There are quite a few investors still stuck in the 1980's property mindset. Back then, depreciation was much more generous and income was tax was comparatively higher, so negative gearing worked far better than it does now. These days, it's just a benefit to carry you for a few years until the investment starts generating positive cashflow.
Yes - poor Lissie (again!).
Maybe that property she sold won't yield as many coins as she thought.
For a property investor, she sure don't know her crayon colors.....
I have personally ramped up a market once, I can't go into too much detail on here but it was surprisingly easy to ratchet it up. It's an incremental process that can happen pretty quickly
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Well lucky for you there is no law of insider trading or market manipulation for residential properties!
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ha ha. true. unfortunately some of the guys have been put away, not directly for that process because there is nothing illegal in that, but it's all the same kettle of fish
I am having a dilemma ATM. I am re-financing with ANZ (Through private Broker) for my IP at Melb. The purpose of my re-finance is to draw down equity to purchase another IP.
The bank valuation came back at $400,000. However as I would like to go up to LVR90%, the LMI and credit have upgraded it to on site full valuation report required. A week later, the full report came back at $335,000. What a joke! I wil be better off with 80% LVR at $400,000 if it's still possible.
Where can I go from here? I have challenged the valuer, but nothing happening as one of the reason he said is very limited sale for comparison and this is the best valuation.
"I had a client who had a property valued by someone at $320,000. Then another valuer (2 months later) valued it at $290,000. Now I just got the third valuation back at $270,000. It's madness! "
Not wishing to be flippant about someone elses misfortune... but this is very like what happened in the US. Valuers lead the parade down, and obviously it becomes self-fulfilling.
Rolf Latham obviously market conditions in desirable parts Sydney with little new land available is putting pressure on house prices once again. Just a quick email to advise that were successful at auction this morning and secured the above property for $1,xxx,xxx-00. Unfortunately there was a massive interest in this property and ended up being over 200 people at the auction, 50 contracts given out and 30 bidders registered on the day. So unfortunately it was a lot more sought after than we thought
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Dave_R Sounds similar to what I've noticed in parts of the Bayside area of Melbourne. In particular, I refer to the experience of a colleague - he bid at an auction on a house in Highett that needed a bit of work, but ended up being sold for well over market value. So I certainly agree that it does happen in areas still in high demand.
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jrc77 We bid at auction on the weekend in Sydney. Direct comparables indicated it could be in the $750k - $800k range. Sold for $880k with numerous bidders.
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oc1 It's getting tougher to buy in Melbournes east. Lack of supply is not helping. a lot of interest on well located properties.
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mystery anything that has the faintest whiff of quality or uniqueness is being snapped up quickly I've been looking for a few months in large regional city/towns and good well priced stock is going under offer very quickly, ... definitely an air of optimism around at present
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JWR Yes I'm noticing strong competition below 200k in the strong regional centres I look.
Air of optimism ? Puke. first whiff of falls easing and these idiots think the boom times are back............. dead cat bounce !
Wow, asking the RBA to dampen the economy so a bear can buy a cheap house. The arrogance and stupidity is astounding.
You need to define cheap. I want to buy a house at reasonable cost. What it is worth. Your assertion that it will get cheap suggests that today's prices are reasonable. You are wrong.
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