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My years of travelling the globe have set me back…. but what a life I have lived so far!!!
Money is not everything…I am thinking due to petrol prices etc and the yes the housing market has slowed, but the fact is there are still some crazy prices being fetched for some properties.. I am thinking a rate rise is imminent….. it will be interesting to see…
Im with Mkc… I think the drop has a way to go yet… ESPECIALLY in Sydney!
[1. “All listings from spring were sold out in Nov and Dec”.
2. “There is low supply, strong demand and prices are going up. Buyers are paying the full asking price and sometimes in excess of this”.
3. ‘Right now is a great time to be selling, especially with the buyer floodgates opening after the holiday period.”
4. “This time last year there were 13,000 properties on the market as opposed to 9,200 on the market at the moment.”
5. “A place listed at the weekend in Swan View and 30 families looked at it. It sold for $ 10,000 over the asking price.”
6. “Rents are up,up up. Existing tenants understand the situation and are accepting increases in rent.”
7. “At the weekend, a 3 bedroom duplex in Willetton was advertised for rent at $ 190 p.w. Many people looked through and it rented for $ 205 p.w.”]
That is just the real estate industry trying to talk it up. Even at these prices Sydney is still ridiculously expensive, and it cant be sustained.
I feel really sorry for the young people who are trying to buy their first homes. I am only 30, but luckily was taught by my parents to buy as soon as I could.
Those same parents lost a fair amount of money in the 80s and 90s when things went bad so are quite cautious now when investing.
If interest rates go up, things will really get interesting!Im with you MKC… I didnt understand what quiggles was saying either
Research will find you the deals, but dont rely on one source, such as the internet… get out there and network!
When renovating remember time is money, so be organised before hand, and always have a contingency fund!!An inch of time is an inch of gold but you can’t buy that inch of time with an inch of gold
I dont know if there are different types of stainless steel… but our coffee maker is stainless steel and I used a ‘spray and wipe’ type of cleaner on it, and it has all marked. It is very hard to keep clean with finger prints etc, and scratches easily. Maybe there are different types of quality though??
Hi Wylie… have you got any photos you could email me to have a look at? I cant imagine it
Wylie… just out of curiousity, what was your wage when you bought your first house? CPI accounts for alot too…. $25k was probably more like $200k is for us now… wages were lower too…
20 years ago it was only 10c to go accross the harbour bridge…!Enjoy the process and the journey… it will be tough, but there are people out there who have done it, so it is definitely achievable!
Our next door neighbour works in a similar setup sort of thing. Its more expensive when they have response alarms etc in the unit, as you pay a fee for all that. I guess it depends on how old your parents are as to whether they need that type of care now, or in a few years.
All the figures you have quoted are similar to what happens here in Sydney.
It would be interesting to know what goes into deveoping a site like this, as I am sure the original builder would get a kick back on that 3%… Does anyone out there know?
Good luck!I was also under the impression Melbourne was saturated. Look past the glossy promotional material, I think you will find the same.
Thanks guys… its good to double check your numbers with other peoples rules…
Pete… start reading some of Steves books!! The 11 second rule is not really relevant these days anyway in my opinion….
There is always somebody wanting to snatch any possible profits from you… I guess that is why so many people give up on property. It looks easy!![biggrin]
Vanessa
I think Kiwi is on the right track with self manage. You would eliminate the biggest problem in the equation then… the real estate agent, as well as increasing your figures.
Something else to think about….Clones
We are going through the same thing at the moment on a property in Sydney.
Its been on the market for 7 months… empty! The seller was asking 640k… he is now down to 580k. We offered 520k, he said ‘no 560k’, so we said we would speak to him in a couple of months.
I think during all this its important to not get emotional about the house (even though we love it and it has so much potential). At the end of the day we are prepared to walk unless we get it for the price we believe its worth.
Here is hoping! Either way its a fun game!!
EcattHi All
I too have found a few properties over the last 12 months that match up to the positive cash flow criteria. My advice is dont just rely on the internet!! Get out there and talk to people. They are alot more sparse these days, but still around if you look hard enough!
