Hate to give you bad news Diane, but SA already has land tax. There is a threshold of $50,000 (land value only) and then $50,001 to $300,000 it is .35% of each dollar above $50,000.
This is only for property you own other than you PPoR.
Good on you Rocky for getting into property investing. You have taken the first step now and it should get easier from here. Just make sure you have a good property manager in place and reap the rewards.
You are not the first person to post a topic looking for the magical answer. All I can say, and I guess I speak for most others on this forum is:
1. Don’t expect to come leaping into your arms on a daily basis. You will need to do lots of ground work before you find the properties.
2. Don’t expect anyone to tell you the exact locations of these properties as everyone is trying to protect their interests. Unfair maybe, but they have probably done the hard yards to get to where they are in their investments.
3. They will more than likely NOT be on the internet so you need to speak to RE agents directly (ie travel to regional areas). Remember you and 50,000 other people are also looking so you need to find a few agents to work for you. Relationships are the key to this enterprise, and not just with RE agents either.
4. Do homework on areas that you think will be the next big thing, there are plenty of topics and posts on this forum that will help you. Use the search function and type in various keywords (towns, etc).
5. Read as much as you can on property investing. Use every bit of free literature you can get you hands on. The internet is a very useful tool for looking up various statistics, town profiles, council media releases, company media releases etc.
6. Don’t give up if you can’t find any in the next week or two. It has taken me quite a while to find exactly what I was after (3 – 4 months). It has been only due to persistance and making friends with various RE agents.
7. If you are still stuck, try Westan or Bear, who for a small fee will find you one. I recommend that as a last resort though as that will not teach you anything on how to find them.
i read in the paper a few months back that 1 million asutralians planned to buy property in 2004, now interest rates are up and sentiment may have changed ?
i am interested in who expects to buy properties in the next 12 months and how many ?
Well that’s 10 out of your 1 million. Not many more needed now!
Fat lot of good electricity has done to the North Island. Hell, 2 years ago the people of Auckland didn’t know how to use the newfangled stuff and consequently had a black out. I guess they all had candles and gas lanterns left over from previous years though[}]
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lawry
since you asked i wouldn’t touch it, for starters it will cost you money in 3 ways
1. the rent will not cover the costs
2. the property is old and may have major repairs bill ahead
3. i don’t know Parkes but my guess would be prices have flattened out and there will be minimal capital gains, if you want to buy for capital growth don’t expect it in small centers like parkes (unless you know something i don’t know). Perhaps don’t expect it anywhere in OZ for a while.
regards westan
Westan
I have seen this property first hand and I agree with points 1 and 2. It is overpriced and in need of some work to get it to a rentable condition. Even then it would not be +ve cashflow.
Point 3 though, I think you will find there will be some capital gain in Parkes. There is a influx of businesses going in there to set up.
FCL, Big W, K Mart, Homemaker Centre, Tomingley mine and the ever present IMC business (even though IMC is officialy bankrupt, the idea is still very much on many people’s cards).
The town is expanding quite rapidly with land on the outskirts of town being sold off easily and quickly to a mix of owner occupiers and investors.
Touch is fun, but you have to stretch and warm up properly before you play. Because it is fast and jerky, acceleration and deceleration quickly, it can lead to pulled muscles. Just ask me – I played it about three weeks ago on Manly Beach and I pulled my hamstring. I did not warm up properly (stoopid!).
It is a way of getting your anaerobic fitness up as opposed to aerobic. It won’t lose you much weight though if you are after that. You need to do slow steady exercise (aerobic).
Good luck and show those K1W1 what the Aussies can do.