Hi guys,

Thanks for all the kind words… sometimes I think I spend too much time on this forum, but it’s time well spent (most of it, anyway)

Cheers
r

hi brent

my other reply was a bit harsh, so I apologise. I paid it back as soon as my salary enabled me to… I wanted to get rid of it quickly, and I’m glad I did. As I said earlier in this thread, SIS intends to pay his back, as I’m sure Chan does, so it’s all good.

cheers
r

hey brent, I finished my journalism degree in 1994… Gough got the arse when I was 1 year old… I’ve paid back my HECS debt so I can say whatever I like about the matter, on whatever horse I want.

cheers
r

Hi Wil and Del,

That is such great news… congratulations to you both!! [][] Tell me, do you think if you hadn’t sold your house you would have got there? Just curious, cos sometimes the ol’ PPOR is a millstone, sometimes it’s the best thing in the world!!

And to Bec, good on you for your words also.

Cheers and salutations to all!!
r [][]

Hi guys,

If someone pulls out equity of one of their existing properties and buys down on the peninsula… an average to decent place in Blairgowrie costs 350k, a good one costs 400+. Rye and Tootgarook are cheaper… because Blairgowrie, Portsea and Sorrento have such good access to bay and ocean beaches, whereas they don’t.

IO on 350k at say, 6.2% is still over 21k per year you have to fork out to keep your place… if you get 6 weeks of rentals at 1000 per week, that’s still more than 15k a year you’ve got to come up with… if you can afford that good on you.

Yack, another note, a mate has a place at Lorne, the CG has been phenomenal, but he and many others down there struggled to rent their places out for the last couple of summers. I don’t know if it’s because they were asking too much or what… what I’m saying is, don’t rely on holiday rentals to justify your decision… it’s a great lifestyle thing… I thought it was 3 years ago, but I’ve changed my mind… different strokes for different folks I guess.

cheers
r

agree with Simon… or else there’d be quite a few “millionaires” running around

Hi Yack,

that’s pretty much what we’ve done, but it was bought as my wife’s PPOR when we bought it 3 yrs ago… she lived in it for a month or two, then we made it available as a rental. We now live on 60 acres north of Melbourne, and if we cash in the CG at Blairgowrie, we can clear the mortgage up there. As a bloke with a young family I’m sure you can understand that we think it’d be nice to have no PPOR debt while we’re both 29 before we get started on the kiddies front.

Re: being the time to buy or sell, I don’t know… I’m a believer in Jan Somers’ theory to buy when “you” can afford… it’s just the right time to sell for our particular circumstances.

In terms of where the market’s going down there, the “big” money suburbs like Portsea and Sorrento might take a big hit, but cheaper places like Rye and Blairgowrie might just soften… that’s what a few agents down there have told me, anyway.

by the way, if you’re not getting great CG or holiday rental turnover, that interest money you’re paying is still a pain in the arse to come up with every month… even if it is tax deductible or a good place to go for a holiday… that’s what we’ve found anyway…

cheers
r

how close are you to getting to where you want to be markpatric? Considering the length of time you’ve been investing you must want a pretty expensive PPOR

cheers
r

yack,

prices have more than doubled, and in some cases, tripled on the peninsula… if you want to take a punt it’s going to keep going up, and up, and up, good luck… I can tell you from experience the demand for holiday rentals isn’t as strong as some may think. Demand for full time rentals is even worse. We’re about to sell ours at Blairgowrie and ching ching cash in.

cheers
r

Markpatrick, you said on somersoft you’ve been investing for 10 years… now it’s 15-20… what’s the go? Not having a crack at you, just curious.
cheers
r