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

<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>.

Money & Banking

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

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

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

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

Australia’s ‘most isolated’ property could be yours

A parcel of land in Tasmania is up for grabs, but unlike other vacant lots on the market right now, this one offers seclusion and undisturbed ocean views. The 100-acre lot is located on the western side of King Island, Bungaree, overlooking the Southern Ocean. According to <a href="https://www.domain.com.au/253-buttons-road-bungaree-tas-7256-2017573996?gclid=Cj0KCQiAg_KbBhDLARIsANx7wAw9ka8CM9bZOC-j1ZlJxaoSebxdZwvNNYs1NYPIUosFh-7dIBZZF5waAr97EALw_wcB?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">the listing</a>, made through Circa Heritage and Lifestyle Property Specialists, the block serves as the perfect opportunity “to create an oasis” fit for nature lovers, environmentalists or “anyone in search of seclusion and privacy”. Along with its proximity to the ocean, the property includes a heart-shaped dam and creek that runs into the ocean. There are no other properties in sight either, so if its new owner builds their dream home they will just have the birds, fish, and kangaroos to keep them company. “It is said there is 'something special' about the water quality on this acreage with it's heart shaped dam and permanent creek running to the ocean where thousands of crayfish were released by the Tasmanian Government and where the locals say the crayfish from these waters gown three years faster than anywhere else in the Southern Hemisphere!” the listing says. “Add to this abalone fishing at your fingertips, an enormous array of fish and bird species passing through throughout the year from the Northern Hemisphere, a private sandy swimming and surfing beach, a well-protected bay for launching your own boat safely and easily and even a cray fishing licence available and you have what can only be described as a nature lover's paradise.” The property has potential for cattle, sheep and goats, while abalone and cray fishing are on its doorstep. While it is isolated and private, the property’s future owner can still socialise, with the island offering golf courses, cafes and restaurants at its heart and Melbourne at just a 45-minute flight away. “'253 Buttons Road' offers the opportunity to create a stunning and secluded family home, holiday retreat, boutique tourism venture or off-grid, eco-friendly haven in a pristine and unspoiled location,” the listing reads. Images: Circa Heritage and Lifestyle Property Specialists

Real Estate

You’ll go ‘Round the Twist’ for these two properties

Fans of the cult TV series Round the Twist rejoice! You could own one of two properties within spitting distance of the iconic lighthouse featured on the show. Two residential properties in the shadow of the Split Point lighthouse have hit the market, promising views of the lighthouse among plenty of other perks. The two vacant lots are on the “front row” of the coastline on the Great Ocean Road in the seaside town of Aireys Inlet, Victoria, with the listings explaining that they are the best remaining spots left in the hamlet. <img src="https://oversixtydev.blob.core.windows.net/media/2022/11/Round-The-Twist-_-S1E4-_-The-Cabbage-Patch-Fib-0-10-screenshot.png" alt="" width="600" height="480" /> The Split Point lighthouse put Aireys Inlet on the map thanks to its appearance on the cult kids comedy series ‘Round the Twist’. Image: YouTube <a href="https://www.domain.com.au/lot-a-reserve-road-aireys-inlet-vic-3231-2018071764?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">Lot A</a>, with a price guide of $3.5-$3.8 million ($NZD 3.7-4.1 million), is a 3722-square-metre vacant lot that offers its new owners to opportunity to build a home with the “world famous lighthouse as your neighbour on one side and a breathtaking view along the breaking surf” on the other. <a href="https://www.domain.com.au/lot-b-reserve-road-aireys-inlet-vic-3231-2018071760?utm_source=nine.com.au&utm_medium=cpc&utm_campaign=editorial-content" target="_blank" rel="noopener">Lot B</a>, which is under offer as of publication, has a price guide between $2.2-$2.4 million ($NZD 2.3-2.5 million) and is a slightly smaller block at 3237 square metres. According to the listing, it is situated in between the lighthouse and the Great Otway National Park and located at the end of a long driveway. <img src="https://oversixtydev.blob.core.windows.net/media/2022/11/round-the-twist-houses.jpg" alt="" width="1280" height="720" /> Both properties are just a stone throw away from the iconic Split Point Lighthouse. Image: Great Ocean Properties Both lots are a short walk away from the village cafe, with the larger towns of Lorne and Anglesea a 20-minute and 15-minute drive away respectively. Split Point Lighthouse was built in 1891 and made Airey’s Inlet a major landmark after its exterior was used in the Paul Jennings TV series between 1990 and 2001. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CXiLc4gvC4F/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CXiLc4gvC4F/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Splitpoint Lighthouse Tours (@splitpoint_lighthouse_tours)</a> </div> </blockquote> While the interior of the lighthouse wasn’t used for filming the show, tourists can still enjoy a climb of the iconic lighthouse for a small fee. Image: @splitpoint_lighthouse_tours (Instagram)

