"Originally Posted by wylie Congratulations Lizzie! What a relief. Who ended up buying? The original buyers? Thanks goodness not ... or the couple that stuffed us around the second time.
This is a lovely "australian" family who are buying the house because they love it's feel."
What exactly is an "australian" family. Lizzie sounds like a real bitch.
actually, this SS thread has become very interestnig..
Liz's highball asking price for her property aside (why would she post a lower amount than she is willing to take on a forum full of investors ?)...
The auction story is amazing... obvious dodgy deals being done and it seems that you can turn up to an auction, sign the bidding form, bid to your hearts content, and then walk away refusing to sign the contract !
(Personally, I suspect the agent was 100% aware of the goings on and that is why they did not chase the bidder).
Liz's highball asking price for her property aside (why would she post a lower amount than she is willing to take on a forum full of investors ?)...
the mind boggles when it comes to the average property investor. a colleague recently told me that his parents would have to sell their IP as it was no longer making a loss. It's all about the loss mate, you need to save tax, that's what IPs are all about. I mentioned CGT but he didn't get it, i slowed it down to c a p i t a l g a i n s t a x and he still didn't get it, I gave up.
Quote:
The auction story is amazing... obvious dodgy deals being done and it seems that you can turn up to an auction, sign the bidding form, bid to your hearts content, and then walk away refusing to sign the contract !
(Personally, I suspect the agent was 100% aware of the goings on and that is why they did not chase the bidder).
the mind boggles when it comes to the average property investor. a colleague recently told me that his parents would have to sell their IP as it was no longer making a loss. It's all about the loss mate, you need to save tax, that's what IPs are all about. I mentioned CGT but he didn't get it, i slowed it down to c a p i t a l g a i n s t a x and he still didn't get it, I gave up.
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.
advise needed urgently we have 2 development properties; 1. Murrumba Downs brisbane qld australia. land size 8094sqm zoned Res A. council minutes have been done stating they would like townhouses minimum of 40 townhouses. Highschool directly across rd. opening this year. within 400 m to new train station when completed in 3 years. council will allow 3 stories. 30 minutes city 30 minutes coast. 2min hway and major shoppingcentre Northlakes. flood free flat land, 2 road entrances. 2. narangba brisbane qld australia. land size 8449sqm zoned Res A. Moreton bay council are in the process of new urban area. high density 200m from the trainstation.this block will take a few years. property 1. we were in negotiations since june 2010 to sell the property for $1.85m , we had a call option signed we were supposed to get $600 000 dec 23rd deposit then $600 000 when DA was approved the $650 000 on settlement, around 21 months. The company progreen properties after the 80days due diligence have said Massland is now taking this call option, but will not pay initial deposit instead $5000 per month until DA approved and only $1.5m on settlement. We have a mortgage $540 000 with anz payments of $3400 per month We also have a $93 000 loan with homesec was due to be paid on the 8th Jan. interest is $5500 per month until paid. We also have $130 000 in personal loans/credit cards. We have not had any cash flow through our business as we thought we would have been receiving deposit in December. If we try to refinance combine all $770 000. using The contract we receive from mass land as cash flow to pay the loan. if we do accept this contract we will be loosing $350 000. I know we could get more for our property as i had many offers before i accepted the one from ##### any advise would be greatly appreciated Sharon Last edited by shazza123; Today at 12:56 PM.
Went to the conference last night with Pascoe, Hegney and Lawless. Satterly threw in some musings too. brief summary:
- can't understand current lack of confidence and believes we have just got used to having it too good. retailers are whingeing when sales are actually at all time highs, tourism whingeing yet short term visitor arrivals are at record highs and well above levels a few years back. 20 years of sustained GDP growth with no end in sight. Believes in the China story and dismissed the d&g'ers saying that it was almost an industry in the US and part of their inability to accept the change of guard. Resource investment, prices and volumes has surpassed all forecasts even from the likes of BHP only a couple of years ago
- said you wouldn't want to be anywhere else in the world. insatiable demand for commodities has (and is) seeing the biggest resource boom ever. Even people in perth are ignorant of the scope of what is happening.
- large population growth for perth won't stop, not building enough housing
- rents to increase in perth 20% this year. nothing will stop the rental crisis about to unfold until investors see sustained cap growth. bidding wars and over askign already common and will get worse.
- couples sharing in the suburbs is a new trend developing i.e. 2 x couples to a 4x2 (sometimes 3!)
- RBA holds the levers to achieve whatever outcome they want. nationally that is steady housing value appreciation and rising incomes
- never has there been a time in Perth like is about to occur now when owenership and rent cost is the same (or cheaper to own)
- expectation for more rate cuts
- thornlie, craigie, padbury are bargain buys at the bottom of the cycle
- cottesloe and waterside properties are currently bargains.
- summary - sustained CG, rapid rising rents, falling IRs, golden times
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