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16-05-2021, 09:30 AM | #1411 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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It's an older building, perhaps 25-30 years so anything that can happen should have happened by now. No lift, no pool etc.
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16-05-2021, 09:43 AM | #1412 | |||
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That aside.. what about all the kids who don't have parents to inherit from? Given that wages have not grown to keep up with property costs, what happens to those people? Besides, most people don't need a million dollar house when they're at an age that their parents die, they need a house in their early 20s so they can start a family if they so wish. It's no wonder people are putting off kids into their 30s. |
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16-05-2021, 09:44 AM | #1413 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,354
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Fire compliance is one detail buildings get reamed on. Glazing another (glass specs, not just restrictors). We are still funding the replacement of rubbish aluminium windows with like. People immediately dismiss uPVC double glazing without proper scoping.
I’m getting apprehensive about the media feeding “mould mania” and the risk then is tenants/committees fixating on damp basements or other similar issues where there is no quick fix, no cheap remedy and no perfect solution. |
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16-05-2021, 10:08 AM | #1414 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
You can still buy a comfortable 2br unit with garage in Sydney for well under $400k. Stretch it to 600k and you can get 3br, 2 bath and 2 car garage unit. Or a townhouse / villa with some yard space in a cheaper area. Stretch it to 700k and you start getting into 3br / 2 bath 2 car townhouses and Villas in a nicer area, or a freestanding house in a cheaper area. That's Sydney, would be less in other state capitals. Much less again in regional hubs. Why am I saying this? Because anyone that works full time alone can enter the property market. Any couple can get something nicer and bigger if they so choose. Especially in this market - bugger all interest rates, low unemployment, and the lower end of the market (anything not a freestanding house) remaining stagnant or seeing very very slight increases. The people that keep crying they can't enter the market or can't save a deposit are the same ones that line up at 4am to get the first iPhone 15 and refuse to work overtime or weekends because it's 'their time'... I did it... going through a nasty divorce, an even nastier separation from my criminal ex partner which cost me hundreds of thousands in legal fees. And I just sold my million dollar Sydney mansion which they of course tried to get of me but I retained because truth be told they both contributed nothing to it. My dad only did primary school and can hardly read and write, mum stayed home. If I can bloody do it ANYONE can. You simply cannot please some people - especially the younger generation. Look at me saying this yet I just turned 42. But I had the same mentality at 22 and at 14 when I started working to build my property portfolio and dreamed to be retired at 40. Don't take my post as me gloating or showing off. It just proves a point that ANYONE can do it if they want, especially after the hell my last 5 years have been.
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___________________________ I've been around the world a couple of times or maybe more....... Last edited by Yellow_Festiva; 16-05-2021 at 10:16 AM. |
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16-05-2021, 10:11 AM | #1415 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
As long as they have some decent coin the the sinking fund it should be ok.
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-05-2021, 11:17 AM | #1416 | |||
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Edit: out of interest how much did you pay for the million dollar mansion that you just sold? |
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16-05-2021, 11:31 AM | #1417 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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I paid $525k for vacant land in cash after selling off other assets and built it together with a builder using surplus funds and borrowed money. I did a lot of the work myself where I could, sourced materials myself, saved money where I could. https://www.domain.com.au/885b-henry...213-2016939715 If I did it all again nothing would change. Hard work across multiple jobs, sacrifice, investing and watching what I spend. Sometimes the game gets harder, but the fundamental rules stay the same.
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16-05-2021, 11:34 AM | #1418 | |||
FF.Com.Au Hardcore
Join Date: Apr 2013
Posts: 899
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Quote:
When a person is admitted/committed to a nursing home, the house is usually sold and the proceeds used as a 'bond' to the nursing home. On their death, most of this bond is returned to the estate. There is also a limit to how much of this bond can be retained by the home. So the recipients of this estate inheritance do not lose that much. Not speaking from personal experience, but from the experiences of friends and rellies. Personally, my wife is from a 'houso' family. Her father was a WW2 PTSD sufferer who refused the 'charity' of DVA. End result, her mother was left with nothing, and when she died, we had to pay the funeral expenses, as the other family members had made 'poor life choices' and could not afford to kick-in for the funeral. My wife's inheritance .... zip. After my fathers death in 2017 and will distribution, I inherited about enough to buy a new Mustang, if I had wanted one. By this time we had paid off our house and cars and were debt free. As written in other sections of this forum, it has never been easy to buy a house, (thanks for nothing, Paul Keating). Current house buyers do not understand the concept of high interest rates where your repayments only just cover the interest. Lifestyle adjustments are needed for those in their 20s and 30s. No latest electronic devices, no dining out at restaurants, no deliveries of overpriced fast food, no overseas holidays (COVID free times). How boring ! Well, stiff cheese. You can't always get what you want, but if you try sometime you find you get get what you need (thanks, Sir Mick) |
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16-05-2021, 11:51 AM | #1419 | ||
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I think most people today would jump at the opportunity to pay 17% interest with the house-to-income ratio of that time period. Everything extra you threw at the loan would pay it off faster, without penalty.