Real Estate

“No it’s not haunted”: Property listing tackles local myths

Old homes are often believed to be haunted, and the listing for a historic NSW home has taken this into account to reassure superstitious buyers. The advertising for the five-bedroom property in Smithtown, on the Macleay River, takes the time to debunk local rumours that it’s haunted. “The land was first selected in 1868, the building came in 1902 and has since served as a home, a General Store, Cash Emporium, Fish and Chip shop, Boarding House and some think a haunted house because it was all boarded up for years – but no, it’s not haunted it’s amazing, oh to sit on those big wrap-around verandahs for dinner and drinks would be amazing,” <a href="https://www.kellyflanaganrealestate.com.au/listings/residential_sale-3360870-smithtown/" target="_blank" rel="noopener">the listing reads</a>. “This majestic, big, hardwood building could become once again a glistening jewel.” The listing also claims that if you don’t know the building, located “round the bend for the pub”, you’re not a local, describing it as one of the icons of the Lower Macleay Valley. Despite its age, the home seems to be in great shape thanks to work done to renew the structure 20 years ago. “The magic big building just needs the make-up and fit-out however you want it to look like – or don’t do much and love it like the previous owner has done for 30 or so past years,” the listing suggests. The two-storey home also boasts several verandahs from which you can enjoy stunning river views, as well as flexible zoning options that allow it to be transformed into more than a home. With a listed price between $550-$600,000 ($NZ 627-684,000) and the assurance it’s ghoul-free, this is a home that’s sure to become someone’s favourite haunt. Images: Kelly Flanagan Real Estate

Real Estate

Shanty towns and eviction riots: the radical history of Australia’s property market

Skyrocketing property prices and an impossible rental market have seen growing numbers of Australians struggling to find a place to live. Recent images of families pitching tents or living out of cars evoke some of the more enduring scenes from the Great Depression. Australia was among the hardest hit countries when global wool and wheat prices plummeted in 1929. By 1931, many were feeling the effects of long-term unemployment, including widespread evictions from their homes. The evidence was soon seen and felt as shanty towns – known as dole camps – mushroomed in and around urban centres across the country. How we responded to that housing crisis, and how we talk about those events today, show how our attitudes about poverty, homelessness and welfare are entwined with questions of national identity. Shanty towns and eviction riots Sydney’s Domain, Melbourne’s Dudley Flats and the banks of the River Torrens in Adelaide were just a few places where communities of people experiencing homelessness <a href="https://catalogue.nla.gov.au/Record/1106767" target="_blank" rel="noopener">sprung up</a> in the early 1930s. Some <a href="https://catalogue.nla.gov.au/Record/1106767" target="_blank" rel="noopener">lived in tents</a>, others in makeshift shelters of iron, sacking, wood and other scavenged materials. Wooden crates, newspapers and flour and wheat sacks were put to numerous inventive domestic uses, such as for furniture and blankets. Camps were rife with lice, fevers and dysentery, all treated with home remedies. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?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/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=837&fit=crop&dpr=1 600w, https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=837&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=837&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=1052&fit=crop&dpr=1 754w, https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=1052&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/469663/original/file-20220620-23-cm58ov.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=1052&fit=crop&dpr=3 2262w" alt="" /></a><figcaption>Some people lived in tents in the Domain during the Depression of the 1930s. <a class="source" href="http://search.slv.vic.gov.au/primo-explore/fulldisplay?vid=MAIN&search_scope=Everything&tab=default_tab&lang=en_US&context=L&isFrbr=true&docid=SLV_VOYAGER1713846" target="_blank" rel="noopener">Knights, Bert/State Library of Victoria</a></figcaption></figure> But many Australians fought eviction from their homes in a widespread series of protests and interventions known as the <a href="https://commonslibrary.org/lock-out-the-landlords-australian-anti-eviction-resistance/" target="_blank" rel="noopener">anti-eviction movement</a>. As writer Iain McIntyre outlines in his work <a href="https://commonslibrary.org/lock-out-the-landlords-australian-anti-eviction-resistance/" target="_blank" rel="noopener">Lock Out The Landlords: Australian Anti-Eviction Resistance 1929-1936</a>, these protests were an initiative of members of the Unemployed Workers Movement – a kind of trade union of the jobless. As <a href="https://rahu.org.au/wp-content/uploads/2020/08/Sydneys-Anti-Eviction-Movement_-Community-or-Conspiracy_.pdf" target="_blank" rel="noopener">explained</a> by writers Nadia Wheatley and Drew Cottle, <blockquote> With the dole being given in the form of goods or coupons rather than as cash, it was impossible for many unemployed workers to pay rent. In working class suburbs, it was common to see bailiffs dumping furniture onto the footpath, pushing women and children onto the street. Even more common was the sight of strings of boarded up terrace houses, which nobody could afford to rent. If anything demonstrated the idiocy as well as the injustice of the capitalist system it was the fact that in many situations the landlords did not even gain anything from evicting people. </blockquote> The Unemployed Workers Movement <a href="https://rahu.org.au/wp-content/uploads/2020/08/Sydneys-Anti-Eviction-Movement_-Community-or-Conspiracy_.pdf" target="_blank" rel="noopener">goal</a> was to <blockquote> Organise vigilance committees in neighbourhoods to patrol working class districts and resist by mass action the eviction of unemployed workers from their houses, or attempts on behalf of bailiffs to remove furniture, or gas men to shut off the gas supply. </blockquote> Methods of resistance were varied in practice. Often threats were <a href="https://rahu.org.au/wp-content/uploads/2020/08/Sydneys-Anti-Eviction-Movement_-Community-or-Conspiracy_.pdf" target="_blank" rel="noopener">sufficient</a> to keep a landlord from evicting a family. If not, a common <a href="https://rahu.org.au/wp-content/uploads/2020/08/Sydneys-Anti-Eviction-Movement_-Community-or-Conspiracy_.pdf" target="_blank" rel="noopener">tactic</a> was for a large group of activists and neighbours to gather outside the house on eviction day and physically prevent the eviction. Sometimes this led to street fights with <a href="https://commonslibrary.org/lock-out-the-landlords-australian-anti-eviction-resistance/" target="_blank" rel="noopener">police</a>. Protestors sometimes <a href="https://catalogue.nla.gov.au/Record/1106767" target="_blank" rel="noopener">returned</a> in the wake of a successful eviction to raid and vandalise the property. Protestors went under armed siege in houses barricaded with sandbags and barbed wire. This culminated in a <a href="http://www5.austlii.edu.au/au/journals/ANZLawHisteJl/2007/2.pdf" target="_blank" rel="noopener">series</a> of bloody battles with police in Sydney’s suburbs in mid-1931, and numerous arrests. It’s not just what happened – it’s how we talk about it Narratives both reflect and shape our world. Written history is interesting not just for the things that happened in the past, but for how we tell them. Just as the catastrophic effects of the 1929 crash were entwined with the escalating struggle between extreme left and right political ideologies, historians and writers have since taken various and even opposing viewpoints when it comes to interpreting the events of Australia’s Depression years and ascribing meaning to them. Was it a time of quiet stoicism that brought out the best in us as “battlers” and fostered a spirit of mateship that underpins who we are as a nation? Or did we push our fellow Australians onto the streets and into tin shacks and make people feel ashamed for needing help? As Wendy Lowenstein wrote in her landmark work of Depression oral history, <a href="https://catalogue.nla.gov.au/Record/69032" target="_blank" rel="noopener">Weevils in the Flour</a>: <blockquote> Common was the conviction that the most important thing was to own your own house, to keep out of debt, to be sober, industrious, and to mind your own business. One woman says, ‘My husband was out of work for five years during the Depression and no one ever knew […] Not even my own parents.’ </blockquote> This part of our history remains contested and narratives from this period - about “lifters and leaners” or the Australian “dream” of home ownership, for example – persist today. As Australia’s present housing crisis deepens, it’s worth highlighting we have been through housing crises before. Public discussion about housing and its relationship to poverty remain – as was the case in the Depression era – emotionally and politically charged. Our Depression-era shanty towns and eviction protests, as well as the way we remember them, are a reminder that what people say and do about the housing crisis today is not just about facts and figures. Above all, it reflects what we value and who we think we are.<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/185129/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/helen-dinmore-1000747" target="_blank" rel="noopener">Helen Dinmore</a>, Research Fellow, <a href="https://theconversation.com/institutions/university-of-south-australia-1180" target="_blank" rel="noopener">University of South Australia</a> This article is republished from <a href="https://theconversation.com" target="_blank" rel="noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/shanty-towns-and-eviction-riots-the-radical-history-of-australias-property-market-185129" target="_blank" rel="noopener">original article</a>. Image: <a href="https://nla.gov.au/nla.obj-160054430/view" target="_blank" rel="noopener">NLA/Trove</a>

