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Discussion in 'General Property Chat' started by E.T, 14th Nov, 2015.

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  1. E.T

    E.T Active Member

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    Found this while browsing

    found in Frankston North Vic -

    14 Windoo Street Frankston North Vic 3200 - House for Sale #120601141 - realestate.com.au

    High return dual living $395 per week

    1. Is this legal in vicco?

    2. do you need council approval to set up an arrangement like this?

    3. with Melbourne price guides can you offer lower than asked? I heard you always have to go 10% over asking price but surely this must of gone north of 300?

    Cheers
     
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  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    My understanding was granny flats were legal in VIC but cant be lived in by an unrelated party and have to be removed if the related party moves out.
     
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  3. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    Dave is correct. Currently in Victoria you are not legally able to rent it separately to an unrelated party. There are also some laws around what is allowed to be built into the space of it is not a traditional "granny flat" being used for those purposes. Is a studio can have two of the following three but not all three
    1) a toilet
    2) a shower
    3) cooking facilities

    The 10% you mention is not a rule and is not a typical thing to apply, especially a cross the board and particularly in a lower cost market. I have purchased property below the asking price of $xxx plus..... Offer what the property is worth, what you think you can get away with or what the property is worth to you.
    If there's a huge upside paying a higher amount. May be worth it. If you're bargain hunting....offer low and keep moving it the vendors and agent don't want to play ball.

    Don't be guided by the various methods of stating price in Victoria. There are som many variables in the way agents do it and often times certain agencies will have their own little way of going about things to get the best result for their vendor. Nothing is a "this is how it works on Victoria", which does make it a bit tricky to naviagte until you watch and learn what each of the agencies practice is.
     
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  4. Tekoz

    Tekoz Well-Known Member

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    @Lisa Parker- Buyers Agent Thanks for the detailed insight and enlightenment about VIC state property norms :cool:.

    If that is Illegal, then why the agent is mentioning Dual Occupancy ? I guess it is for luring the interstate investors.

    Plus maybe Frankston Council is pretty lenient or not too fussed about that issue.
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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  6. Tekoz

    Tekoz Well-Known Member

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  7. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    It is best for you to do your own DD on it and determine what the risks are and if you are comfortable with the level of risk.

    I hadnt actually looked at the link when I first responded. ( I made assumptions....naughty! Naughty!), so just to clarify, what i responded to was in relation to a secondary dwelling on the site (ie a granny flat/studio).

    Now that I have seen the actual listing I can see that it isnt a secondary dwelling, rather an extension where they have converted the property into something that is suitable for two families to share. I am not sure on how council views this. I would recommend phoning the council anonymously and without mentioning the property address (they will ask for one when you call, tell them its just a general call about properties that fall under this council in general as you are an investor and want to understand what you can and cannot do).

    good luck, let us know what the council says about this sort of set up.

    :)
     
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  8. Tekoz

    Tekoz Well-Known Member

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    @Lisa Parker- Buyers Agent Well as long as the property is not yet exchanged into my name then I guess it is still fine :cool:, is there any fine imposed when it is built like that ?

    from memory, my QLD building insurance staff told me that if the property addition is not approved, then it will not be covered under the building insurance, that's all.
     
  9. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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  10. Tekoz

    Tekoz Well-Known Member

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