Property traps we are seeing in Melbourne right now and how to avoid them
Life has a way of hitting the brakes when you least expect it. Usually, as a Melbourne buyer advocate, my days are a frantic blur of urgent negotiations and back-to-back inspections. Last week, however, my “office” shifted abruptly from the vibrant streets of the city to a hospital bed.
While recovery was my main priority, the advocate brain is notoriously difficult to switch off. When a close friend reached out for help with a potential purchase, I found myself diving into the data between rounds of medical checks. From my room, I began digging into the property’s vitals – investigating flood zones, water overflow areas, and development contribution overlays.
Scanning the contract, I noticed a missing VicRoads certificate almost immediately. While I always leave the formal legal advice to the solicitors, I wanted to ensure my friend was “review-ready” before handing it over to her conveyancer. This exercise was a stark reminder of why professional contract reviews are non-negotiable.
Why the Fine Print Matters
In the property game, what you see is rarely exactly what you get. We have recently seen instances where:
- Missing Assets: Properties were advertised with car spaces that didn’t actually exist on the title.
- Hidden Obstacles: Easements running through the centre of a block, effectively killing any future renovation or building plans.
- The “Strip-Out” Clause: A vendor recently inserted a special condition granting them the right to remove all fixtures and fittings upon exit.
Don’t let excitement – or a pushy agent – cloud your judgment. A legal review before you sign is your only real shield against these costly surprises. There will always be minor issues that pop up after settlement, but discovering you don’t actually own the car park you paid for is a mistake you can’t easily fix.
Be strategic. Seek professional advice. Protect yourself by knowing exactly what is (and isn’t) on that title before you jump in headfirst.