u/tendieboy95

I've been thinking about this since the budget was announced and also based on what I'm seeing online and hearing from people in real life (Melbourne).

I'm hearing that lots of buyers are waiting to buy due to uncertainty, waiting for it to dip more, waiting for a better season (spring) etc... My question is, if everyone is waiting for a better buying opportunity, doesn't it just mean that when that opportunity comes along there will be more competition and more of a chance to still pay more to win?

It feels like a catch 22. Prices come down, more competition, more chances to pay more to win. Isn't the more appropriate strategy to buy when you can rather than trying to time the market?

Hi,

My partner and I recently purchased our first investment property in Victoria with settlement in 90 days. The property is a 1 of 2 units with an inactive owners corporation (classified as tier 5) and without sharing any walls. Both units are on their own title with a shared driveway as the only common area (I am aware i need common area insurance).

I am trying to organise insurance but I am getting confused on what insurance I actually need to get. I know I need landlord insurance, but I am getting confused on the actual property insurance needed.

Some are saying I need strata insurance regardless if the owners corporation is active or not. When getting insurance, do I get normal home and contents insurance + landlord insurance on the side, or landlord home and contents insurance?

If i get strata insurance, do I need the other unit to be in that insurance policy too?

I am going to be calling up some insurers tomorrow but I thought I'd reach out here first.