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#871 | ||
FF.Com.Au Hardcore
Join Date: Apr 2007
Location: Miranda, NSW
Posts: 6,771
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dave289 probably cut his wrists after wrongfully predicting the bubble would burst in 2012 and not having bought property between then and 2017. Or else he's on here still and goes by another name
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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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#872 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,528
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When i bought my house in 2012, my ex wifes brother went on a rant and said i was an idiot as renting is so much cheaper and easier. Firstly i bought in an area 30km closer to the city. So his rent was a lot cheaper then my mortgage at the time. A couple years later he bragged about how his rent remained the same yet others rent was going up and up. Then he got the 3 months notice as his rental had been sold. Now whos laughing? Not being able to justify the new rents that are double what he was paying, he rents out near bowral. Still has to comute to sydney airport every morning and back out to the sticks every arvo. Considering i pay less now then renting a 2 bedroom unit for a house and my land value has increased quite a percentage, i must have been an idiot to buy.
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#873 | |||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,061
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Quote:
He got his timing wrong.
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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#874 | ||
FF.Com.Au Hardcore
Join Date: Aug 2008
Location: Fear & loathing in Shoal Vegas
Posts: 1,783
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Mercury Silver 03 BA GT-P Tremec TR3650 Number 534 Herrod 4 into ones, Manta Exhaust, CAI, K&N Filter, Mellings oil pump, 19" FPV alloys, Bilsteins, Kings, tuned by Autotech, 272rwkw ![]() RIP Fish 15/1/73 - 9/2/19
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#875 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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we've yet to see how this price correction plays out. if the world avoids a GFC, its likely to be a soft landing, but good luck if it doesn't....
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#876 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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I emailed my broker last Friday and he has put in a rate retention request. I figure if I don't ask, I don't get. If they say no I'm no worse than I am now. It's not a big deal but if you can claw buck a couple hundred backs, then why not?
Sorta like car insurance, the computer works it all out and if you call up you can get a better deal. I got a response today saying they are jammed with requests so at least a 7 business day wait ![]() |
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#877 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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Well I'm pretty happy. My broker got me the new business rate which now cancels out almost all the rate rises and only 0.05 more than when I originally got my mortgage which is pretty good.
![]() A lot of doom and gloom predicted for values this year but not a problem for people who have not over borrowed. Like I have said before, if **** gets that bad where I owe more than my place is worth, I will have worse problems ![]() |
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#878 | ||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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__________________
Daniel |
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#879 | |||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Quote:
Depressing and a cautionary take for people to take steps to buy their house outright by time they are 65, and set up a superfund nest egg. I was a poor student at uni and paid rental in share accommodation, and at times struggled to put food on the table, and heating was sometimes beyond me- and that was in Hobart. But I was 21-23, fit and strong. Cannot imagine such misery at 70 plus...
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#880 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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#881 | ||
Oppressive patriarch
![]() Join Date: Aug 2016
Location: Brisbane
Posts: 733
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The runup in prices had meant people are mortgaged longer and later. Retirement will likely be deferred as it simply wont be affordable.
https://www.abc.net.au/news/2017-06-...e-debt/8667672 Two takeaways stats from the article. # Outstanding mortgage debt is up from one in three to two in three homeowners in the 45 to 54 age group. # In the 55 to 65 group the number still owing money has tripled from 14 to 42 per cent. Sobering.
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. Lamenting lost Australian manufacturing. |
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#882 | ||
FF.Com.Au Hardcore
Join Date: Feb 2011
Location: by the beach
Posts: 1,982
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Paying mine off next week....WOO HOO
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clevo mafia (sadly sold) 351c xe manual (now with short shifting 5sp goodness) xc gs coupe project...hmm more clevo for me new daily 2005 ba sr |
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#883 | ||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Congrats it is a great feeling knowing you own outright with no more weekly mortgage payments
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#884 | ||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,530
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Visitors welcome Relatives by appointment only |
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#885 | |||
FF.Com.Au Hardcore
Join Date: Apr 2007
Location: Miranda, NSW
Posts: 6,771
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Quote:
Also the decline in house prices has nothing to do with whether or not you can continue to afford your loan payments. Banks won't foreclose if you are making your loan repayments in accordance with your loan contract. A home loan does not operate like a margin loan for buying shares in that you have to top up your equity if the value of the asset diminishes. Regarding wage growth - your wage will grow if you are paid less than the market rate for your services with the market rate based on supply v demand. If an employer secures your services for $40 an hour because that's the rate at which others are willing to sell their services for, why do some think the are worth $45 ?
