Quite true,

If the proerty has been advertised at say $350K but the true selling price was $320 the you will most likely find either the original list price is displayed or a range is shown. Basically, it would be bad press to say you were not able to achieve the price you estimated it was worth. Not all agents behave like this, but enough do to make the figures you mention very unreliable. If you want an accurate figure log on to something like streetsales.com.au where 3 hours access is about $20 and you can look up as much as you like. I have found this a much cheaper option than individual searches with RPData. You don't get owners names but does that matter?

mick

I have recently purchased 100 acres on the outskirts of a large regional center. It is zoned for rural subdivision (down to 2.5 acres). Due to the glut of land releases in this area at the moment the plan is to sit on it presently. It has a commercial lease in place and farming the balance will make it +ve cashflow, so it is a good one to hold.

mick

I have one I will sell. It is in storage having just moved but Pm if you are interested and I will see how quick I can get it for you.
Mick

Is this a place that you wanted to move into yourself? If so, are you able to sell your current place, lease it or elsewhere whilst the building is being built and move to the new one then.

Other options:
1. rent a room in your current PPOR to increase income
2. Look for private funding
3. JV partner if profiable

Just a few thoughts
Mick

Again, not advice from an accountant but my understanding.

For it to be your PPOR you have to satisfy the ATO that it really is. So you have utilities in your name WITH a realistic bill. Car, licence, vote, incsurance etc registered at that address. And you should be fine. With regards to selling in a short time frame after a reno, on a once off you should be OK. It is if it occurs more than once every 2 years then the ATO may flag you. Similar to building a spec home with the intention of selling it after living in it briefly. It then moves into the area of a buisiness. Also depends on how professional you are being (eg buisiness cards promoting yourself as a poperty investor etc), then you may not get much sympathy claiming to be just a little guy.

Get the ATO to send out their current CGT booklet. It has a lot of good examples that will help.
Mick

A similar situation occured with us. The delay in getting an inspection caused adelay in finance and whilst we requested the 2 week finance clause be extended to 4 (thus moving the settlement by 2 weeks also as it was originally stated as 4 weeks from finance approval), when it got to the original settlement date, which we were obviously not able to settle upon doe to the delay, the vendor (acting for himself) tore the contract up. I followed it up with my solicitor but the cost to enforce the original contract would have been high with no guarentees of it giong my way. So much for having a contract.!!!! It caused much grief for the solicitor as well as us, mostly as he was acting as his own agent and could never be found.

I wish you all the best, and my only recommendation is that you get acknowledgment of any requests in writting.

All the best
Mick

When the market was moving, I know my lender made it a once per 12 month policy to revalue property.

Hi Mini,

The 6 year rule.

You can own a PPOR and move out and rent it for up to 6 years, sell and not have to pay CGT, PROVIDED you have not purchased another PPOR during that time. (Came about as politicians moved to Canberra for 2 x 3 year terms and didnt want to pay tax if they sold there house). You can claim appropriate deductions during the rental period. Of course check all this with your accountant. The advice about getting a vlaue is worthwhile. It may come into play if you end up purchasing another PPOR prior to disposing of the first.

Hope that helps
Mick

Hmmmm……..Getting a bit narky here guys.

If you are not living together and you purchase the land off her then maybe – but is the extra cost worth it?

Oh….Did she live in the first place or was it an investment?