Musings of a Maniac?

Hi all,

Another post -thanks harrowsmith prompted this…
The problem (well one of them !) we have is that we tried to find somewhere to rent (we own our own place- but need somewhere bigger) but there’s nothing out there- we are now looking for somewhere to buy (its all very hard to find something affordable- and stamp duty is an issue- as we might be moving interstate in a few years).

One thing I am worried about is if we rent and bank the amount we receive for our place- that will attract- tax. So I am wondering if we should find a place to buy (which should in theory go up in $ or at least not down) and cop the stamp duty. I mean is it a disadvantage to “opt out” of the buying market and rent?
Can you get back into it if you rent (and save) or is it better to have property as “equity”?

We have just been told that looking at houses that say for an auction a price of $390kplus actually means $450plus!!!!!!!!!!
We went to an auction (a while back) that advertised $380k plus and it sold for $475k!!!!!!!!!!! I understand that private sales are a bit more in the ball park.

So another question is what do you generally add to the asking price for an auction place- I thought it was around $20k but given the above I am obviously clueless.

Would you try and rent a while or try and buy to live in.
I owe nothing on our place.

Bluemist.

Bluemist.