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How to Property
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  • Maintenance ItemA condition resulting from normal wear and ageing that requires routine upkeep rather than repair. Not an official AS 4349.1 classification, but commonly used by inspection companies to distinguish routine upkeep from defects requiring rectification.
  • Maintenance reserveMoney set aside each month to cover future repairs and upkeep. The common rule of thumb is 1% of the property value per year for a house, reduced for apartments where strata covers building maintenance.
  • Major DefectA defect of sufficient magnitude where rectification has to be carried out in order to avoid unsafe conditions, loss of utility, or further deterioration of the property. Examples include significant cracking in load-bearing walls, major roof leaks, and failing foundations.
  • Median Dwelling ValueThe middle value when all dwellings in an area are ranked by price. Half cost more, half cost less. It is a more reliable measure than the average because a few very expensive sales do not skew it.
  • Minor DefectA defect other than a major defect. Examples include hairline cracks in render, minor paint peeling, or a sticky door latch. These are maintenance items, not structural problems.
  • Mortgage stressA situation where mortgage repayments consume a large share of household income, leaving little room for other expenses. The commonly cited threshold is 30% of gross income.
  • Multi-offer SituationA scenario where more than one buyer submits an offer on the same private treaty property simultaneously. The agent typically asks each buyer to submit their best and final offer by a deadline. The seller then selects the most attractive offer.
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