Forum Replies Created
Del I think you are about 6 months too late!
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
it would certainly provide some good knowledge for you and i think it’s a great idea. I wouldn’t recommend working as a rep tho whilst trying to make money from real estate… the ethical requirements and legal red tape will prevent you from doing deals and you would be better off as an individual investor. Sales Reps are oversupplied and generally do it pretty tough – a lot of hours for little reward!
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
stamp duty is a rort. there will be a change of government here in WA early in the new year primarily attributable to the labor govts greed and easy targeting of stamp duty as a revenue raiser. how hard the libs attack it remains to be seen, they have pledged reductions but IMO this not enough – these regressive taxes are stifling business.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
if you add value you can give yourself a 20 – 30% buffer (or as much as you can achieve) so if things cool off you are somewhat insulated.
things do work in cycles and it pays to be counter cyclical. trying to gaze into the crystal ball and call the top of the cycle is the hard bit. Perth is still on the rise and you should be looking for markets such as these that have not yet reached dizzy heights. Qld could be anothere one – I don’t know much about it and expect it might be a bit over heated now. look at NT perhaps?
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
My experience has been the same as yours Robert – the council have insisted that the land owner sign the application… regardless of me holding an unconditional contract. One guy I know paid a seller $1000 to sign a form (I can’t recall the full story) – all this would be avoidable if you put it in as a condition of your offer
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
This: “Assuming the best case scenario of both people working, none of them ever unemployed or sick, household disposable income with 2 average wage earners is $1000/week. This accords with AWE of 2, 100k, after tax take home about 60k/year.”
Doesn’t agree with this:”1. median income : median dwelling values are astronomical. Through the roof. The ratio over the last 50 years has consistently been 4-6 (except at major turning points) it is currently 10 in sydney. The average person earns 50k in sydney and owns a 500k house. This is bedrock reality. The average person if they took out an average loan in sydney would take over 40 years to pay it off even at currently low interest rates. This is longer than the average person’s working life. This is unsustainable. “
based on
so 2 people earning $1000 a week each (this sounds a bit low for Sydney?) = a household income of $2000 a week. so on the same scenario $700 a week mortgage leaves $1300 a week for taxes, living, saving etc. I don’t know if there is a bubble or not, but this situation doesn’t seem too bad, especially as inflation pushes wages up and mortgage balance effectively reduces. And this is in the most expensive real estate market in Australia – most other markets are twice as rosy as this.
the old ‘property doubles every 7 years’ is a statistic that can be used to support an argument – and we all know about statistics!
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
” AusProp,
I dont think the price is important its more to do with monitoring reasearch and speaking with people in the industry.
One particular house went from $235,000 to $180,000 in 1 month.”
hang on – maybe my accounting does are haunting me here but I would say it’s right up there in importance. a $55,000 drop in 1 month (23%) and looking for another 23% drop? this would be an economy in melt down. Now if you were talking about a $1m house I would say its just usual selling strategy.
Monopoly – as my great idol Gordon Gecko says “money never sleeps”, whilst everyone else is partying this is an ideal opportunity to snatch a bargain, how many vendors would be looking to have a nice cash offer on their house and relax over xmas in the knowledge that its all a done deal?
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
just trying to gauge the % drop that Dom has witnessed:
“houses have dropped up to $40,000 in some cases”
IMO I think that a further drop of this magnitude is wishful thinking but who really knows?!
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
“We demanded proof of the other offer. The other buyer has same condition as ours, (subject to finance plus 30 day settlement). Their offer was $313K (3K more than ours). We said, we’ll pay $314K, the agent called this other buyer to give him a chance to better his offer.”
would still like to know how you got all this information – if there was another serious buyer and they found this out they could drag that agent over the coals…. talk about a dutch auction!
putting an expiry clause on your signed offer is not a bad idea, bear in mind that you can verbally withdraw a written offer at any time anyway… right up until acceptance has been communicated to you.
Extensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
he sounds like he is envious of the desk bound men and would secretly like a $40m mansion.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
well they may have done well but I in the past I have been amazed at how much people pay for stuff that I was happy to throw out. its a very effective paper though. it comes down to time and reward, I would rather haggle new in the show room and be the one selling in the quokka in 5 years time when the washing machine or whatever has served its dues…. it seems you get a decent residual.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
exactly Terryw – if you don’t you may have to cross their palm with silver and you will be snookered!
wouldn’t recommend doing anything too physical prior to settlement, a lot of things can go wrong and a property isn’t sold until it is settled
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
what sort of price tag is on these properties?
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Originally posted by obiwan:1. median income : median dwelling values are astronomical. Through the roof. The ratio over the last 50 years has consistently been 4-6 (except at major turning points) it is currently 10 in sydney. The average person earns 50k in sydney and owns a 500k house. This is bedrock reality. The average person if they took out an average loan in sydney would take over 40 years to pay it off even at currently low interest rates. This is longer than the average person’s working life. This is unsustainable.
undesirable yes, unsustainable? creative financing can work ways around it just as in countries like Japan and Germany e.g. multi generational mortgages. Remember not all societies are as obsessed with home ownership as here in oz. There will also come a time when the older folk get tired of subsidising the material dreams of young people in the form of first home owner hand outs etc
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Originally posted by Sonja:I recently heard something along the lines of “subject to approval by purchasor’s solicitor” which I quite liked the sound of. It doesn’t sound too long winded or list lots of conditions that may make the vendor baulk but it gives VERY broad protection.
Regards
SonjaI saw this the other day… good luck if you can get anyone to accept it, and who knows they might. You may as well just write “subject to me changing my mind at any given moment”
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
a reverse mortgage only delays the problem, when the BBs finally pass away who will buy their properties? the banks would need to consider their risk exposure – they may find they are owed more than they can recover from these properties.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
I think the problem with relying in immigration is that most other developed countries will resort to the same thing and competition for migrants will be strong. With Australia being little more than a holiday destination it is hard to see how we could attract skilled career people in any great numbers. One million Australians agree and have departed our shores for the likes of London, New York etc – an all time high and a national disgrace.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
in other words, other peoples land, other peoples money, other peoples profit ??
Regards – Dr Seuss
actually there is a company doing this very well in Perth. Like everything IMO, you need to gain momentum and specialise in the field, no point just doing a one off deal.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
http://www.brw.com.au/freearticle.aspx?relId=11252
“Each of the eight imperatives in this special report ranks high on effect and urgency. They are the areas that company strategists cannot afford to ignore. They are also exigencies that do not necessarily fall inside the time horizons of company strategies, which are now conducted only over three years, with an annual update. The effect of ageing, for example, will occur over decades; it will not just have an effect in the short term.”
Ageing will happen, but you could die of old age waiting for it
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
also to get back on topic re the websites, as another poster said, there are really only two websites that are worth your time and effort – domain and realestate.com. The latter is for the reserve of REA’s. The REIWA website also attracts some decent traffic for WA buyers (and I assume these sites exist for other states?) but personally I think its past its use by date. Once again its just for REA’s anyway.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
