Latest news with #EdwardAmos
News.com.au
25-05-2025
- Business
- News.com.au
Inside slumlord's shocking empire: derelict, unliveable, worth millions
A stubborn 'slumlord' hit by overdue rates for eight properties is selling off two of them, the worst of which is shockingly derelict, unliveable yet worth a fortune. Edward 'Ted' Amos has been in and out of council and tenancy legal action for decades - which saw a decision against him in 2016 finding he owed a shocking $807,148.28 for unpaid rates and interest levied on eight properties. He won an appeal against the decision in 2019, but that still saw him owe about half that amount - hundreds of thousands that authorities have renewed pressure to chase down.. Shock as 65k Airbnb rentals banned Mr Amos - who did not comment when returning a call made to him - has been in trouble with authorities previously including claims he made tenants responsible for repairs to rented property with several homes left to crumble. With the revenue office now hot on his heels, he has put two of his eight homes up for sale via an expressions of interest campaign he is running himself - both of which are worth a fortune. The first is a lucrative crumbling house in a stunning location in bluechip Ascot where the median house price is $2.525m; and the second is a massive 1,000sq m plus block in nearby Albion - where the house price median is $1.27m. Crunch time for Airbnb, short-term rentals Both suburbs saw high demand even before the pandemic given their location within 6km of the Brisbane CBD, but since then Ascot has seen prices rise a whopping 83 per cent in the past five years and Albion houses are up 48.8 per cent in that time. Regardless of how derelict the homes are, Mr Amos – now in his mid-80s – could fetch a fortune for those two alone - let along his empire of eight properties all of which were mentioned in the overdue rates action by authorities. Valuation estimates put the properties as high as $10m plus in today's market. MORE: Buyer of $12m mansion plans to give it away Culture Kings founders' bold $30m push Mr Amos described the Ascot property as being a 'renovator's dream' in his listing – with the block directly across the road from the historic Eagle Farm Racecourse, in fact just 50m away from its entrance as well as Racecourse Road where shops like Maggi T and a multitude of restaurants, supermarkets and professional offices are located. 'Positioned in one of Brisbane's most prestigious suburbs, this charming timber character home on a level 405sq m block presents an outstanding opportunity for renovators, builders, or anyone looking to create their dream home in a premium lifestyle location,' he said in the listing. RELATED: Million-dollar fixer-upper set for mortgagee sale in blue-chip zone 'With council approval already granted to demolish or remove the existing dwelling, buyers are free to either restore the original residence or start fresh with a custom new build (STCA).' The level site has no development application currently lodged, and is zoned for low density medium development, which translates to one to two townhouses or mixed use developments of up to three storeys. Even as far back as 2011, the property was being marketed as 'reno or demo' with 'the essentials for you to turn it into a money maker'. In the time since he won the appeal against council, a four bedroom house has been built in the backyard of his immediate neighbour which was then sold for $1.13m in 2020 and is currently valued as high as $2.03m. Top Qld suburbs where it's cheaper to buy than rent The second property Mr Amos is seeking expressions of interest on is in Albion and potentially worth a millions, given it is a massive 1,067sq m block with potential to sub-divide in a highly desireable area - and what he described as 'amazing river and city views'. Mr Amos bought the property for a mere $20,000 in January 1973, according to property records, and ran five units out of a federation-era house with four car spots in the back of the property. He listed the property for sale for the first time in 60 years via an expressions of interest campaign, describing it as having 'incredible potential'. 'Currently configured as five self-contained apartments returning a combined $2,150 per week (low rent), the property provides solid rental income from day one. Alternatively, it could be transformed back into a magnificent five-bedroom family home with three bathrooms and ample living space,' is how he described it. It 'currently has enclosed verandahs but could easily be restored to original period style', and also has what he called a 'versatile zoning and development upside (subject to council approval).' 'Whether youre looking to invest, landbank, develop, or restore this beauty into a grand residence, opportunities like this don't come often.'
