chase sweeter fish
It is wise to avoid buying all blighted property. That would include houses affected by road reservations and protected tenancies. Sometimes, things are cheap for a reason. Learned friends, unless you are into the law,.... don't go there, it is not worth the heartache. There is better value elsewhere.
An interesting case:
http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID2001744/00001
My understanding is that the concept of
Protected Tenants came about around the time when that well-meaning (but utterly misguided) pipe smoker, Ben Chifley, was PM. For those too young to remember, Ben PM was not our Property Manager - he was our Prime Minister.
Back then, tenants were often treated very shoddily. Big Ben Chifley was a man of ideas and a former engine driver before he turned to politics. He even tried nationalizing the (perfectly profitable) banks until the High Court put an end to his plans. In those heady days, there was even talk of the federal government taking over responsibility for tenancy laws from the states.
The idea of a Protected Tenancy was that disadvantaged folks should somehow have rights above and beyond those extended by the various state tenancy laws. It sounds fair enough in an ideal world. And say what you will, Chifley was very much into the idea of fair play. Not done with the banks, he sent the army into the coal mines when the coal miners went on strike.
A really interesting fellow with a booming voice and a huge heart. His successor saw fit to let the states handle tenancy laws.
History shows that meddling with the free market is unwise and can result in entire neighborhoods being blighted. One sees that in many inner city areas of the U.S where there are rent controls.
In New York city, rent controls are pretty common. Similar situations exist in Egypt, Paraguay, Uruguay, Venezuela, Cuba and in parts of India where tenants can't ever be evicted. Once they move in, they are there for good (unless one has underworld connections)! Needless to say, this does little to encourage folks from investing in real estate. In NSW, there are between 5000-10 000 protected tenants whose rights are above those extended by that state's tenancy act. Luckily for Melb investors, protected tenancies are a rare thing in Victoria.
So yes, there are situations where one can own a property and not be able to boot out a tenant just because you want to sell the house with vacant possession. A rare situation indeed. Never heard of it happening in Frankston until now. Must be the only one.
HAPPY EASTER everyone. Tenants, Landlords, even all you real estate agents, including my erudite mate Tooney.
{Edit - thread split, new thread
here - Sim'}