Real Estate

Red flags for property buyers considering buying off the plan

Property buyers have been warned of the hidden dangers that come with buying an apartment off the plan. Potential home seekers have been alerted to avoid buying cheap, cookie cutter units that are typically sold off the plan. Michelle May, the Principal of Michelle May Buyers Agents, said some cheaper units sold off the plan were risky purchases because too many corners may have been cut to keep costs down. Prospective buyers must remember that when buying off the plan, you are investing the future of the whole building, not just your chosen apartment. “Developers are in it to make money, pure and simple. Unfortunately, this can lead to cutting costs (and often corners) wherever possible to increase their return,” Ms May said. “You only have to look at two recent stories, Opal Tower in Olympic Park and the more recent Mascot Towers, to see how bad things can go for residents when the building hasn’t been built, inspected or appropriately certified.” Speaking to The Daily Telegraph, Ms May said buyers had less confidence as a result of rising interest rates and the ongoing election campaign taking away their attention from the property market. She went on to say that buyers of units off the plan would struggle to earn back their money if they had to sell in the future. “People buying apartments off the plan usually think it’s cheaper and go for the lowest price. The reality is that the quality build of these newer off-the-plan apartments just isn’t good.” “Visually it might look okay, but a lot of these new apartments aren’t built to stand the test of time. A lot of people who I’ve spoken with often complain about the noise they hear between the walls or the high turnover of other tenants.” “If you’re considering buying new or off the plan, make sure you work with a specialist property lawyer, not just your run-of-the-mill conveyancer. The lawyer will help you understand the many ins and outs of the contract, so you know exactly where you stand.” Image credits: Getty Images