Sydney Morning Herald
18-05-2025
- Business
- Sydney Morning Herald
The Brisbane suburbs where hundreds of homes are empty
The bureau classifies 'inactive dwellings' as those that were 'opened' as a residential address for income, welfare, or tax purposes from 2016, but as of mid-2021 were 'closed'. But it warns the experimental PLIDA (Personal Integrated Data Asset) analysis must be interpreted with a degree of caution. The analysis was carried out in 2021, during the COVID pandemic, but it is the most recent available data. 'For inner Brisbane, the electricity data has uncommonly poor coverage … and the ABS is still refining our understanding of the PLIDA measure,' the bureau said in a statement. The statistics also show there about 55,000 dwellings classified as a 'non-primary' residence in Greater Brisbane. Non-primary residences are those used as secondary homes, holiday homes, Airbnbs, short-term rentals, or that are empty because they are being sold. Legal or family disputes, the process of winding up deceased estates, or deliberate land banking are all reasons homes and blocks of land can be unoccupied. Delays in obtaining planning approval can also leave prime real estate sitting empty, as well as trouble securing the funds to get tools in the ground. This five-bedroom house in Bridgeman Downs has been empty for the best part of a decade and has been the subject of several subdivision proposals. The derelict and fire-damaged house at 415 Beckett Road last sold in 2019 for $2.2 million. The most recent development application proposes dividing the 9820 square metre block into 20 house lots as part of a larger subdivision. 'New housing projects are too often bogged down in slow approval processes. The longer an application sits on the desk waiting to be approved, the longer it takes to build that home,' said Matthew Kandelaars, group executive of policy and advocacy at the Property Council of Australia. 'We need to make it easier to get homes out of the ground. A 'yes' mindset is needed to simplify and streamline planning processes to remove bottlenecks and boost the supply of new homes.' Local councils and the state government have limited power to intervene to put underutilised properties to better use. Where rates or taxes are not being paid, they can take action, but that is often a long, drawn-out process. The Queensland government launched court action back in 2013 against Brisbane property mogul Edward Amos, who had refused to pay land tax on nine properties on the city's northside. After a protracted legal fight, the state revenue office was given the green light to seize and sell Amos' properties in April this year over unpaid court costs, unless he pays up. At least two houses have been demolished and the blocks left empty. Others remain in a state of disrepair. One-third of people rent in Queensland and Brisbane's median rent for a house reached a new record high of $650 per week this year. The median unit rent hit a peak of $615 per week. Brisbane's median house price remains above $1 million. Amy MacMahon, former Greens MP for South Brisbane, failed in her push for an empty homes levy in Queensland before she was ousted at the last state election. She proposed legislation in 2022 that would charge owners of vacant properties a 5 per cent tax – a move she said would bring thousands of vacant properties into Queensland's rental market and lower both rent and property prices. Victoria is the only state to have introduced a vacant land tax. It introduced the tax in 2018, initially targeting homes in inner and middle-ring Melbourne suburbs. This year, it was expanded to cover the entire state. Under the legislation, all vacant homes in Victoria will be taxed at 1 per cent of their value if they are unused for more than six months a year, with exemptions for holiday homes and renovations. 'We can't afford, really, to have vacant land in metropolitan Melbourne sitting idle. Our clear message to the landowners is to either develop land or sell it to someone who will,' Victorian Treasurer Tim Pallas said when he announced the expanded laws in 2023. It follows similar policies in San Francisco and Vancouver. The Real Estate Institute of Queensland does not support a vacancy tax, with chief executive Antonia Mercorella saying the state should not 'tax our way out of the housing crisis'. 'Given the shortage of rental properties and recent escalation in property prices, it's important to examine ways that existing housing can be utilised to its full potential,' Mercorella said. 'However, the REIQ does not support a vacancy tax. We do not believe the solution is to pin the problem on property investors.' The Property Council is also reticent. 'We need the right tax settings in place to spur investment,' Kandelaars said. 'Additional property taxes increase holding costs and will deter investment in new housing at the time we need it most.' Housing Minister Sam O'Connor would not be drawn on a vacant land tax in Queensland but acknowledged 'it has never been harder to find a place to call home in Queensland'. He said the state government's plans to abolish stamp duty for first home buyers on new homes would incentivise construction, among other measures. 'We've also removed all barriers for first home owners to allow them to rent out a room which will increase the rental options in the market,' he said.
