CSIRO estimate that at least 1 in 5 homes have a history of termite attack. Termite damage is often not visible to the untrained eye until significant damage is done, which means if you skip the pest inspection you could be buying a house with a damage repair bill of tens of thousands of dollars just waiting for you.
Sometimes the home is so badly damaged they need to be knocked down. It does happen! Termite damage is not covered by your home insurance and so you could be facing financial disaster. For the small cost of a pest inspection you can be sure you are buying a investment free of termite issues.