Took a while for it to come through. Bought PPoR 4 years ago for $410 which was fair price at the time. Spent about $20-30k on improvments (range because $10k was replacing veranda railing which was below required height so not sure that would add any). Anyway, I know the higher end has dropped in the last year or so, but I figured the 3 years before that were generally upwards.
$420k.
I thought $450 conservatively and it could have crept higher. Even $450 would be only 10% higher after the 4 years.
Ahh well, leaves us a lot more borderline than I thought. Possibly able to look at the same kinds of deals I have been, but without the safety net I thought we had. Will probably end up just saving hard for another year or so.
It's not surprising. Where we are i would say prices have dropped 10% in the past year. Friends purchased recently a property they had looked at 2 years ago, which had had extra work done on it over the 2 years and only paid $5K more than the sale price 2 years ago.
A lot of people's properties have dropped below what they paid for them – you may be lucky.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Could be, I just figured the 3 years prior to last year would have pushed things up enough to still have had growth over the entire period.
Ahh well, just take a bit longer.
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