the supply side, high fees reduce the net financial benefit of selling a home, which could discourage homeowners from listing their properties. All else being equal, this could lead to fewer properties on the market, shorter selling times, and higher prices for the properties that are listed. But we can predict some effects on the demand side, too. High fees also reduce the net benefit of buying a home, as current buyers expect to be sellers in the future. These costs are likely to be even more pronounced for property investors, who buy and sell property more frequently than homeowners. Anticipation that selling costs will be high in the future could suppress the demand for housing, reducing prices and increasing the time it takes to sell a property. Interestingly, <a href="https://www.nber.org/papers/w32855">recent research</a> from the US suggests that these demand-side effects might outweigh the supply-side effects. Economists studied the impact of a series of court decisions that forced the National Association of Realtors to reduce real estate agent fees. They found lower fees increase the lifetime benefits of homeownership, which leads to a significant increase in house prices. Significantly, that suggests lowering the costs of selling property – including advertising – could increase property values. <h2>Just one part of the housing story</h2> High prices in any area of economic life are likely to rankle our sense of a fair deal. High fees for advertising real estate have an obvious immediate impact on a home seller’s wallet. But the nuanced flow-on effects to the broader housing market are harder to tease out. They are also likely to vary across different property markets within Australia. Commentators and policy makers should think carefully before leaping into action in this area. In the meantime, advertising fees are one more thing to keep an eye on as Australian housing costs continue to rise.<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/239111/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, Senior Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</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/advertising-a-house-is-ridiculously-expensive-in-australia-could-that-be-affecting-the-property-market-239111">original article</a>. </div>

Money & Banking

What if I discover mould after I move into a rental property? What are my rights?

