Hi all,
Has anyone recently tried to buy a cheap house in perth at the moment. It is crazy at the moment. I would hate to be a first homebuyer trying to compete against experienced investors.
I looked at a house in Westfield (City of Armadale), it is a reno on the market for 170 000. Is very cheap for this area, hard to get anything under 200 000. I put in an offer of 175 000 as you don’t get a second bite of the cherry and need somewhere to live for a while so wasn’t so worried about paying more then asking price as don’t want to rent. Anyway someone came in and offered 185 000 (was a single mum with 3 kids would of been nice to let them have the house). So in the end I have had to pay 190 000 for a house that the owner probably would of been happy accepting 165 000. Lucky owner.
So in this case I may not have made money when I brought as some would recommend. But not gunna make money sitting on bum watching other people buy same house.
I even saw a couple offer 172 500 for this same house when I was at the home open, but they stipulated that offer was only valid until midnight which is a bit sneaky. I have heard of other people do this too, so that they get there offer accepted before they have to compete with home open crowd the next day.
Anyone else had similar experience
Thanks
Wayne
Perth Property is crazy! i’m desperatly waiting til June so it will be one year after my settlement and i can buy more property[angry2].
Most properties in Perth as it said on the news last night have multiable offers and the final price is alot higher than the asking price.
But back on topic, the main thing that is hard for first home buyers is that they are not competing with Australian investors but also overseas investors.
I agree with the oversees angle.
Was wanting at least $515K for our house and was told we could start with a $529K listing and work down. We needed extra due to having offered a bit more the property we were buying and so listed it for $539K.
Well it went for $535K for a cashed up overseas buyer on the first day to the first people through the door, $20K more than we originally needed and $6K more than the listing would have been originally. [laughing]
Real happy about that outcome, but I pity the FHO’s in this market.[glum]
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Napoleon HillOriginally posted by Carl.Alexander:waiting til June so it will be one year after my settlement and i can buy more property[angry2].
Why? – Is there a reason for the 12 month rule?
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Yes, as i used my grant i need too wait until june but i will most probably buy in May and settle just after the date.
If i had the cash i would of ditched the first home buyers grant and bought more property a little earlier its not worth it!
HI Carl,
I must admit the FHOG opportunity passed me by many years ago but as I understand it there is no rule which prevents you from buying another IP after the first one.
Sure there is a 12 month period in which you need to establish the property as your PPOR and you must live in it for a 6 month period. But that, as I understand it, doesn’t prevent you using the grant to buy a home and then buying another property before 12 months has expired.
As I said FHOG is not something I am fully familiar with but…….
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958yeah i sold my ppor for an extra 10 000 then what i was askin for it and sold in first week, pity the old g/f gets half of it. But is great finally get to do a reno
Hi Nat,
I was speaking to an agent during the week who claimed that someone they know bought and resold a block of land within three weeks and make $60K.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Originally posted by Derek:Hi Nat,
I was speaking to an agent during the week who claimed that someone they know bought and resold a block of land within three weeks and make $60K.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Some house sales reps were buying up entire stages and on-flicking em for $20-$30K more to the general public immediately after. Clearly where theres money involved, ur gonna get the bottom feeders. Unfortunate side effects of capitalism.
I have been totally shocked! It’s a feeding frenzy here.
Long time since I posted here. Our plan was to invest first in our own home and then use the equity increase to purchase our first IP. Well in the last 12 months we’ve had over 60% increase in value. Very happy with that result and we are now looking for the right property but it is going to be very hard to find.
I’ve also been looking out for a property nearby (we are in Yangebup) for my sister’s first home but she’s really missed the boat, no way she can buy near us now. Not sure what her options are. Maybe we should buy something together?
Cheers
CazBit of a catch 22 if you hold WA IP’s and still want to invest..still great deals to be done just more DD needed IMHO..
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