Sharks ?
Yes, Queenslanders dressed as gentlemen and no doubt lurking around in booths on the Sydney property Expo looking for Southeners/victims/suckers.
This post is basically addressed to newies.
Be aware of the shocking things which have been going on in real estate in Queensland.
I am not of course saying that investing in Queensland is no good.
No, I am referring to high pressure conmen who
lure innocents into buying Queensland properties where both the socalled rental returns and the selling prices are not realistic.If they arrange finance, don’t dream that the bank lender will look after your interest, they won’t.
There have also been many stories in the media about valuers not being at arm’s length from the developer and placing a misleading higher valuation on the property than is warranted.
When the tenant’s lease is up often it turns out that they will are prepared to stay provided you drop the rent noted on the lease.
Why ? Well they may have been enjoying a considerable rent free or reduced rent period which means that they weren’t really paying the kind of rent you were led to believe they were paying.
If you are interested in property there, don’t buy from people at seminars looking for suckers.
If you are serious it must be worth a trip to Brisbane (or whatever) to suss things out for yourself.
Compare prices and, before you sign, certainly make sure you obtain a valuation yourself i.e. from a valuer appointed by you, not by the crooks.
Pisces (prompted by a phonecall from a friend looking for advice after his wife recently went to a seminar in Sydney which held out the promise of a mere $ 20 a week shortfall and in say five years time or so having made enough capital gain on the purchase to enable the owners to repay the mortgage on their own house.)
Pisces ,
It does no harm to shake up the “Buyer Beware” every once in a while and now would be a good time since theres a expo happening, you never know ! you might have just saved someone from signing up for a 25 year headache.[whistle]If you want the rainbow youve got to put up with the rain!
I am sure there are a multitude of sharks about in every state. The issue itself was commonly utilising the Gold Coast rather than Queensland as a whole. Its well known and people are quie uninformed about it as a whole.
Of course the duplicity of a couple major banks through all this is what really tricked people into going into all this to start with.
A simple thing if you do attend a seminar is to look online at the prices quoted by other real estate areas for the same street. The reason why I said street is that recent re-zoning of the Gold Coast caused a section of housing commision to be classified as part of Varsity Lakes, an upmarket area. This confusion could be a shark’s dream. Not sure of what else changed down there though.
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