4lex

Gday all,

Finally sold my house back in the UK, a mere 13 months empty this time around... what a weight off.

Anyway, I see the forex going mad today, 2.37 at last count make me think I need to buy dollars soooon - has anyone got any tips on where to go to do the deal? I want to be able to see live rates while hovering over the 'go' button ideally.

What of house prices in Sydney too? I've had the odd look over the last year, and it would appear that prices are dropping off - I spotted this one place at breakfast point that's been on the market at least since january that I'm sure is off over 100k from the asking price then - anyone got any real experience of the market at the moment?

Not especially keen to get into property right now, but best savings rate looks about 8%, of which the taxman will steal half, so that looks like a net loss of about 10% after (real) inflation - anyone got a better plan?

Cheers,
Alex

TheSubMainMan

Congrats on selling you house.

My plan is to hold out for a least a couple of years. or at least until the economy has stabilized. The main reason being no capital gain on the property over the next five to ten years. more like capital depreciation.

Here is something that amazed me. There is a 3 bed house for rent, it's currently empty, in a great location on the gold coast ( so not sydney). The cost to rent this is $350/week. Now a conservative estimate on the current value of this property would be in the region of $500,000. So if I took a mortgage out at current rates it would cost me. approx' $900/week! Why would anyone want to buy it?

or I could leave my money in the bank and get $700/week. ( after tax say approx $400/week) still better off by $50 per week. Thats without tax rebates and the like...

Or you could take your money and invest it in AAA mortgaged back securities! or has that one been done already...

Look you would be mad to buy, any asset at the moment. Rent the cheapest place you can, and watch the magic of deflation destroy the economy...



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DEEDEE01

Hi Alex,

Congrats on selling the house by the way

Hope you don't mind me asking but did you pay your mortgage for 13 months from Oz or did you rent ???

Me and the hubby are in the same boat, we leave for Perth on 7th February, we have renters in at the moment but they are moving out in January, the idea was for me to work to keep things afloat with the house in the UK, can you offer any ideas or advice as to how we do this without crippling ourselves ?

We will be putting the house back on the market very soon and we do know it will be a while before it sells, just wanted to know whether you think we are being realistic in keeping the house and me paying for it from in Oz .

Any advice would be great !!

Thanks
Donna.

4lex

Not much good advice I can give you I'm afraid. We left the UK in June 04, house stood empty for six months until it was finally rented out Dec 04. Between Dec 04 and Feb 05 out letting agent clearly conducted none of the inspections he claimed, cos the place was raided by the police at that point, and found to have been completely converted for growing weed, ultimately doing about 20k gbp damage - the whole first floor had to come out, all walls, floors and ceilings redone etc.

Flew back in March 05, called in all the favours I could and fixed the place up, new plaster everywhere, new paint, new floors & ceilings, new bathroom suite, and put it back to rent. Stood empty through to October, next tenant slightly less destructive only broke the (built in) fridge & dishwasher and wrecked the carpets - he moved out Sept 07, and the letting agent returned his deposit

Roped in some more family and friends to fix the place up, again, and put it on the market for sale. Finally exchanged last week.

I suppose my experience isn't typical, but what I can tell you is there are precious few lettings agents of any kind of integrity, and managing a rented property from here very quickly wears thin with those you leave behind.

I would suggest you sell at any cost. Auction if that's what it takes.