Danny Wallis: Serial Block purchaser slams Victoria, advises different buyers to seem interstate


Danny Wallis is a a hit IT entrepreneur who’s highest identified for his public sale antics as a serial house purchaser on TV’s The Block. He lately owns 30+ homes in Victoria.

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The place he would make investments

In industrial belongings, however no longer in Victoria.

$1mill Numberplate

Danny Wallis pictured at his house. Image Jay The town

Why he wouldn’t put money into Victoria

The federal government has made it actually difficult to put money into residential belongings in Victoria.

Vital regulate for tenants approach I’ve were given one now who has painted their bed room black — which may be very tricky to switch again.

I perceive the desire for tenants to have rights and to wish to are living in a area that’s respectable, however there’s were given to be a fairer means for the owner too. They’ve swung the pendulum too some distance away.

Then the land tax adjustments got here in and simply made it unimaginable, I’ve homes the place I’m getting much less hire than land tax.

I’ve were given an Albert Park place of dwelling the place the $25,000-a-year condo go back slightly coated part of the $49,000 I needed to pay in govt charges for it previously monetary 12 months.

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As an alternative of residential investments, I’ll be specializing in industrial property sooner or later — with higher returns on be offering, longer rentals and tenants taking duty for maintenance.

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Danny Wallis days of shopping for properties in Melbourne is also over. Image: David Caird

I’m getting excellent returns on petrol stations in Queensland and stores in Sydney.

However the Victorian govt has simply gotten means, means too grasping.

They will get an actual downside in a few years time once they realise we’re shedding condo homes at a quick charge.

And I’m no longer a suffering ma and pa investor, purchasing one or two for his or her tremendous. It will have to be a nightmare for them.

Signal as much as the Usher in Solar Weekly Actual Property Replace. Click on right here to get the most recent Victorian belongings marketplace information delivered direct for your inbox.

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