The Block buyer Danny Wallis has announced a HUGE move after calling out Victoria’s “impossible” property laws.
After blasting the government’s plan to change the land tax threshold, the entrepreneur told the Herald Sun he’d be selling all of his investment homes in Victoria.
“I’m saving on Daniel Andrew‘s land tax,” he said, revealiing he is going to sell because he’s “sick of the land tax going up and up and up.”
He added: “I’m going to move all my investments out of Victoria.”
The mega-bidder plans to sell his Victorian portfolio over the next two years before investing interstate.
“It’s dumb there’s a rental crisis and I’ve got to sell when so many people are looking for homes,” he continued. “I know so many landlords who are selling because of the land tax.”
What changes will be made to the land tax threshold in Victoria?
As of January 2024, new changes will force Victorian homeowners to pay land tax if their investment, or any secondary property, is worth $50,000 or more. The current threshold is $300,000.
“Land taxes are way too dear and these days you can’t get a decent return,” Danny told realestate.com.au.
Danny has spent over $30 million on The Block properties, including 2022’s Omar Slaimankhel and Oz Malik‘s pad and Tanya and Vito Guccione’s home, as well as 2021’s Mitch Edwards and Mark McKie’s three-storey wonder.
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