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16-12-2013, 11:21 PM | #61 | ||||
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16-12-2013, 11:30 PM | #62 | ||
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I personally will not be buying another investment property in the short term. I want to ensure my own mortgage is just about covered with clear funds, just in case we do have a down turn or what not...
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16-12-2013, 11:33 PM | #63 | ||||
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Seriously You worry too much, in the end life will go on, we have a better standard of living, more toys, better cars, more stuff than ever before, may be some of that will have to slow down, who cares if it does??
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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16-12-2013, 11:46 PM | #64 | |||
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http://www.dailyreckoning.com.au/the...ve/2013/12/16/ |
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16-12-2013, 11:58 PM | #65 | ||
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I'm just more concerned if interest rates do take a hike up, i'd prefer to have more in my offset account. I'd prefer to pay interest on 150k, than say 450k!
So for the next year or so, i'll ease off on the investments and just concentrate on smashing my mortgage, enjoying my GT with a few mods and maybe a few small holidays, keeping the larger portion of cash flow in the offset account and work the mortgage down. |
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17-12-2013, 08:02 AM | #66 | ||
If it ain't broke........
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Oh I do, Stevz is either Dave289 or he is related to him...............
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17-12-2013, 08:03 AM | #67 | |||
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With renting all you can do is get a smaller and smaller place. That's if your application even gets excepted. It's pretty tough at the moment I think, 30 plus applicants per property etc.
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17-12-2013, 09:13 AM | #68 | ||
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Of course interest rates will go up, they can't get much lower, when I had my fist home loan I was paying up to 14% interest, now it's very low, so make the most out of it.
'Make hay while the sun is out' as the old saying goes, no good saying this is crap now that it's sunshine it can only get worse, lets not bother making hay.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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17-12-2013, 10:36 AM | #69 | ||
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I just been for a job interveiw.....The guy interveiwing me said things are very hard at the moment because everyone is screwing prices down and trying to find ways to cut costs anywhere they can..... There will only minimal overtime in this job.
The last three months I have been trying to find forklift operating work instead of fixing them. I have found out the whole industry is screwed and employers only put people on casually then **** them off once the job is done....there are NO permanent jobs. As far as I can tell this is just the beginning...In the states this new 'casual only' stuff is going on everwhere and its destroying peoples lives.....The more debt the employers take on the more they need to find ways to save and get jobs done cheaper... Not bloody good! |
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17-12-2013, 11:01 AM | #70 | |||
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Hopefully I can get it to a point were I can buy a second house as this one served me well when I was renting it out.
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Daniel |
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17-12-2013, 05:15 PM | #71 | ||
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Exactly my point smash it while you can, then the damage will be minimal to non existent once the situation gets worse.
So look at the situation and work with it, no good overextending yourself, now is the time to make hay (pay off your depts as much as possible) or get your foot in the door.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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18-12-2013, 03:09 AM | #72 | |||
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THAT is the number one "Rookie Blunder" for property investors. Unless he or his Mum already have a substantial mortgage on the existing property, renting out the old home is NEVER a good idea. |
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18-12-2013, 03:31 AM | #73 | ||
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When I look back at the “Outrageously Expensive” houses I could have bought a decade ago, its sickening to think how much money I could have made. That said its frightening to look at today’s prices and think that THIS is the new baseline. Will prices quadruple again in the next 10 years???
Perhaps its all relative? I remember several years ago speaking to a very elderly gent, and he told he how he once bought an acre of land on Scarborough Beach Rd for 14 Pounds, and later sold it for 16. I bought my first block of land for $26,000. Sold it a year later for $54,000, and was very happy with the profit. Many years later I bought a block for $82k, and sold it for over $320k. Here’s the thing though. When I bought the block for $26k, I was earning around $20k a year (1.3 years,) when I bought the block for $82k, I was earning around $55k (1.5.) Now an equivalent block would be about $400k. The scary thing is that demand in Perth will keep going up for the foreseeable future. I don’t know about Melbourne, but I have HEARD that migration continues to swell your population. |
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18-12-2013, 09:01 AM | #74 | |||
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4 bedroom house in Castlecrag , views of middle harbour - $65,000 (fast fwd to 2013 no houses in that suburb sell for less than $2M with water views) 2 br unit North Sydney, garage, balcony - $18,000. If you can find a good 2 bedder just over the bridge for less than $700k these days please let me know Yeah real estate is a pretty bad investment hey?
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18-12-2013, 09:04 AM | #75 | ||
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Wow this escalated. Some good links and good points to think about, but not much clarity lol. Cheers.
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18-12-2013, 09:06 AM | #76 | |||
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2005 BA MK2 FPV GT - 6 SPEED MANUAL , SILHOUETTE, SWISSVAX, SUNROOF, BILSTEIN AND LOVELLS, FACTORY GENUINE 19'S, X-FORCE STAINLESS QUAD CATBACK, ADVANCE HEADERS, 200 CPSI CATS, BLUEPOWER CAI, HERROD BREATHER KIT, 4:11 DIFF RATIO, MAL WOOD OPT 3+ CLUTCH, BILLET SHIFTER, MELLINGS 10227, NOW WITH REVERSE CAMERA/SENSORS, ALPINE SPEAKERS & SUB - CUSTOM TUNED TO 275 RWKW NOW WITH A NEW ADDITION - 2017 MUSTANG V8 GT FASTBACK - , 6 SPEED AUTO IN PLATINUM WHITE, |
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18-12-2013, 09:31 AM | #77 | ||
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I'm sitting in front of the computer screen with a big bag of popcorn watching property prices waiver....and those with mortgages sweat.