<div class="theconversation-article-body"><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> and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a>, <a href="https://theconversation.com/institutions/victoria-university-1175">Victoria University</a> A startling number of Australian rental homes come with an unwanted housemate: mould. If you discover mould in a rented home, who is responsible and what can you do if the landlord seems unwilling to fix it? <h2>Find the cause</h2> The landlord is responsible if the mould is caused by the structural condition of the property. This can include things like leaking pipes, gutters, roofs or windows. Tenants are responsible for mould remediation if the way they occupy a home has promoted mould growth. For example, if they have not been using exhaust fans in bathrooms, have been failing to ventilate their home or have been storing wet clothes in a cupboard. This means establishing the cause of the mould is crucial to working out who’s responsible for repairs. <h2>Why are so many rentals mouldy?</h2> Australia has a rental home mould problem chiefly because much of our housing hasn’t been built to suit our climate. Houses tend not to be built with sufficient consideration of: <ul> <li> efficient energy consumption to regulate indoor temperature </li> <li> the orientation of homes </li> <li> the use of double glazing and insulation to regulate temperature and humidity. </li> </ul> It is estimated that nearly 17% of privately rented homes and 22% of social housing dwelling require <a href="https://www.abs.gov.au/statistics/people/housing/housing-mobility-and-conditions/2019-20">major repairs</a>. This includes structural defects, such as large cracks in walls or leaking gutters, that can generate mould growth. Tenant representatives have said in the past there is also a problem of weak enforcement of laws concerning the <a href="https://www.ahuri.edu.au/sites/default/files/documents/2022-11/AHURI-Final-Report-391-Regulation-of-residential-tenancies-and-impacts-on-investment.pdf">condition of rental homes</a>. <h2>4 ways to cut mould risk</h2> To reduce your mould risk, you need to manage indoor moisture and temperature. Try to: <ul> <li> keep the home well ventilated </li> <li> open windows and use exhaust fans in the bathroom and kitchen </li> <li> in humid climates, use air conditioning or a dehumidifier </li> <li> in cold climate, use a dehumidifier (desiccant dehumidifiers might more appropriate in very cold places) </li> <li> reduce moisture in the home by wiping up spills and condensation on surfaces </li> <li> dry washing outside </li> <li> if buying a dryer, opt for a condensing dryer instead of a conventional dryer (condensing driers put out much less vapour) </li> <li> report any structural issues (such as leaking pipes or windows that don’t close properly) to the agent or landlord as soon as you notice them. </li> </ul> <h2>Rental minimum standards differ by state or territory</h2> In New South Wales, adequate ventilation is one of the <a href="https://www.fairtrading.nsw.gov.au/housing-and-property/renting/new-residential-tenancy-laws">minimum standards</a> properties must meet to be considered fit to live in. If the rental provider has been notified about mould problems in the house but has failed to act, you might consider getting advice from the <a href="https://www.tenants.org.au/?gclid=CjwKCAiAjfyqBhAsEiwA-UdzJEj1YE27QhWKv2W5hPiiFTXMeX5Yqe61X4WlsHwRcq5kh5qDnU-MEBoC2LgQAvD_BwE">Tenants’ Union of NSW</a>. Its <a href="https://www.tenants.org.au/factsheet-24-mould">fact sheet on mould</a> also explains what to do if you’d like to contact the <a href="https://www.ncat.nsw.gov.au">NSW Civil and Administrative Tribunal</a> to apply for repairs, rent reduction or compensation. In Victoria, <a href="https://www.consumer.vic.gov.au/housing/renting/repairs-alterations-safety-and-pets/minimum-standards/minimum-standards-for-rental-properties">rental minimum standards</a> say “all rooms must be free from mould and damp caused by or related to the building structure.” The <a href="https://tenantsvic.org.au/advice/common-problems/mould-and-damp/">Tenants Victoria</a> website has information on how to ask a landlord to fix a mould problem or structural problems leading to mould and how to apply to the <a href="https://www.vcat.vic.gov.au">Victorian Civil and Administrative Tribunal</a> if the landlord fails to act. In Queensland, it depends on when you signed the lease. If you signed after September 1 this year (after new <a href="https://www.housing.qld.gov.au/about/initiatives/rental-law-reform">standards</a> were introduced) tenants should notify the landlords of <a href="https://www.rta.qld.gov.au/during-a-tenancy/maintenance-and-repairs/mould">mould as soon as they discover it</a>. If mould is a result of problems with the property and the landlord doesn’t undertake repairs, tenants can contact the <a href="https://www.qcat.qld.gov.au">Queensland Civil and Administrative Tribunal</a>. The guidelines in <a href="https://www.legislation.wa.gov.au/legislation/statutes.nsf/main_mrtitle_821_homepage.html">Western Australia</a> say the landlord must ensure the premises is “in a reasonable state of cleanliness and a reasonable state of repair […] and must conduct any repairs within a reasonable period after the need for the repair arises.” And in <a href="https://www.commerce.wa.gov.au/publications/maintenance-your-rental-property-who-responsible-landlord-bulletin-issue-12-september">Western Australia</a>, mould caused by faults in gutters or other fixtures is the responsibility of the rental provider. Further information on <a href="https://www.commerce.wa.gov.au/consumer-protection/resolving-rental-property-issues">what to do</a> if a dispute over the premises can’t be resolved amicably is available on the state government website. In <a href="https://www.housingsafetyauthority.sa.gov.au/minimum-housing-standards/whole-property">South Australia</a> rental properties must be “reasonably free from mould or other irritants [and] reasonably free from the adverse effects of moisture or damp.” If a landlord refuses to fix something after being asked, the tenant can <a href="https://www.sa.gov.au/topics/housing/renting-and-letting/renting-privately/during-a-tenancy/Repairs-and-maintenance">apply to the South Australian Civil and Administrative Tribunal</a>. In <a href="https://www.cbos.tas.gov.au/topics/housing/renting/rental-maintenance-repairs-changes/requesting-repairs">Tasmania</a>, rental properties must be clean and in good repair when leased out. <a href="https://www.cbos.tas.gov.au/topics/housing/renting/beginning-tenancy/minimum-standards/types">According to</a> the Tasmanian government website on the issue, <blockquote> ‘Clean’ includes having no […] serious mould/rising damp issues. </blockquote> If the tenant requests repairs and the landlord doesn’t act, the tenant can lodge a repair order with the <a href="https://www.cbos.tas.gov.au/topics/housing/renting/rental-maintenance-repairs-changes/requesting-repairs">Commisioner’s office</a>. In the Australian Capital Territory, the Tenants’ Union ACT has guidance on what to do if you discover <a href="https://www.tenantsact.org.au/what-can-i-do-about-mould/">mould</a> in a property you rent. In the Northern Territory, tenants may wish to seek advice from the <a href="https://www.dcls.org.au/tenants-advice/">Tenants’ Advice Service</a> if there is a mould problem in a property they rent. <h2>What policy change could help?</h2> If the cause of indoor mould is related to the design and construction of the house, rental providers should act. But tenants may not have the information they need to determine and substantiate this claim and can’t do much to get rental providers to act on mould if it’s not clear what’s causing it. Also, renters often worry asking for repairs could lead to a rent increase or eviction. Solutions include strengthening tenants rights to compel landlords to investigate the cause of mould in a house (given that knowing the cause is essential to assign responsibility for repairs). There should also be more stringent enforcement of current minimum standards relating to mould in rental properties. Given the scale of problems like mould in Australian homes, policymakers may wish to consider whether a parliamentary inquiry on home environments and health is needed. This would give Australians a chance to speak about their experiences – something that could help policy makers improve regulation in the rental sector. <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/215146/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> and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a>, Adjunct lecturer, <a href="https://theconversation.com/institutions/victoria-university-1175">Victoria 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/what-if-i-discover-mould-after-i-move-into-a-rental-property-what-are-my-rights-215146">original article</a>. </div>

