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wallyt99
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@wallyt99
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October 20, 2008 - 11:01 am
I would say no way mate.
They are all unserviced by public transport, and as a result, the road and traffic problems are very bad. The majority of properties are highly debt laden, and over capitalised (too expensive house, on cheap land).
If we go into a recession (highly likely) alot of people in these areas will struggle to keep their job, or keep their small business afloat. At $3 a litre for petrol they will not be able to service the mortgage. There will be mass selling in these areas and they will return to their true value…
Land – $130,000 -$190,000. The houses wont fare so well…..
Some people would have spent $350,000 building, on a block they payed $250,000 for. They will struggle to get $400,000 for them.
There is strong industry growth (read: employment) in some areas of melbourne which also have cheap land available, and public transport.
wallyt99
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@wallyt99
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October 20, 2008 - 8:24 am
You are in now…..
Did you buy this as a long term or short term investment?
In 10 years time your property will still be worth significantly more than it is now. But you might lose out in the next 3 years.
Whether you can afford it or not is a decision you should have made before signing on the dotted line.
wallyt99
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October 20, 2008 - 12:38 am
hbbehrendorff wrote:
Now sir, Tell me, Do you really support this ?
Please…..
http://www.inspect-ny.com/hazmat/CO2gashaz.htm
- At 1% concentration of carbon dioxide CO₂ (10,000 parts per million or ppm) and under continuous exposure at that level, such as in an auditorium filled with occupants and poor fresh air ventilation, some occupants are likely to feel drowsy.
- The concentration of carbon dioxide must be over about 2% (20,000 ppm) before most people are aware of its presence unless the odor of an associated material (auto exhaust or fermenting yeast, for instance) is present at lower concentrations.
- Above 2%, carbon dioxide may cause a feeling of heaviness in the chest and/or more frequent and deeper respirations.
- If exposure continues at that level for several hours, minimal "acidosis" (an acid condition of the blood) may occur but more frequently is absent.
- Breathing rate doubles at 3% CO₂ and is four times the normal rate at 5% CO₂.
- Toxic levels of carbon dioxide: at levels above 5%, concentration CO₂ is directly toxic. [At lower levels we may be seeing effects of a reduction in the relative amount of oxygen rather than direct toxicity of CO₂.]
Of course I know Carbon Dioxide is a vital element to life on the planet. So is sun, and so is water…..yet increase the power of the sun 2x and I tell you I will not be happy. Increase the volume of water…and it will be hard to type underwater.
The ecosystem we have that supports our life has developed over millions of years. We are affecting massive change to the balance over a period of just 100 years…. To deny this is neglecting your responsibilities as a global citizen.
wallyt99
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@wallyt99
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October 19, 2008 - 10:44 pm
Man you guys sure are naive about climate change.
Two links from respected sources that you should read.
http://www.telegraph.co.uk/earth/main.jhtml?xml=/earth/2008/04/24/eaarctic124.xml
Quote:
In September 2007, the sea ice shrank to 39 per cent below its 1979-2000 mean level, the lowest since satellite monitoring began in 1979 and also the lowest for the entire 20th century based on monitoring from ships and aircraft.
The IPCC had said that if the entire Greenland Ice Sheet were to melt sea levels would rise 7.3 metres with consequences across the globe.
http://www.abc.net.au/science/news/stories/s866600.htm
Quote:
Their tide-measuring station on Papua New Guinea's Manus Island, 1,100 km west of the atolls, has measured an annual 8.2 mm rise in sea-levels over the past seven years.
The Solomon Islands station, 750 km to the south, has recorded an annual 6.2 mm rise over the past eight years. Nauru, 1200 km northeast, has recorded 5.6 mm per year over nine years.
wallyt99
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October 18, 2008 - 12:58 pm
Can't use the past to predict the future.
What I can say without a shadow of a doubt is that if you believe this all so much, why are you wasting your time here?
Shouldn't you be sowing seeds? Or stocking up on 10kg bags of rice?
wallyt99
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October 18, 2008 - 12:03 pm
I wouldn't personally go that far…. but I was one of the strongest advocates that this was a quiet market and the time to buy.   From what I saw today this is just the calm before the storm, and I will be finding a safe port to weather it out.
I.E I will rent….rather than buy.
