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Very interesting topic. Was about to start a thread related to all this, but seems it's already out there.
My concern was born about, due to the alarming stats posted on "The Morning Show" the other day.
Now, before I get knocked down in flames by all the Koshy knockers, i'm well aware of the pitfalls of taking stats too literally.
However, it was noted that most of the major centres in OZ (including Adelaide) fall inside the Top 10 of the "Most Unaffordable Cities in the World to Purchase Realestate". The honours of No1 goes to Vancouver.
This would tend to hint to me that property prices are due to fall dramatically so as to correct the market.
We all know about the big credit crunch that hit globally 2008-09, although Australia was largely left unscathed.
The concern for me then is when are we likely to experience this next "big correction" in the market? This year, next, never?
I'm currently in the due dil stage of a buy/reno/subdiv(build)/sell deal in Perth CBD. Given this latest sentiment, it's hard for me not to feel more than a little uncertain about committing.
On the other hand, the contrarians have rightly taken the view that, while the "doomsayers" are crying out no, get in amongst it and take action.
BTW, I believe I've been conservative in my number crunching, but then no amount of number crunching can compete with a burst in the property bubble.
Should I take it seriously? Happy for my pessimistic opinion to be knocked down in flames;-) Be interested to hear from others in the same position.Cheers all, Nigel
Cheers Terry, thanks for that. I'll chase it up with them.
NigelIn saying all that, what processes are involved when it comes to selling a FHOG house?
Ie; At what stage in the sale do the ATO become involved? I imagine they are after some proof of occupation from anyone who sells a house that has been under the FHOG scheme?
What do they generally ask for?
Yes, I am contemplating a sale and am curious and want to be prepared.
Cheers allOk cheers, got that.
I can see the thing I have to toy with is just how prepared i am to miss 1 or possibly ALL of the seminars due to work commitments.
Kind of ironic that the whole point of this course is to learn the skills that will eventually enable us to pull ourselves away from being tied to work 24/7.
But for the time being, as inconvenient as it may seem, we are responsible to perform in our chosen profession.
I am lucky in some respects, that my chosen profession holds a great deal of excitement, but in saying that, like most like minded people on this site, we all desire to buy ourselves more time (whether it be working part-time as I'm striving for or not at all) plus have the ability to give back to the community in some way. That's my dream anyway.Thank you Steve, you have helped clear up a few grey issues.
Will be of benefit to be able to speak with Simon prior to making any commitment/decision.
Regards
NigelPS: enjoying your latest book btw!
Hey Juliet, thanks for your words of advice/encouragement. It all helps
NigelThanks for the advice.
I haven't checked forum for a while. Been overseas, but before I took off I ended up buying in Kalgoorlie. Main factor behind choosing to invest there was driven by the fact that rental returns are so much bigger there than in Perth.
Having said that, the property still isn't +CF (i can sense Steve shaking in his boots) but close to breaking even and after a year has yielded me a handy enough equity upon which to fund the next investment.
Question I now have to ask myself, where to invest next?…
Have heard rumours rent rates may increase to match prices paid in the Pilbara? ie; up to $1000 p/w. In which case one might be wise to continue plugging away in Kal.
Any thoughts