Legal

Sydney Airport launches massive auction of lost property

Have you ever lost something at the airport? You're not alone. This year there were more than 2,500 unclaimed items left at the airport including electronics, jewellery and designer handbags, and now they are up for grabs for a fraction of their retail price. The airport has launched their annual online auction, with all the money raised going to the Harding Miller Education Foundation, which grants four-year scholarships to high-school girls with high academic potential who are experiencing disadvantage. Over the past decade, the auctions have raised $1.6 million for various charities. “It’s clear the public love nabbing a bargain in support of a worthy cause," Sydney Airport general manager of corporate affairs Josh Clements said. “There’s something for everyone with plenty of great tech, clothing, accessories and beauty products as well as a host of unique items like a massage table, an electric scooter, a leaf blower and a quintessential Aussie favourite, a jaffle maker (sandwich press),” he added. “It’s great to see these unclaimed items find new homes, while also supporting a charity that’s offering comprehensive scholarships to help level the playing field for high school girls facing disadvantage.” “Opening bids start at just $10, which means shoppers have a chance to grab a great deal while also supporting an impactful charity,” Theodore Bruce Auctioneers director, Casi Prischl, said. The auction runs until Sunday May 12, with the <a href="https://www.theodorebruceauctions.com.au/sydney-airport-lost-property-auction-2024a" target="_blank" rel="noopener">complete list of auctions currently open for bids below</a>: <ul> <li>Tech & Gaming - Saturday 4 May to Saturday 11 May, closing at 10am</li> <li>Sunglasses, Bags, Scarves & Accessories - Saturday 4 May to Saturday 11 May, closing at 2pm</li> <li>Jewellery & Watches - Saturday 4 May to Sunday 12 May, closing at 10am</li> <li>Clothing - Saturday to May to Sunday 12 May, closing at 2pm</li> <li>Beauty, Alcohol, Home - Saturday 4 May to Sunday 12 May, closing at 4pm</li> </ul> Goods can be delivered at a price, or picked up by appointment. Images: Theodore Bruce Auctions

Money & Banking

Becoming a landlord while still renting? ‘Rentvesting’ promises a foot on the property ladder, but watch your step

