Danny Wallis, known to The Block viewers as a serious home buyer, has heavily criticized the Victorian Government for making it difficult to invest in property.
Tuesday on Realestate.com.au interviewed the IT entrepreneur, who owns more than 30 properties in Victoria, for his 2024 property outlook series.
Wallis believes the state government’s housing laws give his tenants too much power.
“Significant scrutiny for tenants means I now have one who has painted their bedroom black – which is very difficult to change back,” he said.
The investor then claimed that both the tenant and the owner have rights, and that “they (the government) have swung the pendulum too far.”
Danny Wallis (pictured), known to viewers of The Block as a serious home buyer, has criticized the Victorian Government for making it difficult to invest in property
Wallis also accused the Victorian state government of becoming “way too greedy” following land tax increases that came into effect last month.
“They’re going to have a real problem in a few years when they realize we’re losing rental properties at a rapid rate,” he lamented.
“And I’m not a struggling mom-and-pop investor buying one or two for their super. It must be a nightmare for them.’
On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns more than 30 properties in Victoria, for his real estate prospects for 2024. Wallis believes the state government’s housing laws give his tenants too much power
It comes as the outspoken investor revealed late last year he will sell all his properties in Victoria after former Premier Dan Andrews introduced new property laws.
Wallis previously told this to the newspaper Herald Sun he will offload all his investment properties ahead of the land tax increase.
Under the new regulations, owners must pay land taxes on secondary properties valued at $50,000 or more. The current threshold is $300,000.
“Significant scrutiny for tenants means I now have one who has painted their bedroom black – which is very difficult to change back,” he said. He also claimed that both the tenant and the owner have rights, and that “they (the government) have swung the pendulum too far.”
“I’m saving on Daniel Andrew’s land tax, I’m going to sell because I’m tired of land tax going up and up,” he said.
“I’m moving all my investments out of Victoria.”
Wallis said he now plans to invest interstate and will sell his Victorian portfolio over the next two years.
“I know so many landlords who are selling because of land tax,” he added.
Wallis told the Herald Sun he will offload all his investment properties in Victoria after former Premier Dan Andrews (pictured) introduced new property laws
Wallis has spent more than $30 million buying real estate in recent years at recent auctions on The Block.
The high-profile businessman made headlines in 2022 on Series Nine’s hit renovation show when he won the bid for Omar and Oz’s property.
Controversial Blockheads Omar and Oz walked away with $1.6 million after Wallis entered a bidding war with their ‘millionaire friend’, forcing him to buy the house for $5.6 million.
Wallis later admitted that he had spent “too much” on the property, and acknowledged that the bidding war had merely been a clash of egos.
Wallis has spent more than $30 million buying real estate in recent years at recent auctions on The Block
He previously bought Mitch Edwards and Mark McKie’s house in 2021 for $4,044,444.44.
Wallis also purchased Tanya and Vito Guccione’s for $3,800,000.01, and Kirsty Lee Akers and Jesse Anderson’s for $4,401,523.67 that same season.
During the 2020 series, Danny also spent big, purchasing three condos for just under $12 million after purchasing real estate in the 2016 and 2012 seasons.
Despite the furore he causes at auction every year, Danny is a philanthropist who gives away many of the houses he buys to childhood cancer charities.
He has donated several houses to the My Room Children’s Cancer Charity and the Ronald McDonald House for use by terminally ill children and their families.