Nicole Johnston | Buyers Beware: Who Controls Your Access to Information?

Buying property can be difficult for a number of reasons, one of which is the partial disclosure of information or withholding of data from a strata report.

But why is this prevalent and what barriers prevent buyers from being fully informed about a property before they purchase it? Who ultimately decides what information can be accessed before buying a strata property?

Today, Dr. Nicole Johnston of Deakin University tackles the issue of inequity in the property buying process, specifically around multi-owned property, whether or not the law helps protect consumers in this area, what a good strata report looks like, levies, and heaps more!

If you enjoy the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at questions@theelephantintheroom.com.au!

See you in the episode!

 

Episode Highlights:

1. What are you actually buying into when purchasing an apartment? [02:38]
2. The concept of “buyer beware” & vendor disclosure [05:37]
3. Is the legislation descriptive enough for buyers to make good decisions? [12:21] 
4. Understand what a good strata report is from a bad one! [19:57]
5. Why do owners corporation managers withhold information? [20:46] 
6. How can you decide if you don’t understand the information presented? [24:27]
7. Are low strata levies actually a good thing? [27:01]
8. Do strata managers have standards for record-keeping? [30:21]
9. The importance of having records to peruse before buying [35:29]
10. Sellers are obligated to verify their own property’s data report [38:52]
11. When owners corporations DON’T list down property issues & decisions [41:21] 
12. Common questionable practices off-the-plan buyers can fall into [46:26]
13. Not all contracts or agreements protect the buyer [53:08]
14. Nicole’s property dumbo [54:36]

 

About Nicole:

Dr. Nicole Johnston is a Senior Lecturer in the Department of Finance in Deakin Business School and a socio-legal researcher focusing on multiple aspects of multi-owned properties (strata title, condominium, apartments) including governance, conflicts of interest and legal relationships. 

 

Connect with Us:

• Looking for a Sydney Buyers Agent? www.gooddeeds.com.au
• Work with Veronica: https://linktr.ee/veronicamorgan
• Looking for a Mortgage Broker? www.wealthful.com.au
• Work with Chris: hello@wealthful.com.au 
• Send in your questions to: questions@theelephantintheroom.com.au 

 

Find this episode on our website: https://www.theelephantintheroom.com.au/podcasts/206

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