Real Estate Market Snapshot – Local and National (2016)


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Better Safe than Very Sorry…


Last week, members of our team attended a seminar presented by the Office of Fair Trading regarding the asbestos crisis unfolding with the “Mr Fluffy” ceiling insulation. This loose-fill insulation was installed into homes in the 1960s and 1970s – how old is your property?

The business was based out of Canberra – with the ACT and surrounding areas having experienced the biggest impact to date. However, Wagga Wagga and surrounds have also been earmarked as extremely likely to have some homes insulated with the Mr Fluffy loose-fill. If present in your property – you definitely don’t want to take the risk of not having it checked.

Due to the volatility and extreme health risk posed by the loose-fill asbestos, the NSW Government has determined that demolition, comprehensive site remediation and disposal is the best way to eliminate the risk. To facilitate this, the NSW Government will purchase effected premises and land at market value – as if the property was free of loose-fill asbestos insulation. The property will then be demolished and the land remediated prior to re-selling.

So, three questions:

  1. What date was your property originally constructed? If prior to 1980, it could contain loose-fill insulation
  2.  Has the property been renovated since it was originally built? Loose-fill may have been installed with the renovation
  3.  Are you aware of the presence of any loose-fill insulation? If yes, or not sure – it is imperative that your property be inspected by a Licensed Asbestos Assessor

Far better to be safe, than sorry – NOW is the time to have your home inspected. This inspection service is FREE, if registered prior to 1 August 2016. Unfortunately, agents are not permitted to register on a landlord’s behalf, it must be the property owner.

To register – you can go online here or call Service NSW on 13 77 88 prior to 1 August 2016

We cannot stress enough the importance of getting your property inspected if there is even the slightest possibility it could contain this poisonous insulation. Click here to read further detail provided by the Office of Fair Trading.