Hi everyone,
My Uncle from Malaysia is keen to get into property in SA. He’s looking at a place in Modbury Heights, and has asked my opinion.He has a few friends who have invested in this suburb and is keen to follow the crowd……..
As I’m in Melbourne, and concentrate my property investing in specific suburbs in VIC, I thought I’d put the call out to see if any one body had any opinions on this particular suburb? Any local knowledge to be shared?
Thanks for reading.
is he buying cash? or borrow (mortgage)?
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Yes, cash buyer, and is really keen to secure something in the next week! any comments?
BTW, His 2 daughters study in Adelaide, one has just graduated, and they are intending to live there.
I have a lot of client in the past who has bought in Modbury Heights as a investment…but in last 2 years it has slowed down a lot…i dont live there but here are the numbers.
2001- 13% growth
2002- 14%
2003- 20%
2004- 15%
2005- 5%
2006-5%
2007- 17%
2008-2009- 2% growth only
2010-2011- 3% DROPSo as you can see the area has gone through some massive growth spurt in the last 10 years, but it has hit the top of the cream and slowing down now…demand can not keep up with such high growth.
It may have worked for your dad’s frd because he bought a few years back…but going forward it may be to late?? but end of hte day it’s still a gamble it may still go up….
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Thanks Michael. Great info.
It sounds like this area has been popular with asian buyers. Any particular reason? Schooling? Other?
Not sure…but yes def a lot of international buyers.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Michael just wondering, given your client base, any good info resources for guidelines on purchasing in Australia as an overseas investor?
Cheers
Info on where to buy? — > it be the same if your a O/S investor or not…makes no difference there, if you make money it doesn’t make a big difference who the client is. Money is money
Info on IF O/S investors are allowed to buy or not – > http://www.firb.gov.au/content/default.asp ( VERY IMPORTANT!)
I do a lot of O/s Investors transaction, especially from HK, China, Singapore, indo and Malaysia, US , NZ and UK- so a tip i can give is.
1. If your uncle is sending his kid to live here for study etc…may want to consider buying it under the kids name and funding it that way (depends on what type of visa they are on)
2. Currency ex-change is important
3. Remember there is still the Tax issue
4. FIRB- you can not just buy because you have the money…you need approval from the Board. ( see point 1 )- the process is straight forward but can be stressful,Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Ok Michael,
the firb link was the website I was seeking. ie rules and regs surrounding tax and law.
My uncle wishes to put an offer in very soon, it sounds like he may need to fill in some paperwork first……
Thanks, plenty of reading for me.
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