I moved to the Morisset peninsula so my family could have more time having fun in the backyard and pool. We live close to the lake, there are plenty of good schools, several shopping centres and property prices are increasing quickly.
While an established property in an established suburb is never a bad investment — older suburbs tend to be in higher demand and property values appreciate faster — there are more than a few reasons why the right new home could be a better investment.
There’s an old saying about buying the worst property in the best street, and that’s doubly true for property investors. Not because you want to rent out an old slum to tenants, but because with just a few low cost modifications, you can not only increase the rental you’ll get for it, but also improve your property’s value so you can start investing again.
A 2015 amendment to the legislation governing the sale and leasing of residential property has made any property that’s tested positive for, or even suspected to contain, loose-fill asbestos insulation (LFAI) a “material fact” that real estate agents must disclose to potential buyers and tenants [How Loose-Fill Asbestos Insulation Could Destroy Your Property’s Value].
Loose-fill asbestos insulation (LFAI) is raw, crushed asbestos that was installed as ceiling insulation during the 1960s and 70s by a number of Canberra-based companies collectively known as Mr Fluffy. About 1,000 homes in the Australian Capital Territory and New South Wales are believed to be affected, with the majority concentrated in the ACT area.
However, the companies are also believed to have sold sacks of asbestos fibre insulation to homeowners directly for DIY insulation installations.