Real Estate

Reese Witherspoon's latest property payday

Reese Witherspoon has sold her Los Angeles estate, scoring nearly $8 million more than what she purchased it for less than two years ago. Witherspoon and her husband, Jim Toth, picked up the traditional English country-style mansion in the Brentwood area in 2020 for $21.9 million (US$15.89m). The famous couple listed the house up for sale with $35.5 million (US$25m) asking price, with the property now pending sale for $29.7 million (US$21.5m). The newly renovated home measures over 960 sqm, with seven bedrooms and 10 bathrooms. It features custom-designed finishes, woodwork, and an open floor plan. The main level features a living room with French doors, a dining room, a family room with a bar, a wood-panelled office or library, a chef’s kitchen, and a breakfast room. Out back, the 3.1-acre lot includes a blue-tiled pool and spa, a limestone barbecue, an eight-seat bar. Perfect for hosting guests during the summer. The home is just minutes from Brentwood, Santa Monica, and Pacific Palisades making it the ideal LA location. Image: Real Estate

Real Estate

The hidden dangers of investing in property

When it comes to investing in property, there are several things that can jeopardise the perfect sale to add to your portfolio. While it's important to be aware of the risks, there are also a few hidden “dangers” that each buyer needs to feel out on an individual basis. In order to make the best decisions, keep a lookout for these secret dangers in investing in property and how to properly manage them. Buying in your local neighbourhood Despite emotional attachment, investing in the neighbourhood you live in may not be the best idea for long-term capital growth. If there are over 10,000 real estate markets across Australia, statistically speaking the odds are very low that the property for sale right next door is your best choice. In order to make the best choices, it’s best to analyse and compare markets from all over the country to make the perfect pick and to minimise risk. Relying on “friendly” real estate agents While a lot of agents are there to guide you through the selling and buying process, it's easy to fall for a real estate agent’s charm. Just remember, they are working for the vendor, and their best interest is maximum profit for their client. The same goes for non-independent buyer’s agents who effectively are just sales agents for developers. Do your own research and comparisons on any investment, or seek the help of a truly independent buyer’s agent to assist you in the process. Not considering the risks in investment Buying property is a risky game, as vacancy, bad tenants or even interest rate rises can throw a spanner in the works. Engaging with professionals can help mitigate the risks, and help you be more aware of the harsh reality of investing. It’s important to embrace these risks and learn how to reduce them, not shy away from them. Short term vs. long term Buyers, investors and estate agents can tend to be reactive to what is happening in the market right now, and focusing on short term gains. The key to success in property is to take a long-term approach and ignore all the short-term noise. Starting with a plan first, then actively seeking out properties that suit your investment criteria will move you away from just being another property speculator to a true investor. Image credits: Getty Images

Real Estate

Ellen DeGeneres’ multimillion-dollar property portfolio REVEALED

Ellen DeGeneres and her partner Portia de Rossi have a well-known passion for property, and have made a reputation as some of the most prolific buyers and sellers of South Californian homes. During DeGeneres’ 17-year run on The Ellen Show, the duo have built a portfolio of properties <a rel="noopener" href="https://nypost.com/article/a-look-inside-all-of-ellen-degeneres-homes/" target="_blank">reportedly</a> worth $630 million or $NZD 670 million ($USD 450 million) that has been separate from her TV earnings. Currently, DeGeneres and de Rossi own the Rancho San Leandro and Dennis Miller homes, both in Santa Barbara, California, and worth a total $90 million ($NZD 96 million). Here is a run-down of the pair’s <a rel="noopener" href="https://www.domain.com.au/news/a-timeline-of-ellen-degeneres-and-portia-de-rossis-600-million-property-portfolio-1114593/" target="_blank">extensive</a> property portfolio, past and present. Current: Rancho San Leandro <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847122/ellen1.jpg" alt="" data-udi="umb://media/62e5da2f557b4e40900739d2e958d091" /> Image: Zillow After initially buying the Montecito home for $US 7.2 million in 2017 and selling it for $USD 11 million a year later, the pair eventually bought it back for a whopping $AU 20 or $NZ 21 million ($US 14.3 million) - almost double what they first bought it for. The property, which dates back to the 1800s, features two homes - one of which is one of the oldest and most authentic adobe homes in California. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847121/ellen2.jpg" alt="" data-udi="umb://media/84b0747e696d437a8a1b4f1eef64d89c" /> Image: Zillow The adobe home has a single master bedroom with its own ensuite, as well as two bathrooms, a kitchen, breakfast room, and subterranean wine cellar. The second ‘Monterrey’ house is slightly larger with three bedrooms, three-and-a-half bathrooms, a dining area, formal library, gym, and terrace with a fireplace. Current: Dennis Miller’s Cape Dutch compound If you thought $20 million was a lot for a house, the $AU 70 or $NZ 74 million ($US 49 million) Ellen dropped on this private compound will leave you gobsmacked. <img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7847120/ellen3.jpg" alt="" data-udi="umb://media/72815ea69d334591bb78208ee7834462" /> Image: Slim Paley (Instagram) Though the number of bedrooms and bathrooms on the 4.3-acre estate is unknown due to its private listing, we do know that it features a guest house, infinity pool, pool house and a barn. According to <a rel="noopener" href="https://www.dirt.com/entertainers/performers/dennis-miller-house-montecito-1203349300/" target="_blank">Dirt</a>, a 9,000-square-foot mansion also sits on the property, and has been built in the South African Cape Dutch architectural style. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847119/ellen4.jpg" alt="" data-udi="umb://media/c96d19fe59f24363a2bbadab4c08cce7" /> Image: Slim Paley (Instagram) Outside, the buildings surround a lily pond complete with fish and a rowboat, and there are walkways, organic vegetable gardens, and hidden outdoor seating areas the couple is sure to enjoy. Sold 2021: Adam Levine’s former Beverly Hills home <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847118/ellen5.jpg" alt="" data-udi="umb://media/f0cf3d21553a40e3b66cdd6279b448a8" /> Image: Mansion Global DeGeneres and de Rossi sold the 1930s home, formerly belonging to popstar Adam Levine, in early 2021 for $AUD 66 or $NZD 70 million ($US 47 million). <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847117/ellen6.jpg" alt="" data-udi="umb://media/f44deb50ddb94b42899035edd8d6f414" /> Image: Mansion Global Despite selling it for $US 6.5 million below their initial asking price, the couple still made a tidy $US 2 million profit on the two-storey, five bedroom, five bathroom home. Sold 2020: Ariana Grande’s English Tudor mansion Originally two barns built in Surrey in the 1770s and brought to the US in the 1980s, the home is a legitimate English Tudor property that the couple intended to flip for a profit. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847116/ellen7.jpg" alt="" data-udi="umb://media/ef239d4f762a44dcbf575092550a6590" /> Image: Realtor.com According to <a rel="noopener" href="https://www.mansionglobal.com/articles/ellen-degeneres-and-portia-de-rossi-flipping-montecito-california-home-214527" target="_blank">Mansion Global</a>, this home was the first they bought with the intention of renovating and selling without living in it. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7847115/ellen8.jpg" alt="" data-udi="umb://media/c590d8ade7814bdcb0ffa55e3d4dc309" /> Image: Realtor.com After their handiwork was complete, the pair sold the home to Ariana Grande for $AU 9.5 million or $NZ 10.1 million ($US 6.75 million) in 2020, making a $US 3.15 million profit. Image: @portiaderossi (Instagram)