I am thinking beachside….. why buy beachside when it will be under water in 15 years?
wallyt99
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October 18, 2008 - 11:42 am
I send cash now Yes?
wallyt99
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October 16, 2008 - 11:49 am
Its a new home….it is $14000 they are missing out on.
wallyt99
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October 16, 2008 - 11:47 am
$850 per year for 4 years (17% of $5000)
or $7000. Cash Now.    Which would you choose?
wallyt99
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October 14, 2008 - 10:21 am
You could also slip the vendor $1000 cash to mutually cancel the contract, then resign a new one with the same settlement date.
wallyt99
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October 14, 2008 - 9:45 am
trustieone wrote:
Not sure if i am able to get this extra grant or not,
I paid .25% to the agent to hold the property, my 10 day cooling off period expires tomorrow, i have not yet paid the full 10% deposit.
So any views as to whether i might get this extra $7k grant.
Did you place a STF clause in the contract?
Have your banker write a letter to say you have been declined for finance. You will not lose any money.
wallyt99
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October 12, 2008 - 10:31 am
hbbehrendorff wrote:
3: Make our currency real, If our dollar was backed by real money (Gold or Silver) then our ecconomy would be in much better shape and fair much stronger in the international market
Ermm….. Yes this was the case 100 years ago. Tell me though, where would we dig this gold up from per se? There simply isn't enough gold in the world for this to happen. Besides which, you expect the country to hold in storage enough gold to purchase back the entire value of our currency????????????
Great investment that. Mayby if we payed 50% taxes for 100 years we could afford to buy enough gold to do so.
Perhaps you should also learn to spell before you run for president of the new anarchist world order.
PS. The idea of (manageable) borrowing is also perfectly sound. These borrowings can be used to invest into elements which yield greater returns than the interest payed servicing the debt.
wallyt99
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October 12, 2008 - 10:15 am
Well, I feel that unemployment will rise, small businesses secured against homes will cause some foreclosures – BUT…..
Property with good fundamentals will not suffer.
You all know what the fundamentals are…..I looked through the Auction results today (Melbourne) and the small places in good suburbs, are still booming.
Poor areas, particularly overcapitalised McMansions in small areas will suffer.
wallyt99
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October 7, 2008 - 10:02 am
Alrighty then……..
wallyt99
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October 5, 2008 - 10:00 am
Well…. I am no expert, but I will say southbank is a really nice area.
I will also say that looking at second hand apartments the ones with carparks generally sell for more than $50k more than the ones without.
Carparks in the CBD are becomeing rare….so it would add well to your investment.
That said, unless you need to go to the outer suburbs (trips away? beach?), then you really do not need a car as public transport there is great.
wallyt99
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October 5, 2008 - 9:46 am
devo76 wrote:
Looking back through past history and looking at all the information in front of me. I still believe property will be a smart long term move to financial independance. This current crisis will become history eventually and a new one will take its place with the potential to end things as we know it once again. One thing for certain is this period right now will be a time when the next generation of rich people laid the foundation of there wealth building . I hope to get in on some of that.
That said….noone has really answered the question….
Everyone says the bubble will burst, but why?
As the price goes down, supply decreases (this is happening…. the price is dropping 1-2% and the amount of new homes on the market is drying up. Therefore….the price stays relatively stable….
If the price goes up, then supply will increase…. and the price will again stay stable.
Things have to happen to shift the aggregate supply/demand curve.
I.E
Interest rates dropping could increase demand……
High unemployment could increase supply….
Without something happening to shift the supply curve, then the bubble will not 'burst'….. there may be some movement along the curve though.
I for one am probably going to buy now….in a place I want to live. Long term I think it will still be a wise investment. I am not after
short term glory. As has been said. If I do own a home, and a mortgage, I will not be the only one.
wallyt99
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@wallyt99
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October 5, 2008 - 6:16 am
Gday…. First time poster….. short time listener. Also potential first home buyer.
I think that one issue which will prevent a return to affordbility is our, what could be called 'strong immigration'.
We are currently looking in melbourne, and the majority of people looking at property are Chinese.   These are in areas like caulfield, Malvern ect….. My partner is Chinese, so dont think this (overly) racist.
But the government lets well educated, and CASHED up immigrants into Australia, who can pay CASH for a home, then they tell their family what a great investment it is in Australia (Because in comparison to alot of Asia, property is relatively cheap), and they end up acting as an agent.
I wonder how much of our property is going overseas or to new immigrants while young Australians stay at home unitl they are 30?
I think that rather than a decrease in property, we are more likely to see hyper inflation and wage pressure which will bring wages in line with house prices, rather than vice versa.
Also, anyone think as the sharemarket looks more and more volatile Baby Boomers will turn to property with their super?