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#1441 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
I agree with you. Last 3 months the media was buy buy buy 20% increase this year, get in while you can... Now its about how many people are going to suffer from mortgage stress etc. I've now changed my tact. I was attending several open houses each week looking for something semi decent with 3br and double garage circa $650-750k but it was always going to be temporary till I found another decent block or a house I really liked but then that middle section of the market is overheated and I'm dealing with first home buyers etc. And then I would need to refinance to access my funds and rent it out... Now I'm looking at the lower end of the market, 2br unit with garage between $320-360k as that bracket didn't go crazy and leave the rest in the bank ready to go when needed. Easier to rent out after for 5% return, easier to refinance and should the market drop my losses would be minimal. Was considering renting but don't see the point seeing I've got the cash and the stamp duty is around the same cost as a years rent. The way I see it after 12 months I would be ahead compared to renting. I put in several generous offers in the past 2 weeks and not even a reply to negotiate... let's see what they go for at auction.. As for real estate agents... nothing ever changes. They should be charged for blatantly mis representing properties. So much wasted time going to places, lining up, signing in, taking shoes off only to walk out 30 seconds later ****ed off and mumbling... NOT AGAIN... Part of the game I guess... Sent from my SM-G973F using Tapatalk
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#1442 | ||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Two years interest rates to go up in USA. Three years to four in Australia interst rates will rise. Hate to have a mortgage of a lazy $500,000 then.
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#1443 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Where are you hearing this? Management in our organisation is also predicting the same thing. We operate all over the world, and management in the US are also preparing for a rise within 2 years. Hmmmmm
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1444 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
I think the of dumping of mortgage stressed properties will start in 2-3 years. Once borders open most will pull any surplus funds to jump on a plane overseas based on the assumption that rates will stay low forever and that the government will bail them out should they screw up. I wonder what has happened to our birth rate during this time?? Having said that, anyone who bought well over and above reserve would have bridged the difference themselves so their loan would be roughly based on market value. Got 2 inspections tomorrow.... hopefully I find something soon.
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#1445 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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It's not that houses are going up in price it is the fact that money is losing it's value due to quantitative easing....aka.. governments are all printing money.
It's a way of disguising inflation, no wage increases, rising commodity prices....Stagflation.
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#1446 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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I often wonder if another country is helping us there, by printing yet more of our money without being asked to. Quite kind and charitable of them, really.
And before a government-of-the-day admits overt “failure” to contain the over-enthusiastic efforts of mortgagees they will likely allow a range of debt softeners; I expect new titling laws permitting separate titles on granny flats, tiny minimum block sizes mandated nationally, sales of parks, cemeteries and other reserves for redevelopment, even conversions of ownership to 99 year leases with more protections than a regular lease. This latter point in conjunction with retained enthusiasm for selling our assets to overseas interests will allow the “Great Aussie Dream” to malinger a while yet. |
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#1447 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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CGT question, as we’re looking at buying to demolish, develop a duplex and sell within two years. A rough sketch is:
Purchase: $2.5M Development costs $750K Interest $200K Other income in the period to settlement $350K Projected gross return $4M (settled by 30 month mark) Do the development costs offset the capital gain, or are they borne by the developer? I would assume the former, but cannot see a clear answer. Note: I’ve scrutinised a number of similar projects from purchase to completion/sale in the subject area and am reasonably confident (conservative) with final sale pricing. |
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#1448 | |||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,322
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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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#1449 | |||
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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#1450 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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I don't want to give you the wrong advice. I did one about 15 years ago. I think the development cost was capitalised, but its so long ago I can't be sure.
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#1451 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,322
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I'm being presumptuous but it could be because they usually get paid for offering financial advice like this so they prefer not to comment. I could be wrong.
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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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#1452 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
I know where you can get the exact answer to that question in a legally binding, formal way..... Ring the ATO..... ![]()
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#1453 | |||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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Quote:
Have a look here. https://www.ato.gov.au/general/capit...r-real-estate/ |
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#1454 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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Cheers, it’s interesting to note that my example is - to my inspection of Sydney - far from unusual, yet the ATO uses much smaller example. The reason I put actual numbers in, was in case it put me into a category that begat certain different strictures.
Interesting to note, too, that on a forum like HAMB, if you’ve got runs on the board there are all kinds of informed inputs forthcoming. People will disqualify their opinion as a legal precaution but it’s often on point because their credentials are current. (I only visit there for the old school tech, the politics don’t appeal.) |
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#1455 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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What do people find to be the best estimate on value of a property? They vary wildly.
Real estate website estimates? Rates notice estimates? Bank valuations? Agent appraisals?
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1456 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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If possible, look at nearby auction results of similar properties first. I’ve found agents to be cagey at best, veering towards covert. If a sale has done well, they usually trumpet the price loudly.
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#1457 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Real estate website estimates do use nearby sales and attributes as a guide. Must be some sort of algorithm that does the calculation. I found them to be almost on par with what some of the agents are claiming, but WELL above bank valuations and what is on rates notice. So hard to gauge what is sensible.
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#1458 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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Every time I’ve compared with the realty websites, they seem quite conservative against hammer fall. I generally don’t go to auctions as they’re on Saturdays but wait for the “sold” sticker to go up.
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#1459 | ||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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We are currently going through a forced sale thanks to qld govt, and we have to get our house valued for that.
They suggest not using real estate agent style valuations as they tend to be unrealistic. FYI, the valuators they suggest cost $3000-4000…. |
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#1460 | ||
Former BTIKD
![]() Join Date: Mar 2005
Location: Sunny Downtown Wagga Wagga. NSW.
Posts: 53,197
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Who is "they"?
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Dying at your job is natures way of saying that you're in the wrong line of work.
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#1461 | ||
Regular Member
Join Date: Aug 2008
Posts: 2,858
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This website gives a reasonably good indication of the market price for property.
https://www.propertyvalue.com.au/
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#1462 | ||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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The govt officials that came and served us with “notice to resume” papers. |
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#1463 | |||
Former BTIKD
![]() Join Date: Mar 2005
Location: Sunny Downtown Wagga Wagga. NSW.
Posts: 53,197
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Quote:
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Dying at your job is natures way of saying that you're in the wrong line of work.
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#1464 | |||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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Quote:
Jobs for the boys… I wouldn’t surprised if they get kickbacks from the valuers. I know at least three of our neighbors are using the same valuer. $12000-16000 for a days work is pretty decent. |
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#1465 | ||
Regular Member
Join Date: May 2010
Posts: 325
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^Collusion time. Control who benefits from the kickbacks! You! Offer a share of the spoils. For every extra $100k the valuer increases property value by, give them $10k.
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#1466 | |||
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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#1467 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
__________________
~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1468 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,847
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I wish they could be bought at some of those “valuations”.
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#1469 | |||
Regular Member
Join Date: Aug 2008
Posts: 2,858
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Quote:
However the prices they were achieving at auctions were a lot higher than the agent estimated (not surprisingly) and incrementally higher than similar places sold only a few weeks before. Prices were jumping $10K every week or two. I didn’t see the margins you’ve mentioned when I was looking, but it seems the algorithm needs some tweaking.
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#1470 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,322
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with SA's current market trend, I have heard homes are going for 50-60k above asking price in some areas. Which is great if you're selling and buying a cheaper house. It sucks the big one if you are trying to put a foot in 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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