Real Estate

See inside Adele’s $41.5 million property portfolio

Pop icon Adele has shared an inside look into her property portfolio, revealing that she has invested millions in Los Angeles real estate but can’t quite afford London’s hefty prices. The 33-year-old, who has a reported net worth of $USD 200 million, has snapped up three properties in the last five years in the exclusive neighbourhood of Hidden Valley. “The kind of house I have in LA I could never afford in London. Ever,” the British singer told <a rel="noopener" href="https://www.vogue.co.uk/arts-and-lifestyle/article/adele-british-vogue-interview" target="_blank">Vogue</a>. Her most recent purchase, a 513-square-metre, four bedroom home, was from her friend and next-door neighbour Nicole Richie, which she paid USD $10 million for earlier this year. The pop star bought her first home in Beverly Hills for $USD 9.5 million, before going on to purchase a second home for $USD 10.5 million shortly after splitting from husband Simon Konecki in 2019. It’s widely believed that Konecki lives in the home, which is across the street from Adele’s other two properties, so that the pair can raise their eight-year-old son close together. The exclusive community - located inside a gated enclave - is aso home to fellow A-listers Nicole Kidman and Keith Urban, Penelope Cruz, Cameron Diaz, Jennifer Lawrence and Katy Perry. Take a look inside the singer’s deluxe portfolio and everything they offer. #1 Hidden Valley Road (2016) The four-bedroom home designed by Scott Mitchell opens with a two-storey foyer, and comes with a library on the second floor. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845901/adele1-0.jpg" alt="" data-udi="umb://media/58a89ca9577944859c9d12230ed9f73c" /> Image: Realtor Features of the home include two formal living rooms - one with a fireplace and the other with floor-to-ceiling windows - as well as a chef’s kitchen, an expansive family room and breakfast area, and a bonus room usually reserved as a gym. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845899/adele1-3.jpg" alt="" data-udi="umb://media/df02202242a3420b84d9119a988556a1" /> Image: Realtor <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845898/adele1-2.jpg" alt="" data-udi="umb://media/b10f8c08b7a947e7a17bb1e5075797ea" /> Image: Realtor Outside, the property includes a treehouse, an outdoor train set, a pool, and a dog run. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845900/adele1-1.jpg" alt="" data-udi="umb://media/e041985bcfd64b37b8138b2a6784ab1b" /> Image: Realtor #2 Hidden Valley Road (2019) Dubbed an “art collector’s paradise”, the contemporary home features high ceilings and plenty of natural light. <img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845896/adele2-1.jpg" alt="" data-udi="umb://media/8c7973ecd0974be486a3a1bdecc93cfd" /> Image: Realtor The home boasts a sunken living room, a 2000-book library, custom-made furniture, and a jacuzzi in the main bedroom’s ensuite, as well as a private balcony and custom walk-in wardrobe. Sitting on more than 3000 square metres, the house is surrounded by expansive lawns, fruit trees, a solar-heated pool, and a large driveway <img style="width: 500px; height:281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845897/adele2-0.jpg" alt="" data-udi="umb://media/87973c84ae13448b83fc354838829ad2" /> Image: Realtor #3 Lime Orchard Road (2021) The mini-mansion wraps around a park-like backyard, with a large lawn accented with stone pavers that lead to a stone patio with an inset pool and separate spa. Other features include a basketball court and a large hedge offering maximum privacy. But, photos of the home are hard to find since Adele bought the home from Richie and her husband, Joel Madden, in an off-market deal. Madden and Richie made a tidy profit on the property after purchasing it for $USD 6.7 million back in 2015. Image: @adele (Instagram)

