jensteve

Well we went house hunting over the weekend and saw a lovely investment property and today had an offer accepted..yahoo!!
I hope the nice man at Commonwealth bank is in a generous mood today, fingers crossed all round.
The realestate agent was a yorkshire man, lovely fella would highly recommend him, he has helped us no end and when we come to buy a second property will be first on my list to visit.
So can you all send me good karma so I get my home loan please.

Jenny

steve99

Hi, congrats on your purchase! ive been toying with this investment lark! where abouts did you go for in the end?
Karma supplied feel free to return it

jensteve

Top end of carramar, Banskia grove, lovely place, did the night drive round as well to see if noisy neighbours etc

Jenny

ABCDiamond

Hope everything goes well for you.

If you are interested in Investment Properties, here is a good forum on the subject: http://www.somersoft.com/forums/index.php

steve99

I dont know that area to well, id been looking around Currambine,Clarkson and possible Yanchep.but hadnt looked that far in from the coast. Seems like that whole area up North is getting more and more popular with the train/freeway extensions etc.
I was looking to try and buy the cheapest bit of land with an ocean view I could find (preferably directly onto the beach) Up around Yanchep there's some fairly reasonable stuff, anything near the ocean can only go up in value over the next 10-15yrs.
Good luck with yours, if you hear of any good investment tips keep us informed.

Larissa

Hi Jenny and CONGRATULATIONS!!!
I hope it all goes well, Carramar seems pretty up and coming, so all the best.
Larissa

jensteve

The mortgage guy has just left, big thumbs up from him, very nice man from Commonwealth bank. Will be getting him back in July when we get our bond money back when we will be buying house number 2. He has just explained the investment way of doing things over here. With our bond getting paid off house number 1, we will pay off the mortgage in 6 years!!!!! Very very nice man, explained it really well.
Jenny

eatstatic

Just what Australia needs, more boy to let poms, cash rich from their UK sales stealing properties from young OZ first time buyers and shooting the prices up to a level where no youngsters will ever be able to afford to buy their own house.

I am sure to local Aussies will love another parasitic amateur pom landlord in their midst.

Deadmeat

I'm sure your mother loves you.

jensteve

What was his problem?
Can you not afford a house?
I quite fancy a pension when I am older and investment in property is one of those ways of doing it. At the end of the day I will have to pay tax on what I've made so whats the problem?

Jenny

Deadmeat

Just a bad attitude trying to stir up a bit of trouble Jenny ... he probably posts on his parent's computer just before he has to go to bed

Good luck with the house purchase!

Cheers,
Matt

jensteve

Thanks for your vote of confidence deadmeat... Your probably right, but must be past his bedtime by now.

Jenny

eatstatic

The problem is that in OZ and the UK, property is now unaffordable to first time buyers. The reason behind prices doubling even tripleing in 5 years in both countries is due to the speculative frenzy caused by amateur landlords.

The situation has been that first time buyers (FTB)have been competing for the lower end of housing, ie flats small houses with BTL (buy to letters). This has forced house prices up to the ridiculous levels now seen in OZ and the UK.

The prices of a house compared to income mulitiples is around 6x in UK, even higher in parts of OZ (esp Sydney). This leaves a whole generation locked out of purchasing their own home and having to rent of a BTL parasite who have destroyed the home owing ethos of both countries. Have you got kids? Have you thought of how the hell they can buy a home if all the baby boomer generation are snapping up their traditional first homes out of pure greed?

Only consolation for us FTB is that a crash is looming in both countries and the Johhny come lately BTLers are looking forward to negative equity.

http://www.housepricecrash.co.uk/for...showtopic=3710

http://www.housepricecrash.co.uk/for...topic=3667&hl=

SherKhan66

LOL I think this will go down in history as the most ridiculous statement ever on this site!
I've been searching for the answer for years and it's ...Amateur Landlords!
Are there 42 of them?

eatstatic

How do you explain houses tripling in value, even in shite areas like parts of the North and Wales, where housing is NOT in short supply and the local economy is shall we say less than dynamic?

I believe you will find that the BTL craze has screwed up the housing market.

The reason for the craze is a poorly performing stock market, people are especially wary after the dot com boom and bust. The lack of decent pension schemes and Gordon Browns raids on the pension pot of the UK. Also the amount of bullish TV and Newspaper reports that assure Joe Public that house prices will always go up, property is the only sound investment left, blah, blah. Peddling out the myths of a property shortage also help this speculative bubble to inflate.

The house of cards is falling down now and like in any bust a lot of BTLs and FTB who jumped on the ship too late are going to get hurt.

BIG TIME