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holdencommodore
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March 30, 2004 - 12:48 pm
Thanks again Russ, your comments are helpful. Like you said, you know your area through experience, which is what I also believe is necessary in the area of an investor’s choice… But seeing as though I dont have that yet, Im a bit aprehensive as to what kinds of areas I should be looking at. Having always been good at maths at school etc, I just naturally (<– doesnt look right! :S ) look for the hard evidence of mathematical proof. It is true what you say though, at least I know this from experience, that there are vastly different pockets and areas within the one town. Also, someone’s signature is ‘averages represent everybody & no-one,’ which is also something you basically mentioned.
Thanks again Russ.
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holdencommodore
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March 30, 2004 - 9:36 am
Russ, I understand what you’re saying, but Im trying to figure out a mixture of things… what type of tenant will I attract if I buy in a town with extreme conditions as those you mentioned? Either one that likes that kinda environment, or one thats likely to leave. I dont know if that really made sence, but I want to setup some kind of system as a screening process for my future investments, because – as your signature indicates – there are a fair few +veCF properties, but most of them probably end up +veCF for a reason… I just like statistics to be able to back-up my opinion on a town thats all. Thanks for the advice though!
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holdencommodore
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March 29, 2004 - 2:37 pm
Thanks for the tips SIS, and Kay, Ill be buying API asap! I read about it on a different post, and it seems very common & useful to many investors. Is it usually available from most newsagencies? Or should I just subscribe (dont have a credit card, so subscribing to things like that is just a real pain!)
Thanks for the advice though everyone
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holdencommodore
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March 29, 2004 - 7:56 am
SIS, with predictions of C.G, what sort of things should I be looking for? Growth within the last 3 years or so, and probable future growth through reading Council minutes, predictions etc? What other resources should I be looking at? Also, personally I would be looking for something with +CF (or neutrally geared if its a good property… Im willing to sacrifice that relatively small amount) with CG in like with a few % above inflation. By the way, while Im on the topic, I really need graphs of real property prices for Melb if anyone knows where I could get them, that would be great! Thanks for the reply SIS.
Risky, like Ive said before, Im really not that great at expressing what I feel about certain things (aka. property inesting questions! lol), so my apologies for that, but thank-you too for your continued response.
Great to have such a great resource in all these knowledgable members!
Thanks!
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holdencommodore
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March 28, 2004 - 4:12 pm
Country predictions… Country growth… the real topic for this thread?! Can we try to stick to the point please! I really need other opinions on this! LOL! Thanks
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holdencommodore
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March 28, 2004 - 4:02 pm
Chan, I see your point, but taking into account that inflation compounds at say 3%p.a, in 18 months time, the property will have needed to have gone up by about 4.5% from now just for me to be in the same position. Taking into account the stage of the property cycle we are in, I dont think peoperties will appreciate by the 20%, maybe the 4.5%-5% (so Im in the same position as I am now anyway, less 18months of +CF), but further still, it looks like the real price of property will go down marginally.
Just my thoughts, but feel free to let me know what you think!
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holdencommodore
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March 28, 2004 - 3:47 pm
Hmmm, I know… I wish SIS would just tell us all what it really is rather than leaving us guessing like this!
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holdencommodore
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March 28, 2004 - 3:38 pm
Please dont start this again!
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holdencommodore
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March 28, 2004 - 3:01 pm
Hey, Im actually looking up the same thing, but in VIC… lol, seems like you & me are very similar! Umm, Ive been looking up the ABS stats – try this: http://www.ausstats.abs.gov.au/ausstats/2001maps.nsf/HomePages/AusStats+BCPs coz it lets you look at the demographics of towns etc, sorta get a feel for the area before you inspect (if you plan on actually going there – Ive read a lot of posts today about people having not ever seen some of their IP’s… Personally I dont think that’d sit too comfortably with me – I want to see what Im paying for!)
As for 7 hrs North of Sydney… Im from Melb so cant help you there… but is it in a coastal region? If not, the way I see it (being a small town etc), youd want a place that’s pretty much near the centre of the town, and through reading the ABS stats, you should be able to see the needs of the people in that town (eg. family home, farm land, 1 BR dwellings, mostly single people? etc etc)
Hope this helps, otherwise let me know, PM or email me
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holdencommodore
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March 28, 2004 - 1:41 pm
Hey everyone, thanks for the input, but we tend to have moved off the topic a bit! My original question was something along the lines of what do you all think of growth & prospects for country towns? Also, for the Victorians amongst the crowd (& those who have invested/are investing in country Vic) where do you predict will be good for future growth? I would ideally like a few +CF properties with above average capital growth for the area (just to start with), then move back towards the Melbourne suburban area once my equity builds up in the country/regional properties. Hmmm… long sentence huh?! lol, I never was too good with English in school! Replies much appreciated!
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holdencommodore
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March 28, 2004 - 12:15 pm
SIS,
Obviously the investing community here would Love to hear about the ‘Domino Effect’ as this topic is getting pretty large now. I understand that a lot of investors think they have discovered a ‘secret’ to their game, and fair enough that they wish to keep that to themselves. However, (note, Im probably way off the mark here, so dont be offended!) why wouldnt you give even just a basic summary to the community, as (from what I can gather) it sounds like the domino effect may potentially be very costly/devastating for some people should they be unlucky/not prepared enough to get hit by the domino effect (whatever it actually is!)
How ’bout helping everyone who has posted by just letting us have a basic summary, only as a warning, not a comprehensive study, of what the domino effect is, and how it is created to begin with.
Cheers.