Real Estate

Strictly Ballroom producer’s hottest property hits the market

Just two years after dropping a record-setting $10.25 million on a Rose Bay apartment, film producer Antoinette “Popsy” Albert has put her historic Bellevue Hill property up for sale in Sydney’s Eastern suburbs. The asking price is expected to be a high one, with <a rel="noopener" href="https://www.domain.com.au/news/film-producer-popsy-albert-lists-bellevue-hill-house-inhigh-20-million-range-1106705/" target="_blank">some sources</a> saying it could be within the “high $20 million range”. Designed by architect Espie Dods in the 1980s, the five-bedroom home features five bathrooms, several formal and informal living rooms, dining areas and a loggia (a covered seated area) that spills out into the garden. The home also boasts a custom theatre, next door to a wine cellar, and one of its bedrooms acts as a self-contained apartment. The 1400-square-metre property is nestled among some of Bellevue’s most famed homes, all found on Ginahgulla Road. The co-producer of Baz Luhrman’s Strictly Ballroom has <a rel="noopener" href="https://www.domain.com.au/10-ginahgulla-road-bellevue-hill-nsw-2023-2017435033" target="_blank">listed</a> the home with Christie’s realtor Ken Jacobs. Albert and her late husband, music producer Ted Albert, purchased the home in 1982 for $825,000 from the estate of late racehorse owner Allan Lewis. Images: Getty Images, Domain

Real Estate

Can property survive the great climate transition?

As we become an <a href="https://esa.un.org/unpd/wup/Publications/Files/WUP2014-Highlights.pdf">increasingly urban species</a>, urban resilience is emerging as a big deal. The idea is generating a lot of noise about how to develop or retrofit cities that can deal with the many challenges before us, or consume less energy in the transition to post-carbon economies. There is ample activity aimed at making this happen, including through designing and building <a href="http://www.urbanecology.org.au/eco-cities/what-is-an-ecocity/">ecocities</a>, and calls such as that of the <a href="http://earthwiseharmony.com/CONNECT/EH-Transition-Towns-Australia.html">Transition Towns</a> movement, which suggests substantial changes to our ways of life might be both necessary and inevitable. In all of this, very little has been said about the elephant in the urban living room – property. Property systems are the codification of our relationship to place and the way in which many of us make a claim to place, including a roof over our heads. If our cities are to become more resilient and sustainable, our systems of property need to come along for the ride. <h2>Static property rights will be tested</h2> Western systems of property law assume property is delineated and static: the property holder has invested (often substantial) financial resources to secure a claim to that neatly identified parcel of land and/or buildings. Further, the property owner expects to make a nice economic return on their parcel. Unfortunately, the future doesn’t look neatly delineated or static. Many researchers and practitioners tell us the future might not look like anything we’ve ever seen. Some say we are reaching a tipping point, after which the rules we have constructed will <a href="https://www.opendemocracy.net/neweconomics/the-post-capitalist-interregnum/">no longer apply</a> or be of use. As some property is <a href="http://www.news.com.au/national/is-the-australian-dream-of-a-beachfront-home-really-worth-it/news-story/37842853b935d2e78faa4d4f7deb2ff2">washed out to sea</a>, much may become <a href="https://www.nytimes.com/interactive/2017/06/22/climate/95-degree-day-maps.html">too hot to live in</a>, and what remains may be subject to relentless and increasing waves of <a href="https://www.theguardian.com/environment/2016/dec/01/climate-change-trigger-unimaginable-refugee-crisis-senior-military">migration and instability</a>. In the face of such calamity, how then might we – as a big, inclusive “we” – talk about and demonstrate our relationship to place? Will we be able to do that without seeing the emergence of metaphorical or actual fortresses? <h2>Models that allow for change</h2> These are live questions. There are no easy answers, but there are places where we might start. Models such as <a href="http://www.beachapedia.org/Rolling_Easements">rolling easements</a> offer one way to handle property that is in flux. Rolling easements are a form of property that <a href="https://theconversation.com/coastal-law-shift-from-property-rights-to-climate-adaptation-is-a-landmark-reform-59083">recognises that the coast is a dynamic landscape</a> and allows for the coastline of wetlands to migrate inland as sea levels rise. These sound promising in their capacity to balance private and public interests in property, but their potential has <a href="http://www.coastalconference.com/2014/.../Tayanah%20O'Donnell%20Full%20Paper.pdf">not yet been tested</a> in areas of urban development, such as housing. Echoing the potential mobility and flexibility of rolling easements are <a href="http://www.shareable.net/blog/can-we-build-homes-on-trust">diverse housing tenures</a> that can dislocate the right to reside in place from exclusionary, proprietary title to an individual, speculative housing “asset”. Examples include <a href="https://en.wikipedia.org/wiki/Housing_cooperative">housing co-operatives</a> and <a href="https://www.prosper.org.au/2008/05/29/community-land-trusts-explained/">community land trusts</a>. So far, these have proven effective in delivering a range of affordable and flexible housing options, but still ultimately rely on an understanding that property is static. So, how might we conceptualise and identify dynamic models of housing that can change with our cities? Mobility studies are starting to talk about home as <a href="https://doi.org/10.1111/gec3.12314">mobile and fluid</a>, while resilience theory is recognising the importance of a <a href="https://doi.org/10.1080/02723638.2016.1139865">sense of place</a>. Resilience theory also tells us that complex systems are <a href="https://www.resalliance.org/adaptive-mgmt">best governed</a> by collaborative, flexible, learning mechanisms. The combination of more fluid understandings of home and more sensitive ideas of place may offer a framework for thinking about how we occupy cities through complex challenges and in the face of uncertainty – including how to accommodate the need for mobility and flexibility. <h2>Indigenous inspiration</h2> <a href="https://theconversation.com/kidmans-sale-marks-second-wave-of-south-australian-colonisation-40319">Living in colonised landscapes</a> tells us it might be time to rethink which way around the “ownership” dynamic works in property relationships. That is, if we are to think about and create property systems that are as dynamic as the landscapes we occupy, we might need to start thinking about ourselves as belonging to and answerable to the land, not the other way around. We might also need to start thinking about our claims not being static but dependent on the web of relationships we are entwined in, including with non-humans. Some say that First Peoples might have a grasp of property dynamics that is <a href="https://www.theguardian.com/commentisfree/2017/mar/27/western-idea-private-property-flawed-indigenous-peoples-have-it-right">more suited</a> to the times we are entering. So, making cities green might be the easy part. It remains to be seen whether property law and property systems are up to the task of transition. <a href="https://theconversation.com/profiles/louise-crabtree-128457">Louise Crabtree</a>, Senior Research Fellow, Institute for Culture and Society, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a> 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/can-property-survive-the-great-climate-transition-80672">original article</a>. Image: Flickr