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16-05-2021, 11:59 AM | #1420 | ||
Guest
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Out of interest what did you do between your 20s and mid30s? Were you living with parents to save a deposit or renting? It's a beautiful house but it seems like you might have had more help than most? How did you manage to save 500'000 in cash at a young age on a single income without handouts or an inheritance?
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16-05-2021, 12:03 PM | #1421 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,675
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It was always a common topic at smoko, and not just guys in their 20s, but even some blokes in their 40s and 50s, and that topic was never going to be able to get into the housing market. Yet these guys happily payed rent, would save for overseas trips, cars etc. Now, i bought in 2012 when sydney prices were beginning to go nuts, i was 25. At the time i wasnt earning big $ and yes it was not particularly easy to start with. A lot of overtime, and luxuries were sacrificed. But over time my wage went up, and the mortgage didnt. But subsequently in the following years property prices inflated quicker then wages, so my dads advice of get in when you can was good advice. Especially now as my weekly mortgage repayment is less then renting a 2 bedroom flat.
I have a mate whos mum passed when he was a child. So his inheritance was released when he was 18. When he was 19 he looked into buying a unit, but did the euro trip insted, when he was 20 he bought, but ended up paying close to 100k more for a comparable unit to what he was looking for 12 months earlier. But he is smart enough to realise it was a silly decision to hold off. But to be fair, he was young, had no one to look up to for guidance, and had money. And with that, when your young, you live for the now. |
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16-05-2021, 12:21 PM | #1422 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
I worked for a year, during that time I lived in an 15br share house in the Eastern suburbs of Vaucluse paying $100 per week. Not a bad gig considering the bloke in charge had a preference for young European female tenants. Worked a ton, saved a ton. Took a year off to go backpacking. Returned after a year, put a deposit on a modest 4br house out west with the money left over from my trip, converted it to 6br and rented 5 of the rooms out averaging $700 a week. Stayed there for a few years. Met my ex Mrs, sold house and bought 2br unit closer to city outright in her name as she didn't need to pay stamp duty (big mistake...). Anyway, how did I get that money? When I found the block I refinanced the unit and pulled most of the money I put into it. Also sold a house I had in Cowra, a Villa in Bathurst and accessed money I had in a term deposit that matured about the same time. Prior to that I had bought, renovated and sold other places before meeting my ex. One house in Eagle Vale, a unit in Warrawong and a house in Dubbo. The house in Eagle Vale was bought at 18 with some help from my parents. That was my first place. They matched any deposit I could come up with, but that place was $144k if memory serves so it wasn't as much as you would assume. I made lots of mistakes along the way. Invested substantial cash in a property development company that went broke, put too much trust in my now ex wife, and didn't seek advice on arranging my financial affairs better but hindsight is a wonderful thing. And, after all that I don't regret a thing. I do wonder where I would be financially if I didn't sell everything off or meet my ex's but then I would not have my 2 beautiful daughters. Now I'm going to sit back and relax and take each day as it comes.
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16-05-2021, 12:49 PM | #1423 | |||
FF.Com.Au Hardcore
Join Date: Apr 2013
Posts: 899
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Quote:
You could borrow what you could just afford to repay. When interest rates went higher, from a reasonable 8>9% that ability went out the front door. Just covering the interest amount became the goal, so being able to chuck extra disposable cash at the loan 'back then' is a 21st century fantasy .......... and if you tell that to the young people today, they won't believe you. |
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16-05-2021, 01:17 PM | #1424 | |||
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Now we all have constant financial stress, both parties working and delaying having kids, heavy commute times to and from work, no time left to spend with the family at the end of the day, kids ending up with mental illness, frequent divorce and just generally no time to stop and smell the roses. Do you think it's been worth it? I don't. |
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16-05-2021, 01:28 PM | #1425 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Woulda, coulda, shoulda is meaningless and a waste of time... trust me I know more than most Just assess your financial situation. I make X per week and work back from there. Ask a broker what you can borrow. Perhaps aim for 80% of that figure for breathing space and start looking for something. Not your dream place, not your forever home, just something to get a foot in the market. If you are alone get a 1br, however if it isn't much more a 2br is easier to finance and easier to rent out after. You could even find a person to rent the 2nd bedroom. With the low rates and first home buyer incentives you would be MAD to not take that up and get into the market. Especially if you are currently renting. Never had those perks when I bought... and my interest rate was 3-4 x what they are now.
