Forum Replies Created
Gee, a bankrupt trying to break a lease.
You sound like the perfect enemy to most on this forum.Hi all. I’ve been buying since 1994. Have 9 plus PPOR at the moment. LVR abt 26%.
Advice to newbies, watch you don’t buy @ top of cycle and don’t be tempted to sell. [biggrin]Chelley, are you self managing from overseas???
Mum, If it was a good development site in a good location, and you wanted it only for reno/rental, then really, you were never even in the race.
In this present market, most areas of australia I think are overpriced.
Traralgon and warrigal are both showing good increases in population and rental demand and as such I think represent good value and good prospects for the future.
Go down there, look around andform your own opinion.
Pay no attention to negative comments by those with an attached sales pitch.Born in Traralgon in 1966 to Greek migrant parents who settled there in about 1960. Moved to the big smoke (Melb} in 1990. Married in 1992 and bought PPoR in Doncaster in 1994. I still live there with the wife and 2 boys.[biggrin]
My parents did a stupid thing. Virtually gave away (low market at the time) a whole bunch of terrific assets bringing in big yields in pursuit of a crappy pension.
Although, your parents with their land in WA maybe best to sell now before the market goes backwards, if they intend to sell at all.Hi AndyM.
Good luck with the new baby and your situation. Many good pieces of advice have been given, I’m sure you’ll get through OK.
Slightly off topic, people considering purchasing in booming markets at the moment should pay particular attention to this post and how you can PAY WAY TOO MUCH for property under frenzy conditions.Sneaky buggers!
Sorry, but some of you Perth folks are starting to sound a bit unrealistic.
Resources booms, stronger demand, etc, while these factors do have an effect, the plain and simple reason prices are rising is that you are now being hit by the same property boom that hit Syd/Mel/Bris/Adel/even Hobart some time ago. No resources booms over here though.
Your property boom seems more spectacular because you came off such a low cost base.
Don’t get me wrong, I think it’s terrific that prices have risen and the smart investors have created instant equity, but if you think it’s going on forever you are seriously kidding yourselves.
Prices can rise or fall. Be very careful.In Victoria, all electrical work to fixed wiring systems must be carried out by a licenced electrical worker, and a certificate of electrical safety must accompany that work.
As far as I know, there are no exceptions.I dunno about NZ/US other than what I’ve read here and elsewhere, but wouldn’t any eventual profits be offset by very high travel/accommodation costs and any other distance/discrimination issues eg. poor service/overcharging?
It’s just hard to see how this could all work so wonderfully from such a distance or am I too critical?I have been and will continue to invest in Traralgon as the basic fundumentals of property success are there, in my opinion.
These include strong population growth, good rental demand, v. high average incomes, excellent and improving infrustructure, proximity to Melbourne (1Hr. 40min easy drive), low entry price, huge potential multi billion dollar power projects looming etc.
Quite frankly, I’m yet to see a downside.
I can’t think of any other location with these attributes. And it’s in AUSTRALIA.
If you go down there, talk to estate agents/PMs as to which type of property suits and do your homework.PS. I am not a seller, agent, nor do/will I have any financial interest in your dealings.
Good luck.
I’m not a builder either, but a brick veneer house is really just the same as a weatherbord house. They both have simular timber stud framing etc.
The main difference is that the WBoard house has stumps around the perimeter and weatherboards/or other cladding fixed to the outside of studs, forming the external lining.
With the BV house, they have a footing (concrete foundation) around the perimeter with a mainly single skin brick wall atop, built around the outside of the studs with about a 50mm clearance from outside of studs to inside of brickwork. The bricks are usually also fastened to the studs with brick ties.In short, what this means is that the framing is what holds a brick veneer house together, the brickwork is merely an outer cladding. It could well be as simple as knocking down brickwork, relocating house and installing new brickwork at new site.
NOTE: This does not apply to solid brick houses and most brick garages etc. Also note if a BV house is on a concrete slab, then it can’t be relocated.
Hpe this helps.
9 IP’s + 1 PPOR, about 27 percent.
Hi Renand.
Make sure you check with other real estate agents in the area as to the REALISTIC rent that can be achieved with this type of property.
Good luck.Not sure but that “law” sounds like a load of crap to me.
Tell him that you have to get fair market rent on your IP, whether with him or with new tennants.
This cosy arrangement (for him) must stop.
Good luck!If you really reckon that they are a good set and that you can make them work ok/ ie.potential for improvement etc. why not make an embarrasingly low offer of say $820K and see how you go?
They can only say no.Hi Redwing,
I’ve got a 2 bedroom unit which I went through the process of fully furnishing. Initially it was unfurnished and was renting for 220/wk about 2 yrs ago. Since I had it furnished I went through an awkward holiday letting phase, but eventually put it back on the permanent letting market about six months ago.
The agent said that 300/wk was the value which I found hard to believe, I would have been happy with 260-280/wk. But lo and behold, 300/wk it was and a flood of applicants on day one, so the fully furnished excercise has definetely worked out for me.
Bear in mind though that the rental market in that area has lifted since 2 yrs ago, and present unfurnished rental value of my unit would probably be around 240-250/wk now, so realistically for me it’s about a 50-60/wk difference.
You should check with agents in the area your unit is in as to demand etc anyway.
Also, don’t put old junk furniture in, put decent stuff in as nobody is going to pay top dollar to live in old furniture etc. And make the tennants provide their own linen.
Sorry that I ramble on a bit, but I hope this helps. Good luck!I would agree with the JPM estimate that some cities are very overpriced.
True, new infrustructure, economic and lifestyle factors can cause a suburbs value to rise/fall.
Supply and demand vary from area to area etc. You can talk about that stuff all day.
What is the real reason for rises in prices in the last 5-10 years? Three words.LOW INTEREST RATES!!!
People can now borrow far more so they can afford to buy property at prices that have escalated way out of kilter with inflation/income/rents etc.
I think that if these rates remain at these levels then the property market should remain stagnant/fall/rise depending on local market.
If interest rates rise significally, then in my opinion, there will be carnage on the market with prices falling back to more realistic levels. Those who overextended on over priced properties could be facing huge losses.
We shoul all be very cautious.