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holdencommodore
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March 28, 2004 - 5:33 am
Hey Nath, if I found land for $1000 in VIC, Id be Lovin’ it! Considering its not too far from Perth, there must be a reason why its so cheap. Have a look at the Title, see if there’s any covenants or caveats over the property that restrict you from potentially building, what you are allowed to use the property for (zoning) etc. Also, with the caveats – this probably wouldnt be an issue, but someone else may be claiming an interest in the land, and if you just go along & buy it, their interest will prevail over yours – ie. you lose all you money.
On the other hand though, if the above checks out to be ok, what can you buy for $1000-$2000 these days? Nothing much, but especially nothing in the property game. Cant hurt, but make sure you look into it properly. Could be the bargain of a lifetime! Who knows!
Good luck wif it anyway!
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holdencommodore
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March 28, 2004 - 5:22 am
Thankx for the advice Kay, Ill try to find out more info ’bout the towns I was looking at… although I havent really concentrated on one particular area yet – even those few questions reagarding each town will help me to filter out a lot of towns… Thanks!
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holdencommodore
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March 27, 2004 - 4:49 am
Thanks for the advice Age, nice to know people are doing well, and particularly to me as I think country will be the only way to start on a limited budget/income. Geo, I think I understand what you meant by your predictions-assumptions quote, but doubt its accuracy. Are you saying that the economic world relies on bad assumptions? Maybe the small-time or casual ‘mum & dad’ investors do that, however this forum has mostly knowledgable people, some having made millions from their study and predictions of their investments. Predictions are just as important as assumptions, and shouldn’t be written off on such a major investment as property.
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holdencommodore
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March 26, 2004 - 2:54 pm
dude, youre makin a mess! lol, try to stick to the one topic… youve already started topics similar to this, so stick with it & youll get more positive & relevant responses. Otherwise explain what you want people to reply about or comment on, coz the info in that post really offers nothing to the community.
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holdencommodore
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March 26, 2004 - 2:49 pm
The law is that any insurance held by the vendor between signing & settlement is for the purchaser’s benefit. Therefore, if the vendor doesn’t have insurance, it’s your responsibility (also your responsibility to renew insurance if it runs out between signing & settlement).
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holdencommodore
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March 26, 2004 - 2:01 pm
dc summed it up perfectly. Ive almost finished my Estate Agent’s licence (in Victoria) and basically it depends on the Authority between the Agent & Vendor. If it is:
* Exclusive/Sole: The agent will get commission once the property is sold, whether they introducy the purchaser or not;
* General: Agent will only get commission if they introduce the purchaser to the vendor.
I am unaware as to any laws that prohibit a potential purchaser from approaching the vendor, however there are 2 issues: the one mentioned by Kay above (vendor employs agent to sell house so they dont have to), and that if the vendor has an Exclusive/Sole agreement, they will have to pay agent’s fees anyway, so probably won’t come down much in price. This is where creative purchasing is useful, as explained in Steve’s book (& on this site)
Cheers!
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holdencommodore
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March 26, 2004 - 1:42 pm
Hey, welcome to the site/forum!
As for your goal of retiring/semi-retiring at 30, thats the same as my goal. I dont want to HAVE to work by the time Im 30 (to be exact!) Ive just turned 19 and am a firm believer in having goals and sticking to them, however keep in mind the magnitude of what property really is:
* The ‘great Australian dream’ is to own your own home, right? Any thoughts on why only one house is the goal that only 70% of Australians are even trying to acheive? Because properties are so expensive, and they’re a long-term commitment. They have potentially good gains, are a rather safe investment, however can result in losses due to many, MANY factors. Some may be to do with the property itself, zoning changes, political changes, demographic changes… the list goes on. What Im getting to is that having such a short-term goal is great (retiring within 2.5 years), however make sure you dont put too much of a focus on that, as you might be better off delaying it to a purchase every 8 or 12 months rather than 6, and have a top quality balanced portfolio.
Just a thought, but welcome to the game
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holdencommodore
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March 26, 2004 - 9:43 am
I agree that these low interest rates are great… almost too tempting to resist, however Im not going to let that influence my decision to buy property & HOPE that it will give me a good return (either +CF, CapGains or both… whatever). As for reading the papers & listening to the media… while they may not be right, they sure do influence the general population’s state of mind, as not all people are members of sites such as this – they’re not all informed, and neither are we for that matter. Prediction is hard, but there is also no way Im going to write off the media’s response, and hence most of the general populations respose to new laws, tax benefits, and the “professional’s” predictions. After-all, there are economists etc who sit & study this kinda stuff all day, every day, as opposed to those weather people previously mentioned. I cant study the property market all day every day, nor can i do it such complexity as the economists etc do it, so it cant hurt to consider and probably follow most of the economists views & predictions.
Do Love those low interest rates though… lol!
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holdencommodore
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March 25, 2004 - 1:35 pm
Hi KBH,
The govt recently changed the laws regarding the FHOG and now states that you must live in the property as your principal place of residence for at least 6 months within the first 12 months from completion/settlement. They actaully have a site set up with info on the new conditions, and sorry, I dont have it on hand, but if you search for it using a search engine, youll be able to find it straight away. This new change was so that people didnt rent the property out for 364 days of their first year and live in it for one day & claim the FHOG <– did that make sense? So now its up to you to prove that you lived in the property for at least 6 months within that first 12 month period. However, there’s nothing legally stopping you from renting it out for the first 6 months, living in it for the next 6 months as your PPoR, then renting it out again. You’ll still be eligible & legally entitled to the FHOG (provided it’s your first home etc etc)
Hope this helps! (“,)
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