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> As home ownership moves further out of reach for many Australians, “rentvesting” is being touted as a lifesaver. Rentvesting is the practice of renting one property to live in yourself, while simultaneously purchasing an investment property somewhere cheaper and leasing it out. Ideally, “rentvestors” get to enjoy the capital gains on an investment property while living where they actually want to live, allowing them to cash in and upsize to their dream home later. It might seem like a savvy way to game the property market. But what are the risks of such an investment strategy? And how might broad adoption of this behaviour affect housing affordability in Australia? <h2>A rising tide lifts all boats differently</h2> The aim of the rentvesting game is to buy cheap property now, ride the expected capital gains, and move into a more desirable home down the track. The hope is that by climbing the first rung of the property ladder early, the whole thing won’t be pulled up out of reach. The first problem with this strategy, however, is that capital gains on housing are not always and everywhere equal. Generally, the cheapest properties available to rentvestors will be houses in the regions or apartments in the city. But both regional housing and apartment properties <a href="https://www.abc.net.au/news/2024-02-20/house-apartment-price-gap-widens-record-high-property-market/103484076">tend to appreciate more slowly</a> than the inner-city houses rentvestors might hope to live in one day. They might get a foot on the property ladder, but the rungs themselves are slowly drifting apart. Would-be rentvestors should also be aware that investments by “out-of-town” buyers tend to generate <a href="https://academic.oup.com/rfs/article-abstract/29/2/486/1902789">much lower returns</a> – both capital gains and rental yields – than investments by locals. Out-of-towners don’t know the local market trends, don’t know which neighbourhoods to avoid, and aren’t able to monitor their investments as effectively from afar. Avoiding the regions by investing in city apartments presents its own difficulties. Large, unexpected maintenance bills and poor strata management are <a href="https://www.abc.net.au/news/2024-03-21/a-world-of-hidden-charges:-strata-company-insiders/103617944">common complaints</a>. <h2>Different costs lead to different returns</h2> Perhaps the potential rentvestor should invest in something more straightforward instead, like stocks. After all, the return on equities in Australia has <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">outperformed housing</a> in recent decades. However, it is much easier to borrow to invest in property than it is to borrow to invest in the stock market. And leverage is the investor’s secret weapon. For example, if house prices were to appreciate at 10% per year, then using a mortgage and a A$100,000 deposit on a $1 million property would earn you a 100% return on equity before costs. But while both investors and homeowners would earn that same basic return, their costs could be very different. For starters, property investors face capital gains tax on the proceeds of property sales, <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption">unlike those selling their primary residence</a>. Banks also typically charge <a href="https://www.rba.gov.au/chart-pack/interest-rates.html">higher interest rates</a> on mortgages to investors than to homeowners. At times, the Australian Prudential Regulation Authority has also imposed caps on bank lending against investment properties, making it more difficult to find mortgage financing in the first place. Highly leveraged properties require mortgage insurance, too. Investors may need to take out larger insurance policies against the properties themselves, reflecting the higher risks associated with investment properties. Then, you also have to throw in property management fees, council rates, strata management fees and regular and unexpected maintenance costs. <h2>Negative gearing offers little benefit</h2> What about negative gearing? Property investors that generate losses on their property can deduct these costs against the tax bill on their other income. But negative gearing disproportionately benefits high-income earners with large tax bills. The <a href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/personal-income-australia/latest-release">median Australian individual income</a> is around $55,00, which generates a tax bill of about $8,000 – not a lot from which investment property losses can be deducted. The bigger picture is that while negative gearing helps defray the regular costs of managing a property, it doesn’t do anything to change expected capital gains. At the end of the spreadsheet tally, an investment property could end up earning rentvestors significantly less than they could have gained by simply buying their first home. <h2>Effects on housing affordability</h2> Rentvesting is new enough that its prevalence and influence awaits formal academic study. But economists might speculate about its implications for the housing market more broadly. The simplest analysis suggests that a rentvestor occupies one rental property while supplying an additional rental property to the market. If, instead, they had bought a home, they would vacate a rental property while removing another property from the market. In this case, even rentvesting en masse would have zero net effect on the housing market. But a more nuanced perspective might consider where rentvestors are renting and where they are investing. Perhaps they are most likely to rent properties in the already-crowded inner city, but purchase investment properties in regional areas where other first home buyers would like to live. This would increase demand for rentals in the city and reduce the supply of owner-occupier properties in the regions, worsening the affordability of both. Of course, if these rentvestors all eventually move up the property ladder – selling in the region and purchasing in the city – this effect would be reversed. From that longer-term perspective, rentvestors would ultimately have little effect. <h2>We still need more houses</h2> Rentvesting is not a panacea for Australia’s housing market woes. Potential investors should weigh the benefits of property investment against its substantial costs and risks. Additionally, they need to carefully consider the obvious alternative: simply buying their first home up-front. We have good reason to be wary of yet another get-rich-quick scheme involving the housing market. But initial considerations suggest that for the market overall, rentvestor behaviour is no worse than someone simply buying their first home, which we would otherwise encourage. Rather than criticising those seeking a way though our housing market morass, we might instead redouble our efforts to increase the supply of housing.<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/229116/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> 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/becoming-a-landlord-while-still-renting-rentvesting-promises-a-foot-on-the-property-ladder-but-watch-your-step-229116">original article</a>. </div>

