Missus and I looked reasonably seriously a few months. back and decided to just spend some more coin on the current place and jump on bargains when the price crashes and mortgage defaults start
People are desperate to get into the market, this was in my local housing estate. Not many of the houses had termite proofing done properly, the contractors at the time of building the estate were caught out watering down the spraying solution.
That's just f***ing mind-boggling. The biggest investment you're ever going to make in your life and you'd skip having an independent inspection?
They think they are buying toilet rolls on announcement of a corona outbreak.
Surely that would've sold to a developer. Bowl, subdivide, build multiple shitty smaller houses, profit. It's the Strayan way.Its nutts
We thought about buying a rental last year.
About July 2020, the weekend that the Real Estate agents could do openings again, my missus said she had got a special booking to see a house in Glenalta, it was open on the Sunday and we were away. Monday 5pm was the time.
We had to park on the next street. There were 10-15 other families through when we were there also.
The ceiling was half missing in the family room, insulation falling down.
The complete deck was condemned due to rot.
A tree was growing under the garage roof (6 inch trunk which they had been cutting the leaves off with secateurs)
The garage roof was corrugated iron butted against the house (unsealed).
The house was full of decent cracks where the bricks had dropped, it was outdated, needed a new kitchen, bathroom and a complete makeover. Cornicing falling away on every room, no aircon... it was shit.
... and the house had a 20m gum tree dropping shit all over the house... and a Siberian Husky howling its head off next door.
Prices guide $400k
Real estate sleaze approached, asked what I thought and said it had offers well above above the asking price and would definitely close this week, asking me to be quick if I was interested. I politely told him I was thinking lowball $350-$370 before I seen what it was actually like.
Sold for $441,750.
That weekend was the start of the rush, every open now gets a shit load of people and the house is sold after the first weekend... if not beforehand.
Nothing even starts with $400k now, might get a unit under $500k but all the complete reno houses are $500k+
Best about it is, they have actually got themselves a decent deal with the current market pricing. I still wouldn't pay the $441k even now but it could be facelifted and flipped for a hell of a lot more.
Ken oath, Glenalta's a great spot. Pretty sure I could slum it in a borderline condemned joint like that if I was essentially encircled by MTB trailheads in every direction
Binge watching The Block doesn't count as trade qualifications?
I didn't even think about the floorplan, check out the brick colour difference between the garage and the main house, the garage roof is tucked under the eves and is basically flat, so with the unsealed corrugated iron edge against the wall of the original house, the water runs into the garage.
FOMO. Bog roll or mansions. Same same.
Climbs like a mountain goat, descends like it’s on rails.
I still think anyone that owns property should have an ABN and be made to run them as a business with strict rules on liquidity over a six month period. The uncertainty of renting is a ridiculous concept to many Europeans.
It's a shit show, even if they put the negative gearing to an end, the people with cash flow will still make a motza with positive gearing.
$400k will buy a 1000m block around these suburbs but they have no view and may be sloped.
You can run rentals with an ABN in Australia, it gives them more tax breaks if they have multiple investments. Australia is a few years behind the rest of the world, everything that you have seen happen in Britain, it's happened here later on, just look at the end of Industrialisation from Union intervention. With open global markets the world will even out eventually I reckon.
I'll give you an absurd Melbourne equivalent around my area (35kms East of CBD) - was listed at $580-620k