Latest news with #RayWhite
Daily Mail
8 hours ago
- General
- Daily Mail
Aussie shocked by source of vile 'stench' coming from a bedroom during rental viewing in Melbourne
A prospective renter was horrified to discover a Post-It Note warning about a dead possum causing a 'stench' in one of the bedrooms in the rental. An anonymous member of the Facebook group 'Don't Rent Me' shared details of their recent visit to a three-bedroom home in Melbourne 's east. 'It was absolutely perfect for us except there was a foul smell coming from one of the bedrooms,' they wrote. 'Then I saw this note stuck to the door.' They shared a photo of a blue Post-It Note with the handwritten message: 'All furniture in here to hard rubbish b/c (because) dead possum smell'. The hopeful renter followed it up with a neighbour while they were throwing out their own rubbish. 'They said they heard there's a dead possum in the roof and it's the second time in six months but (the landlord) refuses to fix the roof or entry holes,' they continued. 'Current tenants are moving out as stench makes it uninhabitable. There were a lot of people viewing the house... Apart from the stench, it's a really nice house.' Daily Mail Australia has reached out to the landlord for comment through contacting the real estate seller Ray White. Aussies were quick to share their thoughts about the smell in the comments. 'Run! What else won't the landlord do maintenance on if they won't do maintenance on something like that?' one person said, using multiple red flag emojis. A second said: 'That's disgusting and I'm pretty sure unsafe.' A third person shared a warning that the stench might never leave the property. 'You will never completely get rid of the stench it will be in the carpets through the plasterboard where the decaying liquid has seeped into plasterboard,' they said. 'Give it a very wide berth. If you put it as a condition on your application, you will not be accepted to start with.' But one person said the previous tenants should have addressed the problem. 'Surely it would have been less of an expense for the previous tenants to simply organise and pay for the possum removal themselves and to put up a nesting box in the nearby area?' they questioned. Consumer Affairs Victoria has noted the law 'doesn't always say who is responsible for fixing or paying to fix a problem with pests, infestations or mould'. But it said: 'If the problem happens because of the building structure a renter can ask for an urgent repair. 'The rental provider may be responsible if a problem with the property has caused the mould or damp or allowed pests to enter and they have not fixed the problem.' One example given is if a hole in the roof lets in pests. But a renter could still be responsible if their behaviour contributed to the problem, such as if pests were attracted to rubbish they didn't remove.
News.com.au
16 hours ago
- Business
- News.com.au
Sydney investors flock to Melbourne as locals stall
Interstate investors are swooping on Melbourne's housing market as many local buyers remain cautious after years of rising taxes, tighter regulations and patchy price growth. New data shows Melbourne is hosting 943 auctions this week — up 6 per cent on the same time last year — with another 772 scheduled for next week, according to PropTrack. Suburbs with the most listings include Reservoir (19 auctions), Glen Waverley (18), Craigieburn (16), Mount Waverley (15), and Malvern East (14). But while local activity remains uneven, experts say a significant portion of investor momentum is now coming from interstate, particularly Sydney and Perth, where rising prices and falling yields are pushing buyers to seek better value elsewhere. Ray White Werribee agent John Camilleri said he had recently seen contracts signed before payments cleared. 'We've seen properties in far worse condition sell in the $570,000 to $580,000 range, including one that sold over the phone to an interstate buyer,' Mr Camilleri said. 'The investors inspecting this one came in with full-blown itineraries, some of the most detailed I've ever seen. 'Right now, they're swimming through fire to secure properties — they're not mucking around.' Mr Camilleri said many were chasing weekly rents above $600 and were making 'aggressive plays' in suburbs like Werribee. MR Advocacy director and buyers' agent Madeleine Roberts said out-of-towners were now doing the maths on Melbourne and finding it stacks up. 'They're less emotionally attached to the local market — and that's giving them an edge,' Ms Roberts said. She said strong rental yields and Melbourne's relative affordability compared to Sydney, Brisbane and Perth were major drivers of renewed interest. REBAA President Melinda Jennison said Melbourne was re-emerging as a prime opportunity. 'With stabilising rates, increased migration, and more stock hitting the market, the city is shaping up as a prime spot for savvy investors and first-time buyers alike,' Ms Jennison said. REBAA Victoria state representative Matt Scafidi said the 2024–25 financial year had marked a turning point. 'While it lacked the explosive growth seen in other states, Victoria has remained a market of opportunity, particularly for discerning buyers with long-term outlooks,' Mr Scafidi said. Belle Property Hockingstuart Victoria director Anthony Webb said confidence among local investors was still lagging. 'Victorian investors are still jaded,' Mr Webb said. 'But buyers from NSW and WA believe Melbourne has hit the bottom and are looking long term.' Mr Webb said many locals were still 'gun-shy' after a bruising few years of land tax hikes, regulatory change and rising holding costs — but that sentiment could shift quickly if rate cuts eventuate in the second half of 2025.