Real Estate

"Most expensive urban property in the world" to go under the hammer

A sprawling home in Los Angele, nicknamed “The One”, is <a rel="noopener" href="https://www.9news.com.au/national/us-news-mega-mansion-once-worth-683-million-defaults-on-136-million-in-debt-forcing-a-sale/58a4d087-723c-428f-bbd4-f26f3238a755" target="_blank">expected to be sold</a> after the owner defaulted on $136 million in loans and debt. Dubbed America’s most expensive home, the 105,000-square-foot property developed by former film producer Nile Niami was expected to sell for $683 million, according to Niami. But, after suffering delays and complications and racking up debt, Niami faces a court-ordered sale to pay his debts. Niami bought the property for a cool $28 million, before partnering with architect Paul McClean to build “The One”. Original plans for the home included a cinema, four-lane bowling alley, beauty salon, five pools, a private nightclub, and a casino. As for bedrooms, Niami planned for 20, with the largest being a 5,500 square-foot master suite, complete with its own office, pool, and kitchen. Despite its original completion date being set for 2017, Niami borrowed $112.78 million from Hankey Capital in 2018 to continue building the home. The design also underwent changes, with the number of bedrooms dropping to nine and plans for an extravagant jellyfish tank being dropped. In March 2021, Hankey served a notice of default to Niami, who had 90 days to pay or negotiate the now $150 million debt, according to court documents. With no payment as of July, the home was placed in court-ordered receivership, an alternative to foreclosure. Theodore Lanes Management Services received the property, and is required to account for debts against the property, then selling it and repaying lenders and creditors with the proceeds. Despite Niami promising the home was nearly complete in April, there is still some work to be done. This includes a lack of gas service until a certificate of residence is issued, and an empty space where a commercial-grade catering kitchen was expected to be installed, after the permit to build it was denied. “It’s a pretty extensive list [of issues],” Lanes told CNN Business. The home also has more than $2 million in unpaid taxes and invoices for concrete, air conditioning, and scaffolding, according to Lanes. “This is a very complicated property with quite a few open issues,” Lanes said. “At present, the focus is to obtain complete insurance and develop a timeline and budget to secure the certificate of occupancy in order to maximise value and to make the property more marketable.” Speaking to <a rel="noopener" href="https://www.mirror.co.uk/news/us-news/americas-most-expensive-home-the-24958036" target="_blank">NBC</a>, Lanes said, “What I would love to see happen is that the house gets completed, the certificate of occupancy is awarded and we have an orderly sale that maximises the value. “Hopefully, there will be sufficient proceeds from the sale to fund the secured and unsecured creditors and for the equity to realise some value.” Images: nileniami / Instagram, Bel Air Mansion