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-05-2021, 01:32 PM | #1426 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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Quote:
Having said that, data actually shows that whilst income to price ration has soared, the actual % of income spent on housing costs hasn't actually grown that much. For example: In 94-95, 4.6% of households spend 50% of their income on housing costs. In 2019, that number 5.5%. https://www.aihw.gov.au/reports/aust...-affordability |
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16-05-2021, 01:38 PM | #1427 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Regarding those statistics, I wonder what influence units and apartments have? 94-95 'housing' was (generally) a block of land with a yard and a Ford or Holden in the driveway. Very different now. More houses are being replaced with units / townhouses / villas that are cheaper to buy but still cost a lot compared to current income.
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-05-2021, 04:35 PM | #1428 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,374
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Yellow_Festiva - I wish I could 'thank' your posts on this page more than once. Im not much older than you and grew up with a similar mentality. Get on with it, work hard, focus on the dream, make necessary sacrifices, and get something cheap to get your foot in the door. The more wasted time complaining and whinging I did about the conditions, the more cheaper properties were being snapped up, and I didnt get into the market till 2008.
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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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16-05-2021, 05:08 PM | #1429 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,223
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Yesterday I witnessed the madness which has descended upon the market. A house was going on auction and I was keen on it. Did all the preparation work. Listed for sale between just below $700 to mid $700 range. I was wiling to offer close to $800. As soon as I arrived I realised things were not good as there were lots of people. Bidding started at $600,000 which was a promising sign. But there were several bidders and it went up rapidly. Came down to the last two - me and another guy. And he wouldn't relent. So I threw in a big increase to try and scare him. It didn't work. Tried again. Still no good. So I thought to myself "okay you screwed me so I am going to make you pay" and kept increasing even though I was not willing to pay that much for that house. The danger was if he stopped and I ended up overpaying. Read it perfectly as I made the prik pay almost $100K over the listed price range. The sellers should thank me.
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16-05-2021, 05:35 PM | #1430 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,675
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When i bought my place the realestate agent was talking down my offers as he claimed it had sold 3 times before for more. Im not an idiot, 1 time was the bank didnt agree with the property valuation. The other 2 prospective purchasers had their mortgage applications declined. So maybe its all who you know, and maybe its realestate agents wanting the commision. But i beat the price down and paid what i wanted. Well, 30k less then asking price atleast. If things were priced the way i want them everything would be free.
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16-05-2021, 08:28 PM | #1431 | ||
FF.Com.Au Hardcore
Join Date: Mar 2019
Posts: 604
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I get that a lot of members live in Sydney, and when talking house prices you are going to talk about your local prices, but housing affordability in the rest of Australia is nowhere near as mental as Sydney.
I do think Sydney real estate is stupid, and do have no idea how any young person can easily break into it, but then it has been that way as far as I know from watching from a distance here in SA. The young people in SA that try pushing the same "can't enter the market" argument are full of **** though. This will sound totally boomer but their expectations of first home and its location is just ridiculous; and they're not prepared to buy what/where they can afford then upgrade every few years once they've built equity through paying down the mortgage (instead of paying rent) while the property they own also generally appreciates. It is why they call it getting on the bottom rung of the property ladder; you take a few steps over many years to get where you want to be. Here in Adelaide there are many good (more than acceptable and more than affordable) options as a first home, but young people I know say "Oh, it's too far out" when truth is it would be 3-5 minutes longer drive (if that) to their work compared to where they currently rent, but it is in a different direction. If you don't believe me, search our local real-estate and see for yourself. Sydney prices have never made sense to me though. Like late 90s I'd be watching shows like Hot Property, and you see early/mid-20s couples buying a western Sydney weatherboard house for about $580k, and in SA you're firstly going WTF at the price and then you are going HTF is that young couple even getting a $580k mortgage? Then you find out they are taking out 50 year mortgages instead of 25 which was the 'standard' mortgage term here at the time. In late 90s my annual wage in Adelaide was $42k, same role in Sydney was $47k...but $420k in Adelaide back then got you a modern 4 or 5 bedroom home with inground pool within 30 mins of CBD; whereas $470k in Sydney late 90s would not have got anywhere near that back then even out west. So ****ed if I think anyone has ever been "easily" able to get into Sydney's market. Our parents working factory jobs and buying houses in 1960s/70s/80s that are now inner/mid suburbs were actually non-desirable outer suburbs back when they built/bought. Last edited by Mulva; 16-05-2021 at 08:34 PM. |
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21-05-2021, 06:36 PM | #1432 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,434
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A house sold the other week for a suburb and district record price of $1.63m. $200+k over district record and $360k+ over suburb record. 6 suburb records in one week!
