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In this episode of The nestegg Podcast, host Maja checks in with our three experts to discuss this week’s biggest conversations about super, property and investment.

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Steve Waters, director of Right Property Group, talks about the current market and its growth prospects, hinting at a “revenge spend” period post-lockdown. Could property prices really inflate by a further 20 per cent?

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the earning season and dividends, delving into how companies decide distribution policy. Find out what is happening in the recent dividend announcements.

Last but not least, tax and super guru Timothy Munro talks us through the results of APRA’s inaugural super test and how engaged members should really be with their super. Timothy also touches on the super splitting law and what it means for relationship breakdowns.

Have a question for our experts? Get in touch at [email protected] and you might get featured in the next episode.

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How purchasers can avoid ‘The Block’ situation

By Cameron Micallef

January 04 2021
Share

Invest

How purchasers can avoid ‘The Block’ situation

By Cameron Micallef
January 04 2021

After a record-breaking sale on Channel Nine’s last season of “The Block” fell through, an industry expert has issued some advice to buyers looking to avoid a similar predicament.

How purchasers can avoid ‘The Block’ situation

By Cameron Micallef

January 04 2021
Share

After a record-breaking sale on Channel Nine’s last season of “The Block” fell through, an industry expert has issued some advice to buyers looking to avoid a similar predicament.

Despite the COVID-19 downturn and falling house prices, “The Block” couple Jimmy and Tam managed to scoop a record-breaking $1.066 million profit (including a $100,000 first place prize) during the live auction in November.

However, a month after going under the hammer, Channel Nine made a shock revelation just before Christmas, announcing that the sale had fallen through after the buyer failed to meet the deposit requirements.

At the time, Channel Nine issued a statement, noting: “Everyone at The Block and Nine are very disappointed for Jimmy and Tam that the sale of their home was not completed as scheduled.”

The winning Block house sold to 28-year-old Emese Fajk for $4.256 million during the live, televised auction, just shy of $1 million above the $3.29 million reserve.

This made winning couple Jimmy and Tam instant millionaires, with the pair seemingly walking away with over $1 million in total prize money.

But things turned sour a month later, when the settlement date was reached and the buyer was a no-show, stripping Jimmy and Tam of close to $1 million, but not the winner’s title.

“Jimmy and Tam remain the winners of The Block 2020 as they would have secured the win on the previous bid.

“We will now work with them and their agents to finalise a sale as soon as possible, and we are confident of a positive result for this unique property,” Channel Nine said.

How to avoid a similar situation?

Aus Property Professionals founder and buyer’s agent Lloyd Edge has given investors a few handy hints to avoid a similar situation:

When buying apartments, it’s crucial to look at the by-laws and a strata report which will help you determine whether there is a healthy and friendly operation of the building.
If you are buying off the plan, because the process generally takes a couple of years, you need to consider that the market may change considerably and interest rates and property prices are likely to fluctuate from when you purchase until you settle.
Consider the type of ownership you want to own if you are purchasing with a spouse or friend as this can go against your wishes under a will.
Make sure you account for fluctuating interest rates, upfront costs, First Home Owner Savings Accounts and budgeting for your lifestyle when buying a property. Also consider your inspection costs, conveyancing costs, stamp duty costs, set-up costs and changes to interest rates in your budget to buy a property.
Liaise with your accountant if you are buying a property for investment purposes, as there could be significant tax benefits for you.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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