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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, Last edited by GT0132; 02-05-2019 at 03:05 PM. |
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#886 | ||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,530
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Visitors welcome Relatives by appointment only |
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#887 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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There’s a mass of (re)development around me, most driven by foreign agents - developers and buyers. It’s totally at odds with other overt indicators of a massive slowdown. I do wonder if there’s people punting on an authoritarian crackdown in HK and resultant PR here for large numbers of wealthy ex-residents; shadows of Tiananmen...
Even the traditional indications (to me) of a downturn like hoarding and horsetrading are slow - used small box trailers remain fairly cheap and 20 foot containers are the cheapest they’ve been in years. Wreckers are cutting stock as scrap sales rather than sit out a flat spell. |
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#888 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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Well, that was bottom a couple of months back. I hope everyone who could get onboard did so.
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#889 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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#890 | |||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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Quote:
![]() I have little opinion on whether there will be a recession, not that it matters for investors. There's heaps of people with lots of cash and bank deposits and equities are returning jack ATM. Add to the mix the fact that the RBA and banks realised they over-cooked the slow-down and have relaxed borrowing restrictions and mortgage rates are at an all-time low and it could be the start of the next cycle. |
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#891 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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In some markets, it may well be worth buying. Syd/Melb? Poor yields with little prospect for growth, and high vacancy rates. I'll wait a year (at least). Especially out my way (SW Syd), we have a glut of new development hitting the market over the next few years.
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#892 | ||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Why not look for a bargain new apartment with exploding concrete or radioactive ground under your feet- must be bargains galore coming soon
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#893 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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If you want to get in earlier then plump for an Inner West apartment on a train station and built in 1960-70. You won't go far wrong.
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#894 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,061
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Last night I was shocked to see how many shop fronts are vacant in Fitzroy Street, St. Kilda. Wasn't like that only a couple of years ago. Recession is imminent.
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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#895 | |||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Quote:
I looked at a shop which was on the market for some $790,000 and I did my sums and it did not stack up for me, and the agent called me back and said vendor would look at high 600s and then said hey $670 will do it. My brother is a real estate agent and he is telling me there are a lot of people who are struggling and cannot fund $2,000 to market properties they have to sell- and they are using Facebook etc for those situations. Something is happening out there....
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#896 | |||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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Quote:
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#897 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: Catland
Posts: 3,618
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Got the impression after the shock election all the stops would be pulled to keep housing going. Dropping cash rate from 1.50% to 1% seemed to trigger AUD beating and PMs went on a rampage. A large proportion of the world's bond market is in negative rate territory, and effective US Fed funds rate of 2.13% (just looked, St Louis Fed) is 95% of global positive sovereign yields!!! We are at 5000 year lows in interest rates...
Are houses going up? Ads on the telly are telling me it's the best time ever and to jump before I miss out. Business, well AUD down so tourist areas should stay healthy, strong demand off season here and summer should be very busy. Tradie reports are that it is still strong for new construction locally, still asking for labour. If it does get to crisis levels, the govco can copy my idea: The First Pet Homeowners Grant. $50,000 toward a first property for your labrador, budgie, etc. That should support prices.
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I6 + AWD |
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#898 | ||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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A major client of mine is getting me to hang 3 months for payment and after rattling and shaking the tree the fruit falls to me between 3 and 4 months post invoice.
Pretty depressing working **** off and laying out money knowing you have a 4 month wait...🙄
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#899 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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That's just wrong, it's like the old days of service trades subcontracting to real estate agencies and getting stretched for 90+ days.
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#900 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: Catland
Posts: 3,618
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Back in the day our accounts lady held a small celebration when she got one of the big miners to within 90 days...
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I6 + AWD |
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