To be fair you can get a whole ****en lot of house and block for these prices out here unlike everywhere else around Australia. It has Brindabella Range views which are pretty desirable. It's about ~30km from the CBD. I live around here and it is a pretty easy drive. There are choke points depending on the time but they are working on projects that should make it a lot better. Still nothing like you get in Sydney or Melbs though. |
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21-05-2021, 07:04 PM | #1433 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Location: Perth
Posts: 1,669
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So it's the same, but nothing like it. It didn't cost them 100pw in fuel and a 2hr drive each day in traffic LOL. Yeah, that's where first home buyers have to go live these days for affordable housing, but it's a huge cost and time burden that previous generations didn't have to put up with. |
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21-05-2021, 07:26 PM | #1434 | ||
Regular Guest
Join Date: Aug 2008
Posts: 2,985
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It’s a good comparison if he’s referring to Sydney. Back in the 60s and 70s many young families settled in suburbs 24 to 32km from the CBD. Fibro/weatherboard houses at that distance we’re about $60k to $80k in the late 70s. Most commuters to the CBD travelled by train and the trip took 45 to 60 mins each way. Today, commuters from further out make the 50km trip to the city in about the same amount of time as there are express services. Train fares are much the same after adjusting for inflation. The time and cost burden hasn’t changed much.
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21-05-2021, 08:31 PM | #1435 | ||
FF.Com.Au Hardcore
Join Date: Nov 2009
Location: Perth
Posts: 1,669
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Factory jobs in the CBD eh?
I know what you mean, Sydneys had long commutes for decades, but I was more talking about their SA (and my WA) experience. Public transport is about getting to the CBD. Factory area less serviced most of the time so you have to drive - or getting to the CBD is only half the journey. Then you need to bus out again to actually get where you need to work. But many industrial areas don't have many (some any) buses, so a long walk on top LOL. So you're probably driving, stuck in traffic and with todays fuel prices... |
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21-05-2021, 10:25 PM | #1436 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 589
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Was talking about the notion of getting a trade with a young bloke just out of school some years ago.
Suggested it was a good idea to not piddle away the wages (like I did ...) and save up for a block of land. Kid - 'Oh but I've got a house already - granny gave me a house in (a leafy desirable suburb ...)'. Me - 'Okaaay - hookers and coke it is then !'. |
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21-05-2021, 10:33 PM | #1437 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,070
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Quote:
This is what so many people gloss over. Property has been a largely low risk investment for those lucky enough to have equity and/or the income to take advantage at the time of a boom. It's quite disingenuous to imply someone who was in a financial position to take advantage of a boom was necessarily working harder than someone who was not. And let's not even bring up wages growth since the mid 90s to mid 00s, compared to the last 10 years. Then, rates were falling substantially, and incomes were growing substantially, so serviceability was improving substantially. We're at record lows, there is NO prospect of rates going down, all long term fixed rates are now going up. If you are stretched getting into property today, it will be likely worse in 2-3 years. Not the case after 17% rates... they were less than half that within 2 years. |
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22-05-2021, 12:58 PM | #1438 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,223
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Last week I was outbid on a house which was average yet was in hot demand with several people bidding causing the final price to be well over what it is worth. Today a much better house in the same suburb hardly had any interest and sold for less than expected. None of this makes any sense.
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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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22-05-2021, 05:04 PM | #1439 | |||
Cabover nut
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Location: Onsite Eastcoast
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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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22-05-2021, 11:33 PM | #1440 | |||
BANNED
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