The Age
18-05-2025
- Business
- The Age
The Brisbane suburbs where hundreds of homes are empty
The bureau classifies 'inactive dwellings' as those that were 'opened' as a residential address for income, welfare, or tax purposes from 2016, but as of mid-2021 were 'closed'. But it warns the experimental PLIDA (Personal Integrated Data Asset) analysis must be interpreted with a degree of caution. The analysis was carried out in 2021, during the COVID pandemic, but it is the most recent available data. 'For inner Brisbane, the electricity data has uncommonly poor coverage … and the ABS is still refining our understanding of the PLIDA measure,' the bureau said in a statement. The statistics also show there about 55,000 dwellings classified as a 'non-primary' residence in Greater Brisbane. Non-primary residences are those used as secondary homes, holiday homes, Airbnbs, short-term rentals, or that are empty because they are being sold. Legal or family disputes, the process of winding up deceased estates, or deliberate land banking are all reasons homes and blocks of land can be unoccupied. Delays in obtaining planning approval can also leave prime real estate sitting empty, as well as trouble securing the funds to get tools in the ground. This five-bedroom house in Bridgeman Downs has been empty for the best part of a decade and has been the subject of several subdivision proposals. The derelict and fire-damaged house at 415 Beckett Road last sold in 2019 for $2.2 million. The most recent development application proposes dividing the 9820 square metre block into 20 house lots as part of a larger subdivision. 'New housing projects are too often bogged down in slow approval processes. The longer an application sits on the desk waiting to be approved, the longer it takes to build that home,' said Matthew Kandelaars, group executive of policy and advocacy at the Property Council of Australia. 'We need to make it easier to get homes out of the ground. A 'yes' mindset is needed to simplify and streamline planning processes to remove bottlenecks and boost the supply of new homes.' Local councils and the state government have limited power to intervene to put underutilised properties to better use. Where rates or taxes are not being paid, they can take action, but that is often a long, drawn-out process. The Queensland government launched court action back in 2013 against Brisbane property mogul Edward Amos, who had refused to pay land tax on nine properties on the city's northside. After a protracted legal fight, the state revenue office was given the green light to seize and sell Amos' properties in April this year over unpaid court costs, unless he pays up. At least two houses have been demolished and the blocks left empty. Others remain in a state of disrepair. One-third of people rent in Queensland and Brisbane's median rent for a house reached a new record high of $650 per week this year. The median unit rent hit a peak of $615 per week. Brisbane's median house price remains above $1 million. Amy MacMahon, former Greens MP for South Brisbane, failed in her push for an empty homes levy in Queensland before she was ousted at the last state election. She proposed legislation in 2022 that would charge owners of vacant properties a 5 per cent tax – a move she said would bring thousands of vacant properties into Queensland's rental market and lower both rent and property prices. Victoria is the only state to have introduced a vacant land tax. It introduced the tax in 2018, initially targeting homes in inner and middle-ring Melbourne suburbs. This year, it was expanded to cover the entire state. Under the legislation, all vacant homes in Victoria will be taxed at 1 per cent of their value if they are unused for more than six months a year, with exemptions for holiday homes and renovations. 'We can't afford, really, to have vacant land in metropolitan Melbourne sitting idle. Our clear message to the landowners is to either develop land or sell it to someone who will,' Victorian Treasurer Tim Pallas said when he announced the expanded laws in 2023. It follows similar policies in San Francisco and Vancouver. The Real Estate Institute of Queensland does not support a vacancy tax, with chief executive Antonia Mercorella saying the state should not 'tax our way out of the housing crisis'. 'Given the shortage of rental properties and recent escalation in property prices, it's important to examine ways that existing housing can be utilised to its full potential,' Mercorella said. 'However, the REIQ does not support a vacancy tax. We do not believe the solution is to pin the problem on property investors.' The Property Council is also reticent. 'We need the right tax settings in place to spur investment,' Kandelaars said. 'Additional property taxes increase holding costs and will deter investment in new housing at the time we need it most.' Housing Minister Sam O'Connor would not be drawn on a vacant land tax in Queensland but acknowledged 'it has never been harder to find a place to call home in Queensland'. He said the state government's plans to abolish stamp duty for first home buyers on new homes would incentivise construction, among other measures. 'We've also removed all barriers for first home owners to allow them to rent out a room which will increase the rental options in the market,' he said.
