A new plan in Victoria proposes free pest and building inspections for homebuyers if Labor is re-elected, shifting the costs to sellers, amid concerns over housing market accessibility.
In a bid to ease the financial burden on homebuyers, the Victorian premier, Jacinta Allan, is set to announce a new plan that would make pest and building inspections free for buyers. If Labor secures re-election in the upcoming November polls, the legislation will be introduced in 2027 mandating that sellers arrange and fund these inspections. This initiative aims to foster transparency and affordability in the housing market, addressing concerns that high inspection costs prevent prospective homeowners from making informed decisions.
The Consumer Policy Research Centre highlighted the prohibitive nature of these costs, noting that upwards of $600 is typically required for inspection reports, leading many buyers to opt for multiple inspections during their search. Alarmingly, the report also indicated that 17% of buyers proceed without any inspection reports, risking significant financial pitfalls due to unseen issues in properties. Allan emphasized that the existing system favors sellers and fails to protect buyers adequately, indicating that a legislative shift is necessary for a fairer housing market.
If successful, this plan could greatly enhance the homebuying experience in Victoria by reducing out-of-pocket costs for buyers and ensuring they have access to important information before purchasing homes. The move highlights a growing recognition of the barriers faced by prospective homeowners in a competitive market and aims to encourage more equitable practices within the real estate industry.
