Uncategorised5 reasons to sell in 2024 – the 5 Ds

8 January 2024
  1. Death – this one is inevitable and unavoidable. Just don’t let this happen to you
  2. Divorce – unfortunately true for many
  3. Debt – high(er) interest rates – 13 interest rate hikes
  4. Downsizing – baby boomers will increasingly sell up, cash in and downsize their family homes; and
  5. DAN Andrews legacy, our ex-premier of Victoria:
    1. Covid debt;
    2. The Big Build including the Suburban Rail Loop that will someday take you from nowhere to nowhere;
    3. Paying Politicians super; and last but not least
    4. Land Tax hit – hits two ways. 380,000 investors will get their first land tax bill of $500 and every other landlord will get a land tax hike
    5. You cant escape the land tax hit unless you sell and  move your money elsewhere

Parochialy, we are hearing investors are leaving the property market.

By the way, there is another D to consider. The Bank of DAD and Mum. Its not just media reports that are saying the average loan by Dad and Mum is $100,000. We are seeing this too in our day to day legal practice. Its very important for dads and mums to remember to clearly document the advance, We recommend in most cases there is a mortgage agreement made and signed by both parents, child and their partners. And if the mortgage is not registered to register a Caveat as clear evidence the monies advanced are a mortgage loan and secured by the property. Seek legal advice.