The other day I read an story about the pre-purchase property report. The article detailed some changes that may be coming to this weird and wonderful sector. The changes actually apply to the pre-auction market rather than the pre-purchase market.

You see - what happens at the moment is - when you are going to buy a property at auction you need to have access to building inspections - so you need to pay up to $500 for a combined building and pest inspection before you even bid for the house - so if you do not win the auction and buy the property - then you lose your $500. Then you get to do it all over again.

So what the authorities are talking about doing is - making the seller to order a combined building and pest report and then make it available for all potential bidders at the auction. What occurs then is - the successful bidder (if there is one) will need to pay the seller for the report they had ordered.

It is my opinion that this is a good thing for the Real Estate Industry in NSW, it will encourage| more people to bid at auctions and hopefully increase sales figures.