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Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 1, 2010 - 8:13 am
fWord wrote:
When you think about it, how many other people are whinging and whining about affordability purely because they want to live in the middle of town, or the blue chip suburb with limited houses and nice trees.
In all honesty, i try and avoid posting unless i have something of real value to add, but this thread did press one of my buttons.
I very recently bought a 2 Bed unit on the Central Coast for 240K.
I am a CBD Worker and am looking at a travel time of between 1:05 – 1:20 depending on train connections.
Why did i do it ? (might i add a bunch of my mates have asked me this question)… because it gets me in the market !!!
None of our parents started off in 3 Bedroom, 2 Bathroom, 2 Garage Mini Mansions on the North Shore… they all bought what they could afford (generally a 2 bed fibro shack), worked two jobs to pay if off and over time, upgraded.
The biggest problem with Gen Y, Gen Z is that we all want today, what our parents took 30 years to achieve…

NB. In regards to the property bubble, i am a big fan of Michael Yardney's views…   (i hope that name is not a swear word on this forum).
A lot of the baby boomer generation are looking to retire within the next ten years and they are living in their greatest asset (their 3 Bedroom, 2 Bathroom, 2 Garage Mini Mansion on the North Shore)
In order to free up some cash, and get away from the big empty house that is no longer needed as the kids have now all moved out, they are going to sell up and buy a nice little unit or townhouse close to the major capital cities because that's where their kids are, but far enough away that they have some 'lifestyle'.
Add to that a Gen Y, Gen Z generation that doesn't want to mow lawns, rather just wants to rent and remain fairly mobile…   and my view is that big houses at the top end of town will plateau whilst the smaller, unit or townhouse will prosper.


Ps. Final Comment, because i only borrowed 240K, which i can make repayments on without any real difficulty, i expect to be back in the market for my first IP within 12 months.
Matt_Arnold
Participant
@matt_arnold
Join Date: 2006
Post Count: 142
March 29, 2010 - 11:35 am
god_of_money
In the interest of supporting the brokers who contribute regular and informative posts on this forum, i will message you off line.
Matt_Arnold
Participant
@matt_arnold
Join Date: 2006
Post Count: 142
March 29, 2010 - 11:21 am
Hey Kinny
If you already have a bank in mind find out what their criteria for lending is.
Eg. I just bought a place through Westpac and they would normally only extend me a 95% LVR, but because i have been a member for more than 6 months they lent at 97% LVR.
A good broker can help you out here…
Matt
Matt_Arnold
Participant
@matt_arnold
Join Date: 2006
Post Count: 142
March 11, 2010 - 9:09 pm
Hi John
I have previously used Stock Doctor and think that it is a great program.
If somebody was to delevop a 'property doctor' as you suggest, i think it would also be a very valuable tool.
Have you used the Somersoft PIA Software at all ?
http://www.somersoft.com.au/software.htm
I bought the fully licesned version about a week back and although i am still learning how to use it (unlike stock doctor, the training manual provided and lack of on-line courses don't help much ! ) from a cash flow, capital growth forecast etc it does seem to be quite good.
Matt