7NEWS
a day ago
- Business
- 7NEWS
Millenials and Gen Z take out most investor loans as rentvesting steps up
A new report has shown that Millenials and Gen Z'ers are taking out the bulk of investment property loans, as rentvesting gains momentum as a way into the property market. More than 50 per cent of property investment purchases in the past year were made by millennials and Gen Z, according to Commonwealth Bank data. This strategy allows buyers to purchase an investment property in an affordable area while continuing to rent in their preferred location - maintaining lifestyle while building equity. Ray White chief economist Nerida Conisbee said that the rise of rentvesting came as the traditional path of saving for a deposit while living at home, then buying in the same city where you work, has become increasingly unviable. Her research found that only 55 per cent of millennials aged between 25-39 own their home, compared to 70 per cent of baby boomers at the same age in 1991 and 65 per cent of Gen X in 2006. Loading content... "This dramatic shift reflects more than just affordability challenges - it represents a fundamental change in how young Australians must approach homeownership," she said. Foot on the ladder Rentvesting was the approach that 30-year-old Lydia Burgess and her partner, also 30, took to get a foot on the property ladder. The Sunshine Coast-based couple snapped up their first property in the Brisbane suburb of Stafford Heights, and plan to rent out the three-bedroom house. "We were kind of serious about buying a few years ago, but didn't do anything about it and have seen prices then just skyrocket in Brisbane since COVID," said Ms Burgess. While she said they will return to live in the house one day, rentvesting the property was a way to get into a home before prices rose even further. "We can't afford to not rent it out," she said. Rentvesting had also become more common amongst her circle to get into the property market. "I can see benefits for rentvesting in the long term, particularly for your first purchase," she said. Ray White Wilston agent Holly Bowden, who sold the Stafford Heights home, said she was seeing more rentvestors come to the market, with renovated, ready-to-rent properties a popular choice. "Investors want move-in ready and ready to rent places," she said. Two ways to profit There are two approaches when it comes to rentvesting according to Ms Conisbee. Buyers can look for properties and areas that offer capital gains or a high rental yield. In the case of capital gains it means buying a property that will go up in value and therefore put you ahead. "The objective is straightforward: when it comes time to sell, the difference between purchase and sale price helps bridge the gap between your budget and your desired home price," Ms Conisbee reports. She notes that capital gains investors typically target suburbs at the beginning of medium-term appreciation cycles. Current market conditions favour areas experiencing population growth, infrastructure development, or economic transformation. The other approach is a high rental yield strategy, that is buy a property that offers a good return on rent for what you paid. "This strategy appeals to investors preferring reliable income streams and those wanting to use additional cash flow to accelerate their savings for future property purchases," Ms Conisbee notes. "High-yield properties typically exist in regional centres, areas with specific employment anchors, or locations where housing demand exceeds supply." Flexible living There are other advantages to rentvesting a first property buy. Rather than being anchored to one location by a mortgage, rentvestors can relocate for career opportunities while maintaining their investment portfolio. The psychological pressure of homeownership - being responsible for every repair, rate rise, and market fluctuation on your primary residence - is also reduced. Investor loans and tax breaks also offer advantages. "The financial mechanics work particularly well in Australia's current market conditions," Ms Conisbee notes. "Investment property loans, while requiring higher deposits and carrying slightly higher interest rates, offer significant tax advantages through negative gearing and depreciation benefits. .
