Weekly Slice 258: 308 DAYS ON MARKET WTF IS WRONG? - with Simon Loo & Todd Sloan

·29 min·2 clips

In Western Australia, a building and pest clause doesn't let you walk away from major defects—sellers can just fix them.

The episode begins by introducing the case study of 32 Bates Way in Warrnambool, which was on the market for 308 days in a Perth market where houses sell in a median of 8 days. Host Todd Sloan and guest Simon Loo, founder of House Finder, methodically dissect the property listing. They start by noting the property's decent location near the beach and good block size but immediately point out visual red flags like security shutters, clutter, and poor maintenance. As they scroll through photos, they highlight a pole holding up the ceiling, water stains, scribbles on walls, and generally rough living conditions, suggesting structural and cosmetic issues. Simon Loo explains that the asking price of over $650,000 seems high based on the property's state. The conversation shifts to a detailed explanation of Western Australia's unique property purchasing conditions, where a building and pest clause doesn't allow buyers to easily walk away from major defects—sellers can opt to fix them instead. They discuss the importance of a due diligence condition for interstate investors. Next, they analyze rental comparables, estimating the property could rent for around $600 per week after repairs, and sales comparables, noting a similar nearby property sold for $680,000 in better condition. Factoring in an estimated $20,000 for repairs, they calculate a fair market value of around $640,000-$650,000, deeming the asking price too high. Simon Loo concludes it's not a deal unless purchased in the high $500,000s to low $600,000s. The episode wraps with broader insights on Perth's market growth, arguing that despite a recent boom, affordability and demand suggest continued potential. Todd Sloan emphasizes the importance of understanding value to avoid overpaying in a hot market.

As heard by us

A stale listing becomes a clear test of rent, condition, due diligence, and investor discipline.

Pizza and Property turns Perth's hot 2025 market into a tidy investing problem: why did 32 Bates Way in Warrnambro sit for hundreds of days when houses were moving at a median of around eight?

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Why you'd press play

You want to know why one Perth property sat for hundreds of days while the wider house market was moving in around eight.

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