Forum Replies Created
Thats correct finance companies that handle forclosures hand ball all there properties to realestate agents in the given area to sell so as to ensure the highest amount is gained from the sale in the public domain. I don't believe there is an accessible list out there available to the public for obvious reasons. Can you imagine the 60 minutes stories and a current affair scandals if this were the case
Milt,
And then there are the independent banks that raise there own interest rates
like St George LOLMilt,
Dont forget capital gains, if you dont build and sell when it isn't your primary residence this how it works:
I bought a residential block of land for 150k land sold it for 235k two and a bit years later. My costs for maintaining the property and realestate agents commisions stamp duty etc was $12k
Now the way capital gains work s on land in victoria is 235k sale price – 162k = 73k gain
so 50% of that 73 is yours 36,500 is yours tax free
the other 36,500 gets added on to your taxable income so depnding on what bracket you fall in determines the result. in my case 30% went to the taxman so just over $10k was lost to Mr Rudd's mates in capital gains, you'd think stamp duty we pay of $5k was enoughThank you for the very extensive responses, they are now be kept in my arsenal ready for battle with realestate agents
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it leaves just leaves me with one silly question is the discount rate the percentage figure that the property was discounted overall i.e property was listed for $400,000 but sold for $360,000 hence the 10% discount figure?
What economic factors control the prices of homes in inner suburbs in particular the falling of if any, all theories accepted?Cheers Milt,
Many thanks for the replies and internet sites to visits for assistance with PI. We are looking at suburbs that will essentially be clasified the next inner city suburbs in say 10 years time and like most want to get as much bang for our buck as possible. The suburbs i have been looking at thus far indicate a 13% growth long according to domain.com.
It looks like i'll just be sitting around for 6 months monitoring the 2-3 suburbs I'm interested in and begin submitiing offers 10% lower than the asking prices until i find a property I like, that the owner needs to sell. A property in the west of melbourne we were looking at has all of a sudden slahed 5% of there asking price which had me asking are thing getting tougher out there???
I've been advised to find 10 properties I like and submit 10 offer less than the expected price until I find someone who desperatelly wants to sell! Has this tactic worked for any of you in the past is this our best technique on purchasing a property for less?
Essentaill the first house we buy will be our base then we will wait for the market to drop a few years later if it does in fact, before we purchase another. Fortunatelly we will have a very small mortgage "working very hard over the past 5 years" which will leave us with options later.
Do you think the highter costs of living, or if the US invades Iran in November resulting in big petrol increases will help deflate the market at all or could it in someway make housing affordability worse in our present economic climate?
I'm sure years ago it was much simpler to make these decisions as the world was no where near as compex
Milt,
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