Holden going, Ford going...etc etc....what could possibly go wrong with property? We made an obscene profit on one of them water view places talked about ^^^^. Couldn't see it going up anymore and instinct correct so far (for the last 3 years). |
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18-12-2013, 04:39 PM | #78 | ||
Whipper Snappa
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When you typically see any investment being advertised on the Television, that usually means that it is at or near a top in the market.
All the graphs and statistics show that home prices at the moment are astronomical compared to our peers internationally and even ourselves historically. A few lean years is all that stands between us and US-tier prices.
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18-12-2013, 05:28 PM | #79 | |||
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The spruikers who repeatedly claim that you will double your money with property every 7-10 years are simply doing so to protect their own interests and/or trying to reel in the gullible suckers out there. The housing affordability index is already at a record high, with the median house price being 8-9 times the average wage. Most first home buyers are already locked out of the market. If house prices are to double again but wages stay the same and living costs continue to skyrocket, we will have a full blown crisis on our hands. We also have to remember that the property prices in Australia are being artificially propped up to a high degree by foreign investors. All we need is for these investors to be spooked for whatever reason and they will be out of here quicker than you can blink, resulting in a flood of properties on the market with no buyers and a collapse of the prices. Housing is a basic necessity and should never have been allowed to become a vehicle for greedy investors to play with . This is what the share market is for. As a result, we have a flawed system which is unfairly propped up by the taxpayer (negative gearing), a generation of people for whom housing is completely unattainable , and a detriment to the economy as billions of dollars are tied up in mortgages instead of being spent in the economy. The only ones getting rich out of this charade are the banks, as is reflected by their multi billon dollar profits. |
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18-12-2013, 05:40 PM | #80 | ||
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How are first home buyers locked out of the market when in Melbourne at the moment you can buy a $300,000 house and pay nearly the same amount per month as you would renting it?
Agree with the last bit though but there's nothing you can do about that.
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18-12-2013, 05:46 PM | #81 | ||
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You could buy a tin shack in the middle of the outback for $20k, but who would want to live there?
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18-12-2013, 05:56 PM | #82 | ||
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This outbacks 30 mins from the CBD.
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18-12-2013, 06:10 PM | #83 | ||
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18-12-2013, 06:11 PM | #84 | ||
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Sevez you remind me of my father in law, worked as a minimum wage factory worker all his life and still to this day (retired for 12 years) complains how everyone was making more money than he was when he was working.
When I suggest that he should have changed, jobs, and could have worked as a labourer on a construction site earning three times the $$ he replies, 'tried that the work was too hard', when I ask him why he left school in year 9, he says because he was not interested in school and that it was too hard. Yet he complains that the labourer was getting payed more than he was and that the doctor that went to year 12 and then went to uni gets payed too much money, and that others who bought houses and invested money cheated the system. He even accused me of tax fraud because I was claiming the interest from my investment property He had every opportunity, yet everything was too hard and he choose the 'easy' option, yet complained that everyone was getting more.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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18-12-2013, 06:24 PM | #85 | |||
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My opinions are based on research, economic conditions and common sense, but as I am not a property investor I can see it without the rose coloured glasses on, unlike some. It seems many highly geared property investors are very nervous and touchy at the moment and its easy to see why. Last edited by stevz; 18-12-2013 at 06:30 PM. |
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18-12-2013, 09:14 PM | #86 | |||
If it ain't broke........
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18-12-2013, 10:15 PM | #87 | ||
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From 'The daily reckoning'.......Austerity just around the corner.
http://www.dailyreckoning.com.au/aus...ty/2013/12/18/ |
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18-12-2013, 10:37 PM | #88 | ||||
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Good article EF_6
I particularly like this comment: Quote:
and one of the comments below: Quote:
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19-12-2013, 12:02 AM | #89 | |||
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You only lose out if you choose to sell the property, really its common sense, even if there is a slump in your house value as long as your paying off the mortgage and don't sell you have lost nothing, why? Because house prices will always go back up, even if it takes 10 years to recover. As has already been alluded too, if you lose your job there is always ways to find extra cash by renting a room out, and if you don't have enough savings (at least 3 months worth of mortgage repayments for emergencies) then you probably really shouldn't have a mortgage to being with.
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19-12-2013, 12:06 AM | #90 | |||
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People would remember the House prices thread, which was around 3 years ago, all the doomsayers claimed the end was near and the bubble would burst, a whole heap of economic turmoil has happened since then, where did house prices go? Up! Even if there is a property crash, it's not like prices will plummet $100,000's of dollars (which is what the doomsayers want because they want to get into the market) the market may cool off and values will stay stagnant until things pick up again.
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