NII melbourne have closed their doors.[
]How do you know ?
Yes, A-bobee,
Where does this info come from ? []“Be careful not to step on the flowers when you’re reaching for the stars”
http://www.propertyreview.com.au
that will tell you
Interesting site, Bobee,
I like the story about dummy bidding.
I knew that melb had a low clearance rate last weekend (56%), but Sydney 42% !!
What do you think it means?Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
G’day Sue…
Whaddya think it means? R/E = -20%+ most areas.
Like I said in September, been over for months. When you can sell a BSS for $25k it’s gotta be over.”Fatboy” Paul is even getting emails today!!
Remember: that post in late September?
“Extraordinary Delusions & the Madness of Crowds”
Nothings changed since Tulip Mania,16th Century in Holland.
Cheers…..& DJIA breaks through 10,000 by Xmas
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]I’ve read about that Tulip mania – weird stuff, maddening crowds at their best, at least houses have more than a 6 day lifespan, I hope!
Steve’s seminar in Brisbane on Sunday was fab as expected, inspiring stuff when it’s not shrouded in the gloss and rah-rah NII-style, just facts and strategies. One of the things he recommended was to read Frank Lowy’s autobiography as it appears we are replicating the 60’s ‘bubble’ process in Australian property, looking forward to reading it!
[
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Mel
[email protected]NII liquidators meeting next Tuesday!
http://www.smh.com.au/articles/2003/11/25/1069522606435.html
What about all those poor people waiting for their refunds?
G’day a_bobee & Peter…
This past 10 days is confirmation that the R/E course has well and truly had it’s day.
I am getting 25 emails a day… most are depressing………in big trouble, more,lots more to come. Over committed… can’t sell etc etc
Worse in December to come with the next interest rate rise & I suspect .5% . Canberra Mkt… dead in it’s tracks. Sydney/Melbourne Units in big trouble. Today another victim $9k pa short at 100% finance 18 months ago…Melbourne Yuk.
I won’t say cheers… It’s all over folks,
Time to bite the bullet now before Xmzs.
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]Bill
What do you think about non-unit Sydney and Melbourne? I realise that units would be worse but going by yields arent houses etc severely overvalued too? Just from what I read in the RBA report about average yields compared with overseas it would appear that prices are stupidly high. I understand that with the tax treatment in aus yields should be a bit lower than the us or uk but not as low as 3%. I would have thought that anyone looking at an ip with a yield of 3% has got rocks in their head unless the expected capital gain is enormous and immediate.
cheers
DavidBill, Just in case no one has said this before, I think you are a good and wise man. T
he best advice that I could give novice investors at the moment would be to heed your advice.
You’re a true gem.
Cheers
Bec
Bill, Just in case no one has said this before, I think you are a good and wise man.
The best advice that I could give novice investors at the moment would be to heed your advice.
You’re a true gem.
Cheers
Bec
Hi all
Check out Bill From Oz in Soap box Forum. Be great to keep the compliments for Bill central.
regards
alfG’day dglees…
I know who I am speaking with… this is one letter at a time stuff for me. I have always told it as it was/is. If only my R/E competitors realise, that eventually clents except the truth. No matter how unpalatable.
Mind you, I only had like minded clients… I could sit in their home and say “we can’t do biz”
They would be astounded… no agent had ever said that to them. I explained that I charged more but I’ll sell at the advertised price and I did… and on average 11 days… no stress… in fact a bit of fun. And the advert will be the truth… buyers loved it… trierd to nergotiate… even a grand… I said no “I am not selling vegetables”
All prices were at the round figure NEVER $xxx,950Did you ever read the BSS’s ( Bus Stop Shelter Post)… I am serious Plenty of sales could have been made at $25k each…. time to get to hell out of the market…. unless its your own home.
In 1971 I could not understand why everyone was not buying anything on a foundation… Dad said
” you haven’t seen cycles only good times” I have become appreciative of Dad’s wisdom… now I have to sit back and shake my head in disbelief… because I’ve been through several cycles and now know what experience teaches………Real Estate has probably had it’s day until the next cycle… give or take a bit… 2005.
All that I mean is “hold of buying or selling unless yo have to” wait…wait… wait…Cheers David
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]Thanks Rebecca ,,, Thanks Alf… Ladies 1st mate
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]You can buy in the next couple of years, but why pay 300-400k for an apartment? Or why pay 45k for a dump? And why buy “firesale” places and profit from OPM? (other people’s misery).
Property investors can always find places at reasonable prices. I for one, will not be waiting until the “carnage” or “bloodletting” or whatever.
Yeah, yeah, i know… buying from someone who’s foreclosed is just “helping them out” right? Well, it is if you pay fair price for it. Bill put up his “selling for top dollar” and everyone wanted a piece of it. Well, we can sell at a fair price and *buy* at a fair price. Bill, btw, I enjoyed that post, but I am just trying to say- what’s good for the goose is good for the gander. It was no personal criticism about your post :o))
And i know the “it’s just business and if it’s legal, I’ll do it” stuff. For me, the business of buying houses is much more than that. If prices increase naturally, well, lucky me… if they then decrease, well, time to keep the property!
Firesale mentality is mean. If we question the ethics of some methods of RE, then why not question others?
Waddya think Bill (and others)? I’m interested in people’s perspectives- how far do out ethics go?
kay henry
PS hope what I’ve said here is clear- if not, i’m happy to clarify
kay
If someone is stupid enough to pay $400K for a place that is only worth $300K then why should a fair price not be $300K? These idiots must pay for their greed!
I personally am prepared to buy whatever is good value and do not consider other peoples misery at all. One must remove all emotion from the deal! You may want to call me a capitalist pig for this but I tend to believe it is just good business. I dont believe in doing bad business just because someone else is suffering because of their greed!
Have a look at the http://www.news.com.au/common/story_page/0,4057,7982823%255E421,00.html. I can only hope that just desserts are forthcoming. Is this a similar scenario to Skase ? Taking bets now on – Which country will he end up in ?
I definitely agree, HousesOnly.
Whether you buy a house as your investment vehicle, or shares, the price is governed by what people are willing to pay.
If you make the mistake of hanging onto shares too long and they dip, you either wait it out (if they dip so low there’s no point selling or theres reason to think they’ll recover), or cut your losses. Why should RE be any different???
All investments carry risk, that is why there is potential reward. If a buyer was silly enough to buy without weighing up the risks, and locked themsekves into a loan they couldnt deal with when rates went up, and they had to sell, that’s THEIR problem. They should have done their homework – just like all *serious* investors already do.
As a result of all the investors piling into the market, seeing so-called easy money, we’ve seen supply dwindle, prices sky-rocket, and sadly first-home buyers are the ones that really suffer.
No offence to anyone, but I hope a lot of such investors get burned, because they jacked up the prices when they had no business getting into the market in the first place.
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