Real Estate

5 surprising things that decrease property value

After making a huge investment into your own property, it makes sense that you would want to keep your house in good condition. There are a lot of surprising ways that your property can decrease in value over time. Here are just five of them to look out for. Poor exterior paint quality Your home’s exterior is the first impression people get of your house. So exterior paint that’s faded, cracked or peeling is a big turnoff. Another negative is painting your home an offbeat colour. Buyers favour neutral colours like grey, white, cream and beige. So pick your colours with care and repaint the exterior when it starts to look bad. Deferred maintenance Have a backlog of serious repairs, such as a leaky roof, damaged cladding, or drooping gutters? If so, it’s best to tackle them ASAP. Letting them languish on your to-do list will only chip away at your home’s property value. What’s more, it’s often more expensive to remedy these issues the longer you wait. Neighbourhood foreclosures A foreclosure close to your home hurts your home’s property value. That’s because appraisers look at comparable selling prices in your neighbourhood when estimating your home’s value. What’s more, foreclosed homes may sit vacant without any maintenance for a long time. That also doesn’t bode well for your property value. Proximity to certain facilities and businesses Studies show that living close to certain businesses and facilities can drag down property values. Being in close proximity to the following are associated with these drops in property value: Bad school (22.2%) Strip club (14.7%) Homeless shelter (12.7%) Cemetery (12.3%) Funeral home (6.5%) An unsightly yard They call it curb appeal for a reason. If your yard is in poor condition or overrun with stuff, expect your property value to suffer. On the flip side, elaborate landscaping or a koi pond can also put a dent in your property value since many homeowners don’t want to handle the extra maintenance. A final yard-related turnoff: trees located too close (less than 6m) to your house. Image credit: Shutterstock This article first appeared on <a rel="noopener" href="https://www.readersdigest.co.nz/food-home-garden/money/10-surprising-things-that-decrease-property-value" target="_blank" title="Surprising things that decrease property value">Reader’s Digest</a>.

Retirement Income

Why Bridgerton’s hottest property said no to season two

Regé-Jean Page isn’t returning to Bridgerton because he disliked the plans producers had for his character, the Duke of Hastings. A Hollywood source told Page Six that the actor won’t be returning to Bridgerton because of “creative differences with [executive producer] Shonda Rhimes and her team”. “He wasn’t happy with what was planned for his character for Season 2, which would have kept him a player but not the focal point of the show.” Page has also been “inundated with offers for other interesting and challenging leading roles”, the source continued. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/CLZ34Rej-4c/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CLZ34Rej-4c/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Bridgerton (@bridgertonnetflix)</a> </div> </blockquote> Despite these “creative differences”, Page is leaving the show on good terms. Originally signed on with a one-year deal to play male lead Simon Bassett, the Duke of Hastings, Page was drawn to the show because of the role’s “one-season arc” with a “beginning, middle, end”, he told <a rel="noopener" href="https://variety.com/2021/tv/news/rege-jean-page-bridgerton-season-2-1234942827/" target="_blank">Variety</a>. The recent announcement of his departure from the popular Netflix drama - watched by 82 million households worldwide - left fans distraught ahead of the second season. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/CLpX0A1DMbG/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CLpX0A1DMbG/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Bridgerton (@bridgertonnetflix)</a> </div> </blockquote> Show creator and script writer Chris Van Dusen hoped both the Duke (Page) and Daphne Bridgerton (Phoebe Dynevor) would return following their romance in the show’s debut season. “I would love to be able to see them again and also at the same time explore the other brothers and sisters of the family,” Van Dusen told The Hollywood Reporter. The British actor was reportedly offered an opportunity to return in Season 2 “as a guest star in three to five episodes'' but turned it down, according to The Hollywood Reporter. Although he had several reasons, this included “an awareness that Simon would not be a focal point in Season 2.” Instead, Page is focusing on his movie career and has been offered a flood of film offers. He is also set to star in the upcoming film Dungeons and Dragons alongside Chris Pine, Michelle Rodriguez, and Justice Smith. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CNK71Dxjer8/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CNK71Dxjer8/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Regé-Jean Page (@regejean)</a> </div> </blockquote> In his farewell to the show, posted along with a picture of himself on horseback as Simon, Page wrote, “The ride of a lifetime. It’s been an absolute pleasure and privilege to be your Duke. Joining this family - not just on screen, but off screen too.” “Our incredibly creative and generous cast, crew, outstanding fans - it’s been beyond anything I could have imagined. The love is real and will just keep growing.” As for Bridgerton, the next season will see the return of Dynevor playing Daphne Bridgerton, though the focus will be on eldest brother Anthony Bridgerton, played by Jonathan Bailey, and his quest for marriage.

Russell Crowe shows incredible impact of recent rain on his property

Hollywood star Russell Crowe has shown the incredible difference rain has made on his rural NSW property, only a few months after it was destroyed by a bushfire. Located 25km northwest of Coffs Harbour, Crowe resides in Nana Glen which was affected by the recent bushfires in November last year as it destroyed homes and land along the way. The actor owns 400 hectares of land around the area and said at the time that he was “overall very lucky” that his home was saved. At the time, the fire had left his property completely blackened, as everything from the trees to the grass was burnt to crisp. But due to the heavy rain the state has seen in the last few days, his home has gone through an incredible transformation. <blockquote class="twitter-tweet" data-lang="en-gb"> My place 10 weeks ago after the fire had gone through, and this morning after a big weekend of rain. <a href="https://t.co/oOWz0gG5hp">pic.twitter.com/oOWz0gG5hp</a> — Russell Crowe (@russellcrowe) <a href="https://twitter.com/russellcrowe/status/1219031928071843840?ref_src=twsrc%5Etfw">19 January 2020</a></blockquote> Taking to Twitter, Crowe posted photos of the before and after. “My place 10 weeks ago after the fire had gone through, and this morning after a big weekend of rain,” he wrote. The first photo which was taken 10 weeks ago shows the entire area completely burnt, a complete juxtaposition to the most recent photo which was snapped this morning where the grass has turned a vibrant green colour. The Hollywood heavyweight wasn’t in Australia at the time of the fire but returned home to inspect the damage and rally a crew for the clean up.

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