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4 hours! Record for Brisbane. Investors snap up Ekka apartments.
Topic Started: 2 Oct 2014, 06:31 PM (1,766 Views)
Dr Watson
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Our office is 'round the corner from this development. Bus loads of Chinese tourists have been rolling up to walk through the sales offices. From speaking with people involved they are making up a large percentage of buyers.
Yes, this is the economic model Canberra has delivered to the nation. They know what's best for us, you see.
Edited by Dr Watson, 3 Oct 2014, 02:44 PM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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K-town
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CSI
3 Oct 2014, 02:34 PM
And I'd like to know how many of the pre-purchase buyers actually intend to move in when they are completed, and how many are investors.
What the fuck has it got to with you?

Do you walk around car yards demanding to know how often the vehicles will be driven?
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Bardon
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There will be many, many more news items of records being broken like this when it comes to sales over the next decade.
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miw
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3 Oct 2014, 02:34 PM
So they are selling off a slice of the ekka grounds to pay to upgrade the remainder. Supposedly, although who knows where the money will go. The first slice of many I bet...

And yeah $400k for a tiny concrete 1-bedroom shitbox to $800k for a slightly larger 2-bedroom version. Unfortunately this does seem to be the going rate for apartments near the city.

And I'd like to know how many of the pre-purchase buyers actually intend to move in when they are completed, and how many are investors.
If you could afford to buy one, you wouldn't want to live there.

Not to mention that the only way you could possibly justify the price is the big depreciation allowance in relation to price in the early years. It will be investors buying these in most cases.

Not to mention that if you are buying for PPOR, there are plenty of nicer "seasoned" apts going in Auchenflower and Toowong which have river views and are almost as convenient to the city - and they are cheaper or at most the same price.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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K-town
3 Oct 2014, 03:07 PM
CSI
3 Oct 2014, 02:34 PM
And I'd like to know how many of the pre-purchase buyers actually intend to move in when they are completed, and how many are investors.
What the fuck has it got to with you?

Do you walk around car yards demanding to know how often the vehicles will be driven?
Wow. Are you suffering from mortgage stress or what! It's in every unit owners, potential buyers, interest to know these facts, how else are we supposed to evaluate the state of the market or specifically that building. If a unit complex had a 50% or better investor presence I wouldn't want any bar of it as far as a home for my wife and I. If you don't know the reason for that then you really haven't a clue what the living conditions in majority rental complexes are like.
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Chris
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K-town
3 Oct 2014, 03:07 PM
What the fuck has it got to with you?

Do you walk around car yards demanding to know how often the vehicles will be driven?
If you couldn't buy a car and are left watching foreign owners buy them and then store them in a garage for the sole purpose of speculation then yeah K-town I think you would question it.
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miw
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Chris
3 Oct 2014, 08:20 PM
If you couldn't buy a car and are left watching foreign owners buy them and then store them in a garage for the sole purpose of speculation then yeah K-town I think you would question it.
They will be rented out at a fairly high rent. There is no way anyone could offset their holding costs and make money on pure capital gain on OTP in Brisbane.

Even the ones who are renting them out are betting that the good location will give above average rental rises over the next 10 years. That is a bit of a crapshoot, because you never know how the complex will really pan out.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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Will
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It certainly seems interesting, a lot of money seems to looking for a home. What I mean by that is not necessarily a return ON capital, but perhaps a return OF capital.

I can assure no brissie residents, that a sh#t load of apartments are under construction right right now.

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Will
3 Oct 2014, 08:45 PM
It certainly seems interesting, a lot of money seems to looking for a home.

Not so much money money, just lots of newly created debt money. That's the only thing keeping our economy, and all the world's economies for that matter, moving forward. Unfortunately it's unsustainable in the long term. I bet the number of home loans going to speculators is well over 50% now. They believe they will be able to protect themselves from the ultimate downturn with a shoddy inner city unit and half a million dollars in debt but IIt's unlikely.
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