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good one bruham! don’t know about dearer than Melbourne… it’s still the cheapest median priced capital. backward outpost… hmm, will leave snobbery comments alone – a good refuge for the defensive. look where the wealth is generated in this country. I think the Swans win has gone to your head.
Subiaco use to be a rough suburb too, doesn’t devalue it at all. is a bit like saying don’t buy in Darling Harbour, it use to be a dump.
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sorry to be living in the past but… Marisa our family beach house use to be # 1 Hooghly St. its about 15m from the breaking surf. sold it in 1991 for $75,000. always depresses me… I tell everyone who will listen.
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we’re all ears
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we sell Highbury packages and have put together a few for members on the forum etc. We can be competitive for homes that are suitable for lots in places like Anchorage i.e. around 500sqm, but struggle a bit with the larger homes e.g. 180sqm vs 220sqm. at roughly $1k a sqm haht’s about $30-$40k difference to compete with. For the larger lots at singleton I thought Celebration could be the way to go but that door seems to have shut. I see Gemmill has been doing a lot of the packages at Anchorage and they seem to be going up reaonably quickly. Metrostyle also had a few signs up but I have heard they won’t hold their prices for very long if you are waiting in titles.
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my copy turned up today…
just quickly reading it, it sounds like they just sold it off the plan rather than a house and land package. so she would put in say 20% of the dev costs and capitalise the interest. anyone else interpret it differently?
GST will take a decent slice of this profit too.
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Will have a read of the article fullout and see what they are going on about. there are a heap of different ways they could have done, like everything in property. what month is printed on the front page of the magazine? I am losing track of when I got my last one and maybe my new one hasnt turned up yet. to be honest I am barely reading them these days, seems to be mostly glossy ads for serviced apartments in queensland…
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that takes this discussion board to a new level huh? now we are bulk co-operative!
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redwing – I think you are onto something. a pre-release direct sale of some of the premium lots.
tho they are better positioned they are also better prices (much higher) which would be my only concern.
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hey thanks for the info Wayne. the parcel of land in front of singleton beach estate will no doubt be carved up at some point in the near future… presumably at a lot higher prices.
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here you go….
http://www.singletonbeach.com.au/location.html
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when a buyer gets finance for a house and land package the bank will independantly value the land, and the house. the 2 will need to add up to what you are charging. you will find that most people will just do it themself. the alternative is to sell it as an off-the-plan house, so that the buyer has no headaches with the building costs and interest charges. It’s not easy selling a concept like this tho, hence why companies like Mirvac have huge marketing budgets, displays, glossies etc
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wow – that’s quite a bleak and depressing picture you paint there bruham. In WA everything is stretched to capacity (house prices rising, no land available, can’t get anything built, commercial space not available, city building plans being dusted off). This seems to stack up with ballooning federal surpluses and what feels like an inflationary environment.is Melbourne in the doldrums? I wonder if we could head into the sort of problem that Europe feared with a central bank – where the interest rate mechanism would become difficult to manage because different geographical areas of the economy were running at different economic cycles? If we don’t get a rate rise soon I am concerned WA will overheat.
must need my head read but I am seeing some sense in the latest BIS report. If rates in the US rise and USD appreciates against the AUD the reserve will certainly have the ability to lift rates without the farmers and other vocal minorities squawking.
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yes but it’s not just a matter of taking your money out and being able to go back in at will. by the time you pay REAs, tax, (and GST if applicable) and discharge the mortgage, then go back in with stamp duty, new mortgages etc it can be a very expensive exercise. If you bought for $100k and sold for $200k, you would clear say $50k if you were lucky, possibly less. To invest that again you would probably have a nett to spend of around $140k after stamp duty etc., meaning your are willing to bet that property values will fall by at least 30% (and that’s just to break even). hence why there is a compelling argyment to buy and hold, even if the market looks like it is going sideways or falling slightly.
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was just talking to a guy that was saying there is a new land release at Hillarys: it has been offered to locals first. better get your skates on – it will sell fast….
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there’s a desperate shortgae of properties in that area, why not just list it with an agent up there? add the agents fees to the price you ask – am sure it would last about 5 minutes on the market.
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I see – I suppose it depends how hands on you have been i.e. how much the PM has paid for.
with the add back of the GST into your return, do you have to do an amended return for each year, or would you just throw it in as income in the current year?
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isn’t it going to be an awful lot of hassle? I was just looking at what I could claim back… abit from the lawnmower guy, a bit from the PM, a bit from pest treatment co etc. I could see it being a huge battle with each company chasing it up and then at the end of the day whatever you get back you have to include as taxable income (or reversal of a deduction). I wonder if you could claim the costs of chasing all the money up?
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yep – has to be a winner. I like it… can’t be bothered camping for lots tho. Is demand still that bad or can mere mortals buy blocks there again?
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it probly is a bit cheap and thus better value compared to the south, but don’t forget northern beaches are pretty windswept and barren. nothing against them but there isnt exactly a choice of wineries or boutique breweries. the mooted highway will be built one day I am sure – the state govt is very keen to take the pressure of the south west.
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nice dilemma to have – beats the ol “I’ve made a loss should I hold and hope or sell?”.
the property market is still on a healthy rise so there is probably no hurry to make a decision. consider what you will walk away with after REA fees and tax. $540k doesn’t sound like a lot of money for what it is, but the net yield is dreadful. when is the tenancy up? rentals are rising quite quickly and you could try a rent increase – if they walk then clean it up and sell it. it is definitely a sellers market out there and if you can’t see prices rising then…. I personally would get rid of it. you are sure to look back in 10 years time and wonder why on earth you sold it tho. I sold a townhouse a year ago (last one in a complex I developed… just wanted to close it off) for just under $300k and the new buyer was just offered close to $400k and they knocked it back… you think I aint kicking myself?! but you can’t keep everything.
if you are worried about losing your stake in the property market, you could use the cash out as deposit for 1 or 2 median priced investments.
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