Money & Banking

When is it a good idea to get a property appraisal?

In the fast-paced world of real estate, finding a space that truly reflects your essence and aspirations can feel like searching for a needle in a haystack. Enter <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">Atlas by LJ Hooker</a>. At the heart of Atlas lies a profound understanding that a home is not merely a structure; it's a canvas upon which individuals paint their dreams and express their identities. This ethos is beautifully encapsulated in their brand message: "We understand that a home is so much more than real estate; it's a place to truly express yourself, to live the life you envision." What sets Atlas apart is its unwavering commitment to personalised service – especially when it comes to <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">free property appraisals</a>. Unlike traditional real estate agencies, Atlas doesn't believe in a one-size-fits-all approach. Instead, they empower sellers to curate their own narrative, choosing elements of the brand that resonate with their unique lifestyle. Whether it's a sleek urban penthouse or a sprawling countryside estate, Atlas offers highly tailored marketing strategies that serve as a personal reflection of the property and its inherent allure. For those ready to embark on the journey of <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">having their property appraised</a> – whether you're contemplating a sale, gauging investment opportunities, or simply curious about your net worth – Atlas offers a seamless pathway to success, as well as comprehensive advice on the potential benefits. At the core of any property appraisal lies a quest for insight into the local property market's heartbeat. Has your neighbourhood witnessed fluctuations in property values? Have recent renovations added significant value to your home? Are you considering upsizing, downsizing, or entering the investment realm? Or perhaps you're merely eager to unveil the hidden potential nestled within your property's walls. From the size of your property to the nuances of its structure and condition, every facet contributes to the appraisal process. Agents meticulously scrutinise elements such as property size, bedroom configurations, fixtures and fittings, offering valuable insights into your property's market positioning. Beyond tangible attributes, location exerts a profound influence on property values. Agents dissect the neighbourhood fabric, examining proximity to amenities, school catchments and transport accessibility. Additionally, factors like building structure, overall presentation and ease of access shape the appraisal narrative, underscoring the intricate interplay between tangible and intangible elements. The crucial distinction: Valuations vs. Appraisals It's imperative to <a href="https://go.linkby.com/PXROBQFZ/understanding-property-appraisals/" target="_blank" rel="noopener">discern between property valuations and appraisals</a>. While valuations offer an independent assessment of a property's value by certified valuers, appraisals provide a nuanced perspective shaped by local market dynamics and agent expertise. Embarking on the path to a property appraisal is easy. Simply <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">book a consultation</a>, relax as they navigate through the intricacies of your property, and await their expert assessment. Armed with the insights garnered from your property appraisal, you're now equipped to chart your next course of action. Whether it's embarking on home improvements, contemplating a sale or recalibrating your financial portfolio, the appraisal serves as your guiding light. In a landscape defined by constant flux, the value of knowledge cannot be overstated. A property appraisal isn't merely a transactional ritual; it's a journey towards financial empowerment and informed decision-making. So, whether you're contemplating a sale or simply curious about your property's worth, take that pivotal step towards unlocking the true value of your home. After all, in the realm of real estate, knowledge is indeed power. For more information or to book your own <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">free property appraisal, click here</a>.

Real Estate

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

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