Daily Mail
3 days ago
- Business
- Daily Mail
How an old Melbourne milk bar from the 1930s has been transformed into a breathtaking dream home: 'My jaw dropped'
A 1930s dairy and milk bar in Melbourne has been converted into a multi-residence property - and it's currently on the market for over $3.5million. The unique property, located in the trendy inner-north suburb of Northcote, has historical significance because it's built inside one of Victoria's very first working milk bars. The former Centenary Dairy site was originally comprised of a milk bar, a dairy and a service yard. According to the Victorian Heritage Database, the historic building is a place of 'state importance' because it was a rare example of a 'near intact' building from the 'centenary year of the founding of Melbourne'. The current owners have painstakingly preserved the heritage listed building, but have reimagined the former milk bar with a modern but respectful renovation. This included cleverly reconfiguring the 458msq block into - not one - but three separate residences. The trio of properties, located at the intersection of Heidelberg Road, Westfield Street and Albert Street is now up for sale with the price guide listed as between $3.5million to $3.8million. The entire lot boasts six-bedrooms, six-bathrooms and two car spaces, with the sellers currently seeking expressions of interest from buyers. Real estate agent John Catanzariti from Ray White Northcote told FEMAIL that the special property has already attracted plenty of 'keen interest from prospective buyers - but is still currently on the market'. The Melbourne realtor said buyers were intrigued by the block's numerous unique and fascinating attributes. At the outset, he said the striking preservation of the 'original dairy' frontage gives the property a standout vintage aesthetic. He noted that other hallmarks from the dairy's heyday era have also been restored internally, including 'pointed archways, buttresses and a soaring gabled roof'. The realtor said there's also the interesting prospect of the block, which potentially offers buyers the chance to snap up three residences for the price of one. The Heidelberg Road entry side, which has the "milk bar" sign at its entrance, has been dubbed 'The Residence'. It has two bedrooms, including a master retreat with ensuite. Style-wise, 'The Residence' boasts a sleek design-forward look complete with polished concrete floors, a bespoke solid timber kitchen bench, high-end appliances, a luxurious freestanding bathtub and a secluded lush courtyard. The middle property, dubbed 'The Gallery', was formerly an artist's sanctuary and includes two bedrooms and bathrooms, a living area and a private courtyard. Style-wise, 'The Gallery' features bold black steel accents and modern finishes. The last property, referred to as 'The Stable', transports you to another time, with John explaining that the cosy two bedroom space has been kept looking 'as original as possible'. He explained that this included maintaining elements like the 'hooks that were used to hold down the draft horses and so forth to export milk.' Interestingly, the three-residence property is also being sold with two titles: 181 Heidelberg Road, Northcote and 12 Westfield Street, Northcote. These titles also both come with industrial zoning, offering scope and flexibility for further subdivision in the future. The agent confirmed that the separate but neighbouring residences had caught the attention of multi-generational family buyers, who were charmed by the idea of living nearby their loved ones, while still maintaining their own private and independent residences. He added that it also presented an interesting prospect to a live-in investor, who could potentially occupy one residence while renting out the remainder.
News.com.au
5 days ago
- Entertainment
- News.com.au
Estate boasts dedicated games house and soccer pitch
A Mount Waverley estate featuring two homes including a purpose-built games and entertainment house is set for a $5m+ sale. Between them, the residences boast an outdoor soccer pitch, a wine cellar for 1500-plus bottles and home theatre designed by a Warner Bros engineer. Property developer Michael Biviano and wife Kerryn are farewelling the address where they raised sons Christian and Jacob. Buyer's plan after forking $2m on Mount Waverley home The soccer pitch was installed for Jacob who trialled at European soccer clubs as a teenager. However, he decided to pursue a career in real estate and is now a Ray White Mount Waverley area manager. And he's overseeing the sales campaign for the home he lived in as a younger man. His parents bought an existing home at 11-13 Miller Cres more than a decade ago. Wanting to stay in Mount Waverley but seeking more space, they decided against moving to a larger pad in a different suburb. Instead, the couple commissioned the original abode's builder and WOLF Architects to create a separate dwelling as a gaming and entertaining epicentre on the 1243sq m block. The second residence has an art room, billiards room, climate-controlled wine cellar, pilates area with a television, gym, kitchen, bathroom and double garage. However, the home theatre featuring a 343cm-wide (135 inches) screen and 16 speakers is part of the main five-bedroom house, along with a three-car garage. Other highlights include a 12.5m-long lap pool, deck with a barbecue and front fence built out of 110-year-old timber recycled from the former Mornington Pier. 'A main selling point of the home is that during Covid it was great because you could have separate living,' Jacob said. His family have hosted plenty of birthdays and gatherings at the property with one event attended by about 100 guests. 'The soccer pitch is an outdoor area which can be used as an entertaining area or sports area,' Jacob said. 'I think its size is equivalent to about three-quarters of a tennis court.' While the second house is used for games and entertainment, it could easily work for multi-generational living, he added. The houses are also on two different titles. 'So if you wanted to separate it down the line in the future and sell them separately, you could,' Jacob said.
