Danny Wallis, known to The Block viewers as a serial home buyer, has criticized the Victorian Government for making it difficult to invest in property.
On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns over 30 properties in Victoria, for its 2024 Property Outlook series.
Wallis believes the state government's condominium laws give too much power to its tenants.
“A significant level of scrutiny for tenants means I now have one who has painted his bedroom black – which is very difficult to reverse,” he said.
The investor further claimed that both the tenant and the owner had rights and that “they [the government] I swung the pendulum too far away.'
Danny Wallis (pictured), known to The Block viewers as a serial 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” after property tax increases that came into force last month.
“They're going to have a real problem in a few years when they realize we're rapidly losing rental properties,” he complained.
“And I’m not a struggling investor buying one or two for my family. It must be a nightmare for her.'
On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns over 30 properties in Victoria, for its 2024 Property Outlook series. Wallis believes the state government's condominium laws give too much power to its tenants
The outspoken investor announced late last year he was selling all of his Victoria properties after former premier Dan Andrews introduced new property laws.
Wallis previously told the Herald Sun he would sell all of his investment properties ahead of the property tax increase.
Under the new rules, owners must pay property taxes on second properties valued at $50,000 or more. The current threshold is $300,000.
![“A significant level of scrutiny for tenants means I now have one who has painted his bedroom black - which is very difficult to reverse,” he said. He also claimed that both the tenant and the owner had rights and that “they [the government] I've swung the pendulum too far away'](https://www.spamchronicles.com/wp-content/uploads/2024/02/1707201152_761_Serial-Block-buyer-reveals-why-Victoria-is-a-39no-go-zone39.jpg "Serial Block buyer reveals why Victoria is a 'no-go zone' for property investment - by criticizing a tenant who painted his bedroom black 5")
“A significant level of scrutiny for tenants means I now have one who has painted his bedroom black – which is very difficult to reverse,” he said. He also claimed that both the tenant and the owner had rights and that “they [the government] I've swung the pendulum too far away'
“I'm saving on Daniel Andrew's property tax, I'm going to sell because I'm tired of the property tax continuing to go up,” he said.
“I will be moving all my investments out of Victoria.”
Wallis said he now plans to invest interstate and will sell his Victorian portfolio in the next two years.
“I know so many landlords who are selling because of property taxes,” he added.
Wallis told the Herald Sun he would sell all of his investment properties in Victoria after former premier Dan Andrews (pictured) introduced new property laws
Wallis has spent more than $30 million buying properties at closing auctions on The Block in recent years.
The high-profile businessman made headlines on Nine's hit renovation show in 2022 when he won the Omar and Oz property.
Controversial fools Omar and Oz walked away with $1.6 million after Wallis started a bidding war with her “millionaire boyfriend,” forcing him to buy the house for $5.6 million.
Wallis later admitted he spent “too much” on the property and admitted the bidding war was just a battle of egos.
Wallis has spent more than $30 million buying properties at closing auctions on The Block in recent years
He previously purchased Mitch Edwards and Mark McKie's home for $4,044,444.44 in 2021.
Wallis also nabbed Tanya and Vito Gucciones for $3,800,000.01 and Kirsty Lee Akers and Jesse Andersons for $4,401,523.67 that same season.
During the 2020 series, Danny also spent big, purchasing three apartments for just under $12 million after purchasing properties during the 2016 and 2012 seasons.
Despite the stir he causes at the auction each year, Danny is a philanthropist, giving away many of the houses he buys to children's cancer charities.
He has donated several homes to My Room Children's Cancer Charity and the Ronald McDonald House for use by terminally ill children and their families.