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Our house is up for auction tomorrow!; Anyone want to guess how the market has performed in the last 5 years?
Topic Started: 26 Aug 2011, 12:44 PM (18,711 Views)
Trojan
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barns
26 Aug 2011, 10:03 PM
Trojan - I live in the Inner West as well. I did something similar to you but the second house with the big reno is still in the Inner West. I also sold my small house to finance the rebuild by auction - quite a roller coaster process but fortunately a good result.

The Inner West is a large area with quite diverse suburbs. There are a number of Inner West suburbs where you couldn't have purchased a 3 bedroom house for around $500k in 2006 - even a roughy. Having said that, this is probably to your advantage as the 'more affordable' Inner West suburbs have performed comparatively well since 2006, kind of come up or gentrified or some other lame media term.

I hate to say this but the market here has been a little odd for the past 2 months and things that you'd expect to have sold have been passed in. I even know of failed sales that have ended up being rented out (at v high rents) while the owners wait 6 months to try again to achieve their price.

Having said it all; $775k.

Good luck. All the best.
Hi barns, you really know your inner west.
You are right in suggesting we live in the cheaper end of the inner west (only thing we could afford at the time)

And I thank everyone for their well wishes.
Will post back here tomorrow with the results (good or bad)
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Trojan
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raveswei
26 Aug 2011, 10:18 PM
looks like bulls are abandoning the ship - smart move and good luck
Thanks but
1) I am not a bull
2) I am not abandoning ship ... if you read this thread, you will notice I am upgrading my home
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Sydneyite
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raveswei
26 Aug 2011, 10:18 PM
looks like bulls are abandoning the ship - smart move and good luck
Comprehension failure there Raveswei. Silly comment!
For Aussie property bears, "denial", is not just a long river in North Africa.....
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raveswei
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Sydneyite
26 Aug 2011, 10:30 PM
Comprehension failure there Raveswei. Silly comment!
really?

what happened with the idea that a house in inner suburbs is the investment?

why would somebody sell such a good investment at correction point just before a new period of 55% growth?

from everything written here Trojan will rent for some time
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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Sydneyite
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raveswei
26 Aug 2011, 10:42 PM
really?

what happened with the idea that a house in inner suburbs is the investment?

why would somebody sell such a good investment at correction point just before a new period of 55% growth?

from everything written here Trojan will rent for some time
Oh dear..... he has already bought his next house you tool! Read the thread and stop looking like an idiot please!!!
For Aussie property bears, "denial", is not just a long river in North Africa.....
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raveswei
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Sydneyite
26 Aug 2011, 11:23 PM
Oh dear..... he has already bought his next house you tool! Read the thread and stop looking like an idiot please!!!
but he will not live in that house, but demolish it

so he will be renting for 6 months or more


anyway, why to sell the best possible investment out there now, at the bottom just "before the recovery"
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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barns
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raveswei
26 Aug 2011, 11:51 PM
but he will not live in that house, but demolish it

so he will be renting for 6 months or more


anyway, why to sell the best possible investment out there now, at the bottom just "before the recovery"
I've been there. It's all about cash-flow when you are renovating, particularly rebuild style renovating. I was looking to keep my first house when I bought the second but only if we could have found an 'already done' one at the time. Otherwise you need all your cash and borrowing capacity for the ridiculous renovation costs Theoretically, if you are using your equity (and debt serviceability) from your first house to improve the next one you are just as committed to the market anyway (or more so) so your comment is wasted.

As you point out, I rented for 6 months as well when renovating - man renting sucks, I'm glad I don't have to do that all the time. Finding a place is painful and you have to provide more personal information to a bunch of monkeys than you do to get a mortgage (your bank doesn't ring your referees for starters). We must have pissed off the other people looking to rent as well because we offered over the odds rent on 6 places just to secure one - an extra $20 or $30 a week for 6 months is neither here nor there (comparative to renovation costs). Ended up being offered 4 of the rentals.

Anyway I'm rambling on. Good luck tomorrow T.
“You Keep Using That Word, I Do Not Think It Means What You Think It Means” - Inigo Montoya
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Trojan
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raveswei
26 Aug 2011, 10:42 PM
really?

what happened with the idea that a house in inner suburbs is the investment?

why would somebody sell such a good investment at correction point just before a new period of 55% growth?

from everything written here Trojan will rent for some time
Yes really raveswei.

I am selling my family home to upgrade to a bigger, better home for my family. It is not an investment.
The reason why I would sell now is simple - I need the money to build my new home.

If you want to debate whether now is a good time to buy an investment property, there are plenty of threads to do so - please don't do so in this thread.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Trojan
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raveswei
26 Aug 2011, 11:51 PM
but he will not live in that house, but demolish it

so he will be renting for 6 months or more


anyway, why to sell the best possible investment out there now, at the bottom just "before the recovery"

If this is just "before the recovery" then I upgraded at the bottom of the market.
Otherwise, I'm just providing a bigger home for my growing family.
Besides, it makes no difference whether I am demolishing that particular house or not - I have already bought the land it sits on and still "in the market"

Either way lets make it clear (as if it wasn't clear enough before)
I am not selling to get out of the market.
I am selling in the same market as I bought.
Edited by Trojan, 27 Aug 2011, 02:59 AM.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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BubbleTrouble
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Regardless of whether prices have tanked or not, it doesn't really matter when you are selling and buying into the same market. In fact, a declining market can be better if you are upgrading because the price differential should be less and your transfer costs (ie. stamp duty) are lower.

Good luck with your auction Trojan.
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