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#1381 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
If you are good with your hands or have the contacts you can bump up the value and create what you want with some elbow grease.
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#1382 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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My place coming up for auction next week. Hopefully it gets caught up in the hype and gives me some play money for myself and the kids
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#1383 | ||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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While I am happy people are making money on investments I still dont understand where it is coming from and what overall position we are in.
GovCo will always do what they can to keep the economy bubbling through the building sector but will it ever go pop? I feel like I have been "sure" it will for as long as I can remember. We see some small dips but quick recovery.
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#1384 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,829
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I think some external agents continue to drive demand; we have policies that allow property sales to non-residents and a modest level of counterfeiting, too. Plus a sharp national rate of growth in some areas like aged care - typical staffing includes a high number of migrants.
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#1385 | |||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,320
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Quote:
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"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#1386 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
Pretty sad if thats a major driving factor.
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#1387 | ||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,334
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External agents yer I'm sure is a factor but the locals are quite active as well.
The WFH adjustment I feel has contributed alot as well. Many have decided they can move out of the burbs go up the coast or InterState for more affordable purchasing/living. Ex Pats having come home is another. Prior to the recent price rise's, just 2/3mths ago we were actively looking to buy a investment up the central coast. We could have but already the the pricing was going ott. One we were interested in Avoca the agent said it was listed for just a week. Told me he's going back to the vendor recommending him to consider 3/4 offers above their expectations. We had similar feeback elsewhere. At the same time my son was looking to get in with his bride to be. We went to many open days around inner west Sydney and north. Heaps and heaps of normal looking aussies viewing to buy. Can't believe what people are willing to pay right now. Both of us are holding stations, sooner or later there will be a drop. We can wait.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#1388 | |||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,320
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Quote:
There is some people moving from the East Coast to buy up in SA because its cheaper and they can work from home, so there is that. But from the intel Im getting, a lot of it is international buyer driven.
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"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#1389 | |||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,320
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Quote:
I can confirm that the offers over asking price is true here in SA. I have friends who are looking to buy in Middleton/Goolwa areas of SA and have had to offer more than asking to be considered, but were priced out by desperate buyers who were willing to offer more on top. Great if you are looking to sell to go smaller or retire, bad if you are trying to get a toe in on the market.
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"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#1390 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,829
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I am absolutely in favour of reciprocal laws for property ownership, including the devising of some tests for funds holding property. The outcry if it were proposed, would be impressive.
As to WFH, I believe it is muchly on the way out. In Sydney the various office people I engage with are typically on 40% office time at present, edging towards 60% soon. The goal seems to be - among the decision makers for these things, who obviously missed keeping an eye on their peons - a full return soon as everyone else is going that way. |
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#1391 | |||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,334
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Quote:
They are saving their butts off but what they have now is not enough to prices right now. They are very fortunate compared to many for they are living in our granny flat at a fair rental price. They talked to us recently about staying another year or 2 depending whats to become. It will burst but having said that I have waited for that to occur since the GFC way way back..... Yes WFH has been flipping back for some/many but it did help setting the current precedent.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#1392 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
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#1393 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Word in our organisation is that interest rates could start to turn in the US in the next couple of years, that could also be a butterfly effect. Quote:
Gotta say the current rise is surprising. I think its a combination of cheap credit and savings from the restrictions. By that I don't mean one person saving, its probably family pooled e.g. mums and dads saving, and providing a loan to their kids, who have also been saving. Just my theory. |
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#1394 | |||
Guest
Join Date: Aug 2018
Posts: 1,892
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Quote:
I have My Doubts about that.. There's far too Much Vested Interest by Govco, Banks & developers in keeping their Ponzi scheme going.. Price may (or will) ease at some point But I can't see them Crashing.! But I have been wrong before.. |
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#1395 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
When you hear of auctions going XX% ABOVE reserve then you would assume the reserve is fair market value. There was a house recently in Sydney that went $1,000,000 above the reserve. Now, lets assume the bank gave a valuation of the reserve, that means the buyers would have had to stump up that overpayment themselves on top of the deposit. Very deep pockets indeed. I know of one recent sale where a buyer needed to pull out because the bank wouldn't bridge the gap between offer and market value. I'm looking at buying, and have attended several open houses. Sales agents are still up to their shonky old tricks of blatantly falsely advertising what they are selling. I wish there was a governing body you could report them to that would actually take action. I'm looking at buying one place that has a listed price and another that is going to auction. I'm curious to see how overheated the market is with the auction as the house is a total disaster and should go for land value.
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#1396 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
We can't go anywhere any time soon, the money people would have spent on OS holidays is being saved and used elsewhere.
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#1397 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Keep getting phone calls asking if i want to sell my rock in tassie.
Up to 6 times what I paid for it 7 years ago at the moment.
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#1398 | |||
Regular Member
Join Date: Jan 2014
Posts: 372
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#1399 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,829
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There is no recovery, we are collectively being gently bent over a barrel as the shackles subtly tighten. Conditioning is underway to accept higher prices for accommodation, lifetime debt.
One outcome I’m still expecting, is governments who’ve allowed multiple developments under one title (eg granny flats, mansion houses) will be bullied/forced into allowing the creation of some new title forms that allow independent possession and leveraging of these. It will formalise and inflate another market. |
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#1400 | |||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,334
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Quote:
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#1401 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Yes, sold for just under $2.1 mil, happy with that as the reserve was $2 mil.
Looked at several places, got an auction this Saturday and putting an offer on another place as soon as some checks come back clear.
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#1402 | ||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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Interesting article...
Why home prices are skyrocketing around the world, causing buyers to panic https://7news.com.au/business/ |
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#1404 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Sent from my SM-G973F using Tapatalk
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#1405 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,829
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#1406 | |||
FF.Com.Au Hardcore
Join Date: Oct 2020
Posts: 670
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Quote:
Unlike Europe for example where things are quite tight in most places. We should have cheaper land prices, but govts/banks/councils wouldnt make as much money out of rezoning/opening up more land because prices would fall. Am I being simplistic in my thinking here? Protect the banks at all costs, I think its in a 1920's hansard somewhere.. not much has changed since then. ![]() |
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#1407 | ||
FF.Com.Au Hardcore
Join Date: Apr 2013
Posts: 884
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#1408 | |||
Cabover nut
Join Date: Aug 2015
Location: Onsite Eastcoast
Posts: 10,827
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Quote:
We also need what little quality farming land left to produce food for our country and not keep importing crap. Some people are very lucky to have prosperous parents who can help them in every stage in life.
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heritagestonemason.com/Fordlouisvillerestoration In order that the labour of centuries past may not be in vain during the centuries to come...... D. Diderot 1752
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#1409 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Glad I didn't. Agent said interest and price expectations were in the range of $650-$700k (land value) and it went for $871k... Just a few months prior the same type of house on the same street with the same land and nicely renovated went for $890k... Put in my offer yesterday on a large but dated Penthouse apartment with 4 car garage. May need to be a little more generous if I'm to nab something prior to auction. See what happens.
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#1410 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,829
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How’s the health of it’s strata scheme?
Two auctions within 150m of me yesterday, didn’t go to either. ![]() |
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