Serial Block buyer reveals why Victoria is ‘a no-go zone’ for property investment – as he slams a tenant who painted their bedroom black

Danny Wallis, known to viewers of The Block as a serial home buyer, has slammed the Victorian government for making it tough to invest in property.

On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns over 30 properties in Victoria, for its 2024 property outlook series.

Wallis believes the state government’s residential property laws give too much power to his tenants.

‘Significant control for tenants means I’ve got one now who has painted their bedroom black — which is very difficult to change back,’ he said.

The investor went on to claim that both the tenant and the owner have rights, and that that ‘they [the government] have swung the pendulum too far away.’

Danny Wallis (pictured), known to viewers of The Block as a serial home buyer, has slammed the Victorian government for making it tough to invest in property

Wallis also accused the Victorian state government of getting ‘way too greedy’ after land tax hikes that came into effect last month.

‘They are going to get a real problem in a couple of years time when they realise we are losing rental properties at a fast rate,’ he complained.

‘And I’m not a struggling mum and dad investor, buying one or two for their super. It must be a nightmare for them.’

On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns over 30 properties in Victoria, for its 2024 property outlook series. Wallis believes the state government's residential property laws give too much power to his tenants

On Tuesday, Realestate.com.au interviewed the IT entrepreneur, who owns over 30 properties in Victoria, for its 2024 property outlook series. Wallis believes the state government’s residential property laws give too much power to his tenants

It comes as the outspoken investor has revealed late last year he will be selling all his properties in Victoria after former premier Dan Andrews introduced new property laws.

Wallis previously told the Herald Sun he will be off-loading all his investment homes ahead of the land tax hike.

Under the new regulations owners must pay land tax on secondary property’s valued at $50,000 and over. The current threshold is $300,000.

'Significant control for tenants means I've got one now who has painted their bedroom black — which is very difficult to change back,' he said. He also claimed both the tenant and the owner have rights, and that that 'they [the government] have swung the pendulum too far away'

‘Significant control for tenants means I’ve got one now who has painted their bedroom black — which is very difficult to change back,’ he said. He also claimed both the tenant and the owner have rights, and that that ‘they [the government] have swung the pendulum too far away’

‘I’m saving on Daniel Andrew’s land tax, I’m going to sell because I’m sick of the land tax going up and up and up,’ he said.

‘I’m going to move all my investments out of Victoria.’

Wallis said he is now planning to invest interstate and will sell his Victorian portfolio over the next two years.

‘I know so many landlords who are selling because of the land tax,’ he added.

Wallis told the Herald Sun he'll be off-loading all his investment homes in Victoria after former premier Dan Andrews (pictured) introduced new property laws

Wallis told the Herald Sun he’ll be off-loading all his investment homes in Victoria after former premier Dan Andrews (pictured) introduced new property laws

Wallis has spent more than $30million buying property during final auctions on The Block over the last few years.

The high-profile businessman made headlines in 2022’s series of Nine’s hit renovation show when he won the bid on Omar and Oz’s property.

The controversial Blockheads Omar and Oz walked away with $1.6million after Wallis entered into a bidding war with their ‘millionaire friend’ which forced him to buy the home for $5.6million.

Wallis later admitted he had ‘spent too much’ on the property, acknowledging the bidding war had just been a clash of egos.

Wallis has spent more than $30million buying property during final auctions on The Block over the last few years

Wallis has spent more than $30million buying property during final auctions on The Block over the last few years 

He previously purchased Mitch Edwards and Mark McKie’s house for $4,044,444.44 in 2021.

Wallis also snapped up Tanya and Vito Guccione’s for $3,800,000.01, and Kirsty Lee Akers and Jesse Anderson’s for $4,401,523.67 that same season.

During the 2020 series, Danny also spent big and bought three apartments for just under $12million after purchasing properties in the 2016 and 2012 seasons.

Despite the furore he excites at the auction each year, Danny is a philanthropist who gives away many of the homes he buys to children’s cancer charities.

He has donated multiple homes to the My Room Children’s Cancer Charity and Ronald McDonald House for use by terminally ill children and their families.

Read more